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Duties of auditor.
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35.— (1) If an auditor of an insurer—
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(a) has reason to believe that there exist circumstances which are likely to affect materially the insurer's ability to fulfill its obligations to policyholders or meet any of its material financial requirements under the Insurance Acts, or
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(b) has reason to believe that there are material defects in the financial systems and controls or accounting records of the insurer which are likely to have that effect, or
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(c) proposes to qualify any certificate which he is to provide in relation to financial statements or returns of the insurer under the Companies Acts or the Insurance Acts, or
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(d) decides to resign or not seek re-election as auditor,
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he shall report the matter to the Minister in writing without delay.
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(2) The auditor shall send to the insurer a copy of any report made by him to the Minister under subsection (1).
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(3) Whenever the Minister is of the opinion that the exercise of his functions under the Insurance Acts or the protection of the interests of policyholders so requires, he may require an auditor of an insurer to supply him with such information as he may specify in relation to the audit of the business of the insurer and the auditor shall comply with the requirement. The Minister may require that in supplying such information the auditor shall act independently of the insurer.
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(4) In the case of an insurer having its head office outside the State, the duties imposed on an auditor under this section shall apply in respect of business written by the insurer at its establishment in the State.
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(5) No duty to which an auditor of an insurer may be subject shall be regarded as contravened, and no liability to the insurer, or to its shareholders, creditors or other interested parties, shall attach to the auditor, by reason of his compliance with any obligation imposed on him by or under this section.
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