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WORKERS COMPENSATION REGULATION 2002 - REG 95B Financial audits—Act, s 145J (d) and (f) and s 145U (d)

WORKERS COMPENSATION REGULATION 2002 - REG 95B

Financial audits—Act, s 145J (d) and (f) and s 145U (d) and (e)

    (1)     The regulator may direct a financial auditor to conduct a financial audit of—

        (a)     a licensed insurer; or

        (b)     a licensed self-insurer.

Note     A fee may be determined under the title="A1951-2">Act

, s 221 for this provision.

    (2)     The financial auditor must—

        (a)     conduct the financial audit in accordance with any protocol approved by the Minister for the audit; and

        (b)     provide a written report to the regulator and the person audited, within the time set by the regulator.

Note     The person audited must comply with the requirements of the person conducting the audit (see s 73 and s 89).

    (3)     In this section:

"financial audit" means an audit of—

        (a)     financial and prudential soundness; and

        (b)     the ability to meet existing and expected liabilities under the Act.

"financial auditor" means a person appointed under section 95C to conduct a financial audit.