CTHRepealedLegislation
Life Insurance (prudential standard) determination No. 2 of 2006 - Prudential Standard LPS 510 - Governance
51. A person, who was a member of an aud51. A person, who was a member of an audit firm or a director of an audit company, and who served in a professional capacity in the audit of a life company (including an EFLIC) in relation to the Life Insurance Act, the Prudential Standards or the Reporting Standards, cannot be appointed to the role of director or senior manager of that life company until at least two years have passed since they served in that capacity.
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51. A person, who was a member of an audit firm or a director of an audit company, and who served in a professional capacity in the audit of a life company (including an EFLIC) in relation to the Life Insurance Act, the Prudential Standards or the Reporting Standards, cannot be appointed to the role of director or senior manager of that life company until at least two years have passed since they served in that capacity.
- A person, who was an employee of an audit company, other than a director of that company, and who acted as the lead auditor[19] or review auditor[20] in the audit of a life company (including an EFLIC) in relation to the Life Insurance Act, the Prudential Standards or the Reporting Standards, cannot be appointed to the role of director or senior manager of that life company until at least two years have passed since they acted as the lead auditor or review auditor.