Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulationsinsert
Part 10A Compliance and financial audits
(1) The Minister may direct a compliance auditor to conduct a compliance audit of—
(a) an approved insurer or an insurer that has applied to be an approved insurer; or
(b) a self-insurer or an employer that has applied to be a self-insurer.
Note A fee may be determined under the Act, s 221 for this provision.
(2) The compliance auditor must—
(a) conduct the compliance audit in accordance with any protocol approved by the Minister for the audit; and
(b) provide a written report to the Minister and the person audited, within the time set by the Minister.
Note The person audited must comply with the requirements of the person conducting the audit (see s 73A and s 90A).
(3) In this section:
"compliance audit "means an audit of—
(a) compliance with the Act and this regulation; and
(b) for an approved insurer or an insurer that has applied to be an approved insurer—compliance with the conditions of approval under division 9.2; and
(c) for a self insurer or an employer that has applied to be a self-insurer—compliance with the conditions of exemption under division 10.3; and
(d) compliance with a relevant protocol approved under section 101.
"compliance auditor "means a person appointed under section 95C to conduct a compliance audit.
95B Financial audits
(1) The Minister may direct a financial auditor to conduct a financial audit of—
(a) an approved insurer or an insurer that has applied to be an approved insurer; or
(b) a self-insurer or an employer that has applied to be a self-insurer.
Note A fee may be determined under the 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 Minister and the person audited, within the time set by the Minister.
Note The person audited must comply with the requirements of the person conducting the audit (see s 73A and s 90A).
(3) In this section:
"financial audit" means an audit of—
(a) financial and prudential soundness; and
(b) the ability to meet current and expected liabilities under the Act.
"financial auditor" means a person appointed under section 95C to conduct a financial audit.
95C Appointment of auditors
(1) The director-general may—
(a) appoint a suitably qualified person as a compliance auditor to conduct compliance audits under section 95A; and
(b) appoint an auditor as a financial auditor to conduct financial audits under section 95B.
(2) A compliance auditor or financial auditor must not be appointed for longer than 3 years.
Note 1 For the making of appointments (including acting appointments), see the Legislation Act, pt 19.3.
Note 2 In particular, an appointment may be made by naming a person or nominating the occupant of a position (see Legislation Act, s 207).