Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A life company must end the appointment of a person as an auditor of the life company if:
(a) the person does not meet the eligibility criteria set out in the prudential standards for appointment as an auditor of a life company; or
(b) the life company is satisfied that the person has, in relation to the company, failed to perform adequately and properly the functions and duties of an auditor under this Act; or
(ba) the person has failed to comply with a requirement of the Financial Accountability Regime Act 2023 ; or
(c) an order takes effect under section 245A that the person is disqualified from being or acting as an auditor of the life company.
(2) If:
(a) a life company is required under subsection (1) to end the appointment of a person as an auditor of the company; and
(b) the power to appoint an auditor of the company is not vested in the directors of the company or is not vested in the directors of the company alone;
the directors may appoint a person who satisfies the requirements in paragraphs 84(a) and (b) to be an auditor of the company until an appointment is made in accordance with the constitution or other rules of the life company.