Insurance Act 1973

For each general insurer:

the principal auditor of the insurer must audit the insurer’s yearly statutory accounts; and

an auditor of the insurer must perform for the insurer the functions of an auditor set out in the prudential standards; and

an auditor of the insurer must prepare, and give to the insurer, the reports (if any) required by the prudential standards to be prepared by the auditor.

The general insurer must make the arrangements that are necessary to enable an auditor to do those things.

The principal auditor of a general insurer must give the insurer a certificate relating to the yearly statutory accounts. The certificate must contain statements of the auditor’s opinion on the matters required by the prudential standards to be dealt with in the certificate.

The reports that the prudential standards require an auditor to prepare must deal with all of the matters required by the prudential standards to be dealt with in the reports.