Document ID: chunk:federal_register_of_legislation:F2024L00283:reg:7
Version: federal_register_of_legislation:F2024L00283
Segment Type: reg
Provision Reference: reg 7
Character Range: 8318–9269

7  Prescribed responsibilities for accountable entities other than foreign accountable entities and NOHCs—insurance
 (1) For the purposes of paragraph 10(2)(b) of the Act, each of the responsibilities listed in subsection (2) are also prescribed in relation to an accountable entity that is:
 (a) one of the following:
 (i) a general insurer;
 (ii) a life company;
 (iii) a private health insurer; and
 (b) not a foreign accountable entity.
 (2) Each of the following responsibilities, relating to the accountable entity, are prescribed:
 (a) senior executive responsibility for management of the accountable entity's actuarial function;
 (b) senior executive responsibility for management of the accountable entity's claims handling function.
 (3) For the purposes of subsection (2), a person does not have senior executive responsibility for management of an activity or function merely because the person is carrying out the activity or function.