Content of auditor’s report
78Each auditor of an insurer, incorporated and licensed under the laws of the Province, in the report to be made to shareholders or members shall state,
(a)
that he has audited the books of the insurer and verified the cash, bank balance and securities;
(b)
in the case of insurers transacting other than life insurance, that he has checked the reserve of unearned premiums and that it is calculated as required by the
Insurance Act;
(c)
that he has examined the reserve for unpaid claims and in his opinion it is adequate;
(d)
that he has verified the balances owing by agents and other insurers;
(e)
that the balance sheet does not include as assets items prohibited by the
Insurance Act, from being shown in the annual statements required to be filed thereunder;
(f)
that, after due consideration, he has formed an independent opinion as to the position of the company and that, in his independent opinion so formed, and according to the best of his information, and the explanations given him, the balance sheet sets forth fairly and truly the state of affairs of the insurer; and
(g)
that all transactions of the insurer that have come within his notice have been within its powers.