The Association’s name is the Delegated Authority Reviewers’ Association, hereafter referred to as “The Association” or “DARA”.
The Objects of the Association shall be:
Membership shall be open to all persons and firms who carry out audits and/or reviews and assurance of coverholders, delegated underwriting firms and third party claims providers in the insurance industry worldwide, and who are interested in the aims and activities of the Association.
Where it is considered that membership would be detrimental or inappropriate to the aims and activities of the Association, the Board shall have the power to refuse membership, or may terminate or suspend the membership of any member by resolution passed at a meeting.
Members shall have the right to appeal via an independent adjudicator to be mutually agreed upon by the member and the Board Any member of the Association may resign his/her/its membership by providing the Secretary with written notice.
The Association shall be administered by the Board of no less than five people and no more than nine, who must be members of the Association or employed or contracted by members of the Association. Members of the Board will be elected or re?elected at the Association’s Annual General Meeting for a period of up to one year but may be re?elected at following Annual General Meetings.
The Board may appoint any additional Board members deemed necessary to assist the Association in achieving its objectives. Such appointees shall be subject to election for a period of up to one year at the Annual General Meeting following their appointment and may be re?elected at following Annual General Meetings.
The Board will appoint the Officers’ from amongst its members. The Association shall have the following Officers:
The Board may appoint any additional Officers and Board members deemed necessary to assist the Association in achieving its objectives. Such appointees shall be subject to election for a period of up to one year at the Annual General Meeting following their appointment and may be re-elected at following Annual General Meetings.
There will be an election or re-election of the Officers at each Annual General Meeting.
In furtherance of the objects of the Association, but not otherwise, the Board may exercise the power to:
The Board shall meet at least six times a year, at dates which it determines. Meetings shall enable the Association to discuss developments and actions and monitor progress, and to consider current and future developments. All members of the Board shall be given at least fourteen days’ notice of meetings, unless the meeting is deemed an emergency. One more than half of the members of the Board must be present for a meeting to be quorate. It shall be the responsibility of the Chairman, or in his or her absence, the Deputy Chairman to chair all meetings. All meetings must be minuted and accessible to members and other interested parties. An Annual General Meeting shall take place no later than three months after the end of the financial year. At least fourteen days, notice must be given to all members before the meeting takes place.
Special General Meetings may take place if deemed necessary by the Board. At least four weeks’ notice must be given to all members before the meeting takes place. All members are entitled to vote at the AGM, and any SGM. Voting must be by show of hands on a majority basis. In the case of a tied vote the Chairman, or in his or her absence, the Deputy Chairman shall make the final decision.
Any money acquired by the Association, including subscriptions, donations and contributions, shall be paid into a bank account in the name of the Association to be operated by the Treasurer in conjunction with the Board.
All funds must be applied to the Objects of the Association and for no other purpose. The bank account(s) shall be opened in the name of the Association. Any deeds, cheques and other transactions or documents relating to the Association’s bank account(s) shall be signed by at least two Officers.
Any income or expenditure shall be the responsibility of the Treasurer who will be accountable to ensure that funds are utilised effectively; to ensure that the Association stays within budget; and to ensure that the bank account(s) do not become overdrawn.
Official accounts shall be maintained by the Treasurer, and will be examined annually by an independent accountant who is not a member of the Association.
An annual financial report shall be presented at the AGM. The Association’s financial year shall run from the first of January to the thirty-first of December.
Any changes to this Constitution must be agreed by a majority vote at a Special General Meeting.
Proposed amendments to this Constitution or dissolution of the Association must be conveyed to the Secretary formally in writing. The Secretary and other Officers shall then determine the date of the Special General Meeting to discuss such proposals, giving members at least four weeks’ notice.
The Association may be dissolved if deemed necessary by the members in a majority vote at a Special general Meeting. Any assets or remaining funds after all debts have been paid shall be transferred to local charities at the discretion of the Board.
THIS CONSTITUTION was adopted at a meeting of the Board held at Mazars, Tower Bridge House, St Katherine’s Dock, London, on March 6th 2015 and has been amended by resolution of members.