Appointment of appointed actuary for direct life insurer
4.—(1) For the purposes of obtaining the approval of the Authority for the appointment of an actuary under section 31(3) of the Act, a direct life insurer shall —
(a)
submit to the Authority the particulars of the person proposed to be appointed in the form set out in the Schedule; and
(b)
in particular, satisfy the Authority that the person is fit and proper to be so appointed and has the actuarial qualifications and experience to perform the functions of an appointed actuary.
(2) The appointment of any person as an appointed actuary shall not take effect until —
(a)
the Authority has approved the appointment; and
(b)
where there is a person who held the office of appointed actuary immediately before the first-mentioned person (referred to in this regulation as “preceding actuary”), the appointment of the preceding actuary has been terminated.
(3) A direct life insurer shall, within 3 months after the date on which a person ceases to be its appointed actuary or within such longer period as the Authority may allow, appoint another person to be the appointed actuary.
(4) For the purposes of paragraph (3), the date on which a person ceases to be an appointed actuary is —
(a)
where the person ceases to be an actuary for the purpose of the Act, the date of such cessation;
(b)
where the person dies, the date of his death;
(c)
where the person gives the insurer a written notice of resignation of his appointment as its appointed actuary, the date the resignation takes effect; or
(d)
where the insurer gives the person written notice that his appointment as its appointed actuary is terminated, whether on the insurer’s own initiative or pursuant to a direction by the Authority under section 31(4) of the Act, the date the termination takes effect.
(5) Where a direct life insurer terminates the appointment of its appointed actuary other than pursuant to a direction by the Authority under section 31(4) of the Act, the insurer shall notify the Authority in writing immediately and furnish the Authority with the reasons for the termination.
(6) Where a person ceases to be an appointed actuary —
(a)
in the circumstances stated in paragraph (4)(c), the person shall furnish to the Authority, a written document stating the circumstances of and reasons for his resignation; or
(b)
in the circumstances stated in paragraph (4) (d) and on the insurer’s own initiative, the person shall furnish to the Authority a written document stating the circumstances of and, to the extent possible, his opinion as to the reasons for, his termination.