Cap. 403 Art. 22Appointment of actuary by an undertaking with long term business.

(1) Every authorised insurance undertaking carrying on long term with-profits business in terms of classes I and III as specified in the Second Schedule shall -

(a) within thirty days of beginning to carry on such business, appoint an approved actuary as actuary to the undertaking to perform the with-profits actuary function in respect of the said classes of its with-profits business, (if any);

(b) whenever the appointment comes to an end, within thirty days of such termination, make a new appointment.

(2) An undertaking making an appointment under sub-article

(1) shall, within fourteen days, inform the competent authority in writing stating that fact, the date of such appointment and the name and qualifications of the person appointed; and if an appointment under that sub-article comes to an end, the undertaking shall, within fourteen days, inform the authority in writing stating that fact, the name of the person concerned and the reasons for such termination.

(3) If, on the expiry of any period specified in sub-article (1), the undertaking fails to make the required appointment, the undertaking shall not effect and carry out any new long term contracts of insurance in terms of the classes specified in sub-article (1) until the appointment is made.

(4) Notwithstanding the provisions of sub-article (2), the competent authority may, within fourteen days of receiving a notice of termination of an appointment of an approved actuary, request in writing the approved actuary concerned to give in writing the reasons for such termination; and the actuary shall, within fourteen days, give reasons in writing.

(5) For the purposes of this Act, an approved actuary is a person who -

(a) does not hold a role or perform a function on behalf of the undertaking which could give rise to a significant conflict of interest;

(b) is a Fellow of an Institute of Actuaries, or a Fellow of a Faculty of Actuaries, or holds actuarial qualifications of similar standing of an institute of repute recognised for such purposes by the competent authority and has the required skill and holds appropriate practical experience to perform his functions as an actuary; and

(c) holds the competent authority’s approval to act as actuary to perform the with-profits actuary function as set out in article 23.