Requirement for general insurers to have an auditor and actuary
39 Requirement for general insurers to have an auditor and actuary
A general insurer must have:
an auditor appointed by the insurer; and
an actuary appointed by the insurer.
Within 6 weeks after a person stops being the principal auditor or the actuary of a general insurer, the general insurer must appoint another person to be the principal auditor or the actuary.
A general insurer must not appoint a person as an auditor or actuary of the insurer unless:
the insurer is reasonably satisfied that the person meets the eligibility criteria for such an appointment set out in the prudential standards; and
no order is in force under section 44 disqualifying the person from holding such an appointment.
An appointment of a person as the principal auditor or the actuary of a general insurer cannot take effect while an appointment of another person in that position is current.
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