Appointed actuary’s functions and duties
35AD Appointed actuary’s functions and duties
This section applies if the RSE licensee law:
requires an actuary of a registrable superannuation entity to be appointed; or
requires or permits a function or duty to be performed, or a power to be exercised, by an actuary.
The RSE licensee of a registrable superannuation entity must not appoint a person as an actuary of the entity unless the RSE licensee is reasonably satisfied that the person:
meets the eligibility criteria for actuaries of registrable superannuation entities set out in the prudential standards; and
has not been disqualified from being or acting as an actuary of a registrable superannuation entity under section 130D.
A person who is appointed as an actuary must perform the functions and duties set out in the RSE licensee law that are relevant to the person’s appointment.
The appointed actuary must comply with the RSE licensee law in performing the functions and duties.
The trustee of the registrable superannuation entity to whom the RSE licensee law applies must make any arrangements that are necessary to enable the appointed actuary to perform the functions and duties.
The RSE licensee of a registrable superannuation entity must end the appointment of a person as an actuary of the entity if the RSE licensee becomes aware that the person:
no longer meets the eligibility criteria for actuaries of registrable superannuation entities set out in the prudential standards; or
has been disqualified from being or acting as an actuary of a registrable superannuation entity under section 130D.
This Act’s bill:Second reading speech
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