Commonwealth Numbered Acts

INSURANCE LEGISLATION AMENDMENT ACT 1989 No. 16 of 1989 - SECT 29

29. After Division 4 of Part III of the Principal Act the following Division
is inserted:

"Division 4A-Appointed Actuaries Appointment etc. of actuary

"47A. (1) A company may appoint a person to be the appointed actuary of the
company if, and only if, the person is ordinarily resident in Australia and:

   (a)  the person is a Fellow of the Institute of Actuaries of Australia of
        not less than 5 years standing; or

   (b)  there is in force an approval of the person by the Commissioner under
        subsection (4).

"(2) The appointment shall be in writing.

"(3) A company is not entitled to appoint a person to be the appointed actuary
of the company if the appointment would result in there being more than one
appointed actuary of the company at a particular time.

"(4) The Commissioner may, at the request of the company concerned, approve a
person in writing for the purposes of paragraph (1) (b) if the Commissioner is
satisfied that the person has actuarial qualifications and experience that fit
the person to perform the functions of an appointed actuary.

"(5) A person ceases to be the appointed actuary of a company if:

   (a)  the person dies;

   (b)  the person ceases to be eligible for appointment as an appointed
        actuary; (c) the company, in writing, accepts the written resignation
        of the person; or

   (d)  the company terminates the appointment by notice in writing to the
        person. Registered company required to appoint actuary

"47B. (1) A company that is registered under this Act as at the commencement
of this Division shall, not later than 3 months after that commencement,
appoint a person under section 47A to be the appointed actuary of the company.

"(2) A company that is registered under this Act shall, within 6 weeks after a
person ceases to be the appointed actuary of the company, appoint a person
under section 47A to be the appointed actuary of the company.
Penalty: $5,000. Registered company to notify appointment

"47C. A company registered under this Act shall, within 14 days after
appointing a person to be the appointed actuary of the company, give notice in
writing to the Commissioner setting out:

   (a)  the name of the appointee;

   (b)  the date of birth of the appointee;

   (c)  details of the relevant qualifications and work experience of the
        appointee;

   (d)  the date of the appointment; and

   (e)  such other information (if any) as is prescribed.
Penalty: $2,000. Registered company to notify if appointed actuary ceases to
act

"47D. A company registered under this Act shall, within 14 days after a person
ceases to be the appointed actuary of the company, give notice in writing to
the Commissioner of the date on which the person so ceased.
Penalty: $2,000.".