Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_39
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 39
Character Range: 50476–51306

39  Requirement for general insurers to have an auditor and actuary

 (1) A general insurer must have:
 (a) an auditor appointed by the insurer; and
 (b) an actuary appointed by the insurer.

Note: A general insurer may be given an exemption from the requirement to have an actuary (see section 47).

 (2) Within 6 weeks after a person stops being the appointed auditor or actuary of a general insurer, the general insurer must appoint another person to be its auditor or actuary.

 (3) A person may only hold an appointment as an auditor or actuary of a general insurer if:
 (a) APRA has approved the appointment under section 40; and
 (b) the approval is current.

 (4) An appointment of a person as a general insurer's auditor or actuary cannot take effect while an appointment of another person in that position is current.