Document ID: chunk:federal_register_of_legislation:F2018L01390:body:0:p9
Version: federal_register_of_legislation:F2018L01390
Segment Type: other
Provision Reference: 
Character Range: 22247–25301

Appointed Actuary of the general insurer or, for the responsible auditor of an authorised insurance NOHC, the Appointed Actuary of a general insurer that is a subsidiary of the authorised insurance NOHC;
(ii)                   an employee or director of a body corporate, statutory body, partnership, trust, or commercial or professional enterprise of any kind of which that Appointed Actuary is an employee or director[20]; or
(iii)                   a partner of that Appointed Actuary;
       (f)           for an Auditor of a life company or responsible auditor of a registered life NOHC, is not:
(iv)                   the Appointed Actuary of the life company or of a life company that is a subsidiary of the registered life NOHC;
(v)                   an employee or director of a body corporate, statutory body, partnership, trust, or commercial or professional enterprise of any kind of which that Appointed Actuary is an employee or director; or
(vi)                   a partner of that Appointed Actuary;
       (g)          is a member of a recognised professional body; and
       (h)          is ordinarily resident in Australia.
33.         The criteria in paragraph 32 do not apply if the following conditions are met:
       (a)          the APRA-regulated institution reasonably considers that there are exceptional circumstances;
       (b)          the APRA-regulated institution has promptly notified APRA of the eligibility criteria that are not satisfied and of the exceptional circumstances as to why they do not apply; and
       (c)          APRA has notified the APRA-regulated institution that APRA has no objections to the person holding the position in question.

Additional criteria applying to Appointed Actuaries[21]
34.         The criteria for fitness and propriety of an Appointed Actuary of a general insurer, a life company or a private health insurer, for the purposes of the Insurance Act, Life Insurance Act and PHIPS Act are those contained in paragraphs 30 and 35 to 37.[22]
35.         The additional criteria that must be met for a person to be fit and proper to act as an Appointed Actuary of a general insurer, a life company or a private health insurer are that the person:
       (a)          has appropriate formal qualifications;
       (b)          is not the CEO or a director of the general insurer or life company, as applicable, or of a related body corporate (except when that related body corporate is a subsidiary of the general insurer or life company, as applicable);
       (c)          is not:
(i)                   the Appointed Auditor or Auditor, as applicable;
(ii)                   for an Appointed Actuary, an employee or director of an entity of which the Appointed Auditor or Auditor is an employee or director; or
(iii)                   for an Appointed Actuary, a partner of the Appointed Auditor or Auditor, as applicable;
       (d)          has a minimum of five years' relevant experience in the provision of actuarial services to entities carrying on insurance business (for