Document ID: chunk:federal_register_of_legislation:F2023L01607:body:0:p8
Version: federal_register_of_legislation:F2023L01607
Segment Type: other
Provision Reference: 
Character Range: 19816–22683

the:
(a)          Australian branch operation for Category C general insurers, but with consideration given to the financial position of the head office; or
(b)          life insurance business carried on inside Australia by an EFLIC, but with consideration given to the financial condition of the life insurance business carried on outside Australia by the company.
29.         The Appointed Actuary must prepare the FCR annually and provide it to the insurer within such time as to give the board a reasonable opportunity to consider and use the information to prepare the insurer's annual regulatory financial statements. The insurer must provide the FCR to APRA within three months of the end of the period to which the report relates.

Actuarial Valuation Report
30.         A general insurer or life company must arrange for its Appointed Actuary to:
(a)          calculate the value of the insurance liabilities and, if the insurer is a life company, the value of the insurance liabilities of each of the funds of the life company;
(b)          for a life company, calculate the value of the capital base and prescribed capital amount for each of the funds of the life company; and
(c)          prepare a written AVR including the matters set out in paragraphs 31,  subject to paragraph 32.
31.         The Appointed Actuary must include the following information in the AVR:
(a)          the values listed in 30(a) and (b);
(b)          a statement on the completeness and accuracy of data and information relied on to derive the required values;
(c)          the methodologies and assumptions used to determine those values, including the key risks or limitations of the methodologies and assumptions used;
(d)          significant aspects of recent experience and the affect it has on the valuation of insurance liabilities; and
(e)          any other matters that a prudential standard requires to be included in the insurer's AVR.
32.         The Appointed Actuary must exercise judgement about the matters which are relevant and material to include in the AVR.
33.         The Appointed Actuary of a general insurer or life company must prepare the AVR annually as at the company balance date. The insurer must provide the AVR to APRA within three months of the end of the period to which the report relates.

Departures from actuarial advice
34.         If the Appointed Actuary advises:
(a)          an insurer on a value for insurance liabilities;[12]
(b)          a general insurer on the adequacy of the calculation of the insurance concentration risk charge;
(c)          a life company on the calculation of the capital base or prescribed capital amount; or
(d)          a private health insurer on the calculation of the FER ;
and the insurer does not accept the advice of the Appointed Actuary in a material respect, then the insurer must notify