Document ID: chunk:federal_register_of_legislation:F2024L00638:body:0:p5
Version: federal_register_of_legislation:F2024L00638
Segment Type: other
Provision Reference: 
Character Range: 10852–13710

of any kind of which the RSE actuary is an employee or director[17]; or
(iii)       a partner of the RSE actuary;
(f)           is a member of a recognised professional body; and
(g)          is ordinarily resident in Australia.
22.         A criterion in paragraph 21 does not apply if the following conditions are met:
(a)          the RSE licensee reasonably considers that there are exceptional circumstances;
(b)          the RSE licensee has promptly notified APRA that the criterion is not satisfied and of the exceptional circumstances as to why it should not apply; and
(c)          APRA has notified the RSE licensee that APRA has no objections to the person holding the position in question.

Additional criteria applying to RSE actuaries
23.         The criteria for fitness and propriety of an RSE actuary for the purposes of the SIS Act are those contained in paragraphs 19 and 24.[18]
24.         The additional criteria that must be met for a person to be fit and proper to act as an RSE actuary are that the person:
(a)          has appropriate formal qualifications;
(b)          is not the CEO or a director or employee of (i) the RSE licensee or (ii) a connected entity;
(c)          is not:
(i)            the auditor of the RSE licensee;
(ii)         the RSE auditor of an RSE within the RSE licensee's business operations;
(iii)       an employee or director of an entity of which the RSE auditor is an employee or director; or
(iv)        a partner of the RSE auditor;
(d)          has a minimum of five years' relevant experience in the provision of actuarial services to RSE licensees and RSEs or in superannuation more generally, that is sufficiently relevant and recent to provide reasonable assurance that the person is familiar with current issues in the provision of actuarial services to the business operations of RSE licensees;
(e)          is a Fellow or Accredited Member (however described) of the Institute of Actuaries of Australia[19]; and
(f)           is ordinarily resident in Australia.
25.         A criterion in paragraph 24 does not apply if the following conditions are met:
(a)          the RSE licensee reasonably considers that there are exceptional circumstances;
(b)          the RSE licensee has promptly notified APRA that the criterion is not satisfied and of the exceptional circumstances as to why it should not apply; and
(c)          APRA has notified the RSE licensee that APRA has no objections to the person holding the position.

Process for assessment of fitness and propriety
26.         The Fit and Proper Policy must include the processes to be undertaken in assessing whether a person is fit and proper for a responsible person position (fit and proper assessment). The processes must include details of:
(a)          a statement of who will conduct fit and proper assessments on behalf of