Document ID: chunk:federal_register_of_legislation:F2023L01607:body:0:p5
Version: federal_register_of_legislation:F2023L01607
Segment Type: other
Provision Reference: 
Character Range: 11360–14432

520 Fit and Proper (CPS 520), as applicable, and the insurer's fit and proper policy.

Group Actuaries
11.         A Level 2 insurance group must appoint a Group Actuary.
12.         A Level 2 insurer must ensure that its Group Actuary satisfies the requirements of paragraph 10 of this Prudential Standard and, in addition, the provisions of Attachment A that relate to the appointment of a Group Actuary.
13.         The terms of this Prudential Standard that apply to an Appointed Actuary include a Group Actuary, unless otherwise stated.
14.         Any obligation this Prudential Standard places on a Group Actuary requires the parent entity of a Level 2 insurance Group to ensure that the Group Actuary complies with the obligation.[3]
15.         A Level 2 insurance group must comply with this Prudential Standard in its capacity as an APRA-regulated institution and on a group basis, unless otherwise stated.

Obligations of the Appointed Actuary and other actuaries subject to prudential requirements
16.         The Appointed Actuary of an insurer has specific obligations set out in the prudential requirements. Notwithstanding any provision of this Prudential Standard, those obligations must continue to be met by the Appointed Actuary.
17.         An Appointed Actuary and any other actuary subject to prudential requirements must perform the functions:
(a)          impartially; and
(b)          expertly, having regard to relevant Actuarial Professional Standards to the extent that they are not inconsistent with the requirements of this Prudential Standard.[4]

Insurers' obligations with respect to actuaries
18.         An insurer must do all things necessary to enable the Appointed Actuary or any other actuary performing functions under the prudential requirements, including this Prudential Standard, to comply with those requirements, including:
(a)          ensuring the actuary is fully informed of the prudential requirements that apply to the insurer;
(b)          providing to the actuary information that the actuary reasonably believes is necessary to fulfil their role and functions; and
(c)          providing to the actuary any information that APRA has given to the insurer that may assist the actuary to fulfil his or her role and functions.
19.         An insurer must provide the Appointed Actuary with access to the insurer's committees, internal auditors, external auditors, senior management and others as requested.[5]
20.         An insurer must ensure that any actuary performing functions under the prudential requirements is assessed as fit and proper in accordance with CPS 520 (as applicable) and must be a Fellow or Accredited Member of the Actuaries Institute.[6]
21.         An insurer must take all reasonable steps to ensure that all working papers and other documentation of:
(a)          an Appointed Actuary in relation to the prudential requirements; or
       (b)          an actuary appointed under paragraph 36 in relation to an actuarial review conducted under paragraph 35,

    are retained for a period of