Document ID: chunk:federal_register_of_legislation:C2004A03764:body:0:p12
Version: federal_register_of_legislation:C2004A03764
Segment Type: other
Provision Reference: 
Character Range: 28714–31417

of the Principal Act the following section is inserted:

Company not to be registered unless it has an appointed actuary
"21a. A company shall not be registered unless it has an appointed actuary.".

Investment of statutory funds
28. Section 39 of the Principal Act is amended by omitting from subsection (7) "a form approved by him" and substituting "the prescribed form".

29. After Division 4 of Part III of the Principal Act the following Division is inserted:

"Division 4a—Appointed Actuaries

Appointment etc. of actuary
"47a. (1) A company may appoint a person to be the appointed actuary of the company if, and only if, the person is ordinarily resident in Australia and:
     (a) the person is a Fellow of the Institute of Actuaries of Australia of not less than 5 years standing; or
     (b) there is in force an approval of the person by the Commissioner under subsection (4).
"(2) The appointment shall be in writing.
"(3) A company is not entitled to appoint a person to be the appointed actuary of the company if the appointment would result in there being more than one appointed actuary of the company at a particular time.
"(4) The Commissioner may, at the request of the company concerned, approve a person in writing for the purposes of paragraph (1) (b) if the Commissioner is satisfied that the person has actuarial qualifications and experience that fit the person to perform the functions of an appointed actuary.
"(5) A person ceases to be the appointed actuary of a company if:
     (a) the person dies;
     (b) the person ceases to be eligible for appointment as an appointed actuary;
     (c) the company, in writing, accepts the written resignation of the person; or
     (d) the company terminates the appointment by notice in writing to the person.

Registered company required to appoint actuary
"47b. (1) A company that is registered under this Act as at the commencement of this Division shall, not later than 3 months after that commencement, appoint a person under section 47a to be the appointed actuary of the company.
"(2) A company that is registered under this Act shall, within 6 weeks after a person ceases to be the appointed actuary of the company, appoint a person under section 47a to be the appointed actuary of the company.
Penalty: $5,000.

Registered company to notify appointment
"47c. A company registered under this Act shall, within 14 days after appointing a person to be the appointed actuary of the company, give notice in writing to the Commissioner setting out:

     (a) the name of the appointee;
     (b) the date of birth of the appointee;
     (c) details of the relevant qualifications and work experience of the appointee;
     (d) the