Document ID: chunk:federal_register_of_legislation:F2018L01390:body:0:p10
Version: federal_register_of_legislation:F2018L01390
Segment Type: other
Provision Reference: 
Character Range: 25018–28051

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 a general insurer), life business (for a life company), or private health insurance (for a private health insurer) and has experience relating to general insurers, life companies, or private health insurers, as applicable, 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 such institutions;
       (e)          is a Fellow or Accredited Member[23] of the Institute of Actuaries of Australia; and
       (f)           is ordinarily resident in Australia.
36.         The criterion in paragraph 35(f) does not apply to the Appointed Actuary of a Category B insurer and a Category C insurer if:
       (a)          the Appointed Actuary is responsible for providing actuarial services to the corporate group, as a whole, to which the insurer belongs; and
       (b)          the Appointed Actuary meets the criteria in paragraphs 35(a) to (e).
37.         The criteria in paragraphs 34 to 36 do not apply while:
       (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 in writing that APRA has no objections to the person holding the position.

Process for assessment of fitness and propriety
38.         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 the APRA-regulated institution;
       (b)          the information to be obtained and how it will be obtained;
       (c)          the matters that will be considered before determining if a person is fit and proper for a responsible person position; and
       (d)          the decision-making processes that will be followed.
39.         The Fit and Proper Policy must specify the actions to be taken where a person is assessed as being not fit and proper.
40.         The Fit and Proper Policy must provide that a copy of the Policy is to be given to:
       (a)          any candidate for election as a director as soon as possible after the candidate is nominated; and
       (b)          any other person before an assessment of their fitness and propriety is conducted.
41.         The Fit and Proper Policy must require a fit and proper assessment to be completed before a person becomes