Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A general insurer must have:
(a) an auditor appointed by the insurer; and
(b) an actuary appointed by the insurer.
(2) Within 6 weeks after a person stops being the principal auditor or the actuary of a general insurer, the general insurer must appoint another person to be the principal auditor or the actuary.
(3) A general insurer must not appoint a person as an auditor or actuary of the insurer unless:
(a) the insurer is reasonably satisfied that the person meets the eligibility criteria for such an appointment set out in the prudential standards; and
(b) no order is in force under section 44 disqualifying the person from holding such an appointment.
(4) An appointment of a person as the principal auditor or the actuary of a general insurer cannot take effect while an appointment of another person in that position is current.