Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 39

  (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.