Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 75

  (1)   APRA may, by written notice given to Lloyd's, require Lloyd's to cause an actuary to be appointed to:

  (a)   carry out an investigation of the extent to which a specified designated security trust fund constitutes an adequate security for the class of insurance liabilities secured by the fund; and

  (b)   make a report on that investigation, being a report that contains statements of the actuary's opinion about each of the matters specified in the notice.

  (2)   The actuary must not be:

  (a)   an officer of Lloyd's; or

  (b)   an officer of a body corporate specified in a determination made, by legislative instrument, by APRA for the purposes of this paragraph.

  (3)   Lloyd's must, within 14 days after the date on which the notice was given, advise APRA, in writing, of the name of the actuary.

  (4)   If APRA notifies Lloyd's that the actuary is not acceptable to APRA, Lloyd's must, within 14 days after the date on which the notice was given:

  (a)   cause a different actuary to be appointed; and

  (b)   advise APRA, in writing, of the name of the actuary so appointed.

  (5)   APRA may, within 14 days after the advice was given under subsection   (3) or (4), notify Lloyd's, in writing, that the actuary is not acceptable to APRA.

  (6)   Lloyd's must cause the actuary's report to be given to APRA:

  (a)   within 30 days after the date on which the notice was given to Lloyd's under subsection   (1); or

  (b)   within such further time as APRA, by written notice, allows.

  (7)   The actuary's report must be signed by the actuary.

  (8)   Lloyd's must comply with this section.

  (10)   In this section:

"officer" , in relation to a body corporate, has the same meaning as in the Corporations Act 2001 .