Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2), a life company must have an actuary appointed by the company.
(2) Within 6 weeks after a person ceases to be the appointed actuary of a life company, the company must appoint another person to be the actuary of the company.
(3) A life company must not appoint a person as the actuary of the life company unless:
(a) the life company is reasonably satisfied that the person meets the eligibility criteria set out in the prudential standards for appointment as the actuary of a life company; and
(b) no order is in force under section 245A that the person is disqualified from being or acting as an actuary of the life company.
(7) An appointment of a person as actuary of a life company cannot take effect while there is in force an appointment of another person as the company's actuary.