Commonwealth Numbered Acts

LIFE INSURANCE AMENDMENT ACT 1977 No. 32 of 1977 - SECT 4

4. After section 4 of the Principal Act the following section is inserted:-
Actuaries.
''4A. (1) Until the expiration of 12 months after the commencement of this
section, a reference in this Act to an actuary shall, unless the contrary
intention appears, be read as a reference to-

   (a)  a Fellow of the Institute of Actuaries incorporated by Royal Charter
        on 29 July 1884;

   (b)  a Fellow of The Faculty of Actuaries in Scotland;

   (c)  a Fellow of the Society of Actuaries incorporated on 18 November 1948
        under the law of the State of Illinois in the United States of
        America;

   (d)  if an institute of actuaries is established in Australia and is
        approved by the Governor-General for the purposes of this section-a
        Fellow of that institute; or

   (e)  a person approved by the Commissioner under sub-section (3).

''(2) After the expiration of 12 months after the commencement of this
section, a reference in this Act to an actuary shall, unless the contrary
intention appears, be read as a reference to a Fellow or other person referred
to in sub-section (1) who is ordinarily resident in Australia.

''(3) The Commissioner may, at the request of a company, approve, by
instrument in writing, a person who is not a Fellow of a body referred to in
paragraph (1) (a), (b), (c) or (d) as an actuary for the purposes of this Act
if the Commissioner is satisfied that the person has actuarial qualifications
and experience that fit him to perform the functions of an actuary under this
Act.''.