Singapore legislation
Regulation 10
Regulation 10
Report to chief executive and board of directors
Subregulation 1
The appointed actuary or certifying actuary, as the case may be, of a licensed insurer shall prepare a written report to the chief executive of the insurer on any matter which —
has come to the attention of the actuary in the course of carrying out his duties;
in the opinion of the actuary, has any material adverse effect on the financial condition of the insurer in respect of its life or general business or both, as the case may be; and (c)requires rectification by the insurer.
Subregulation 2
If the appointed actuary of a licensed insurer —
is at any time not satisfied with the appropriateness of the rates of premium charged by the insurer for its life policies or its long-term accident and health policies, or at any time holds the view that the rates are likely to adversely impact the prospective financial condition of the insurer; and
is of the view that this should be rectified by the insurer, the appointed actuary shall prepare a written report of this to the chief executive of the insurer.
Subregulation 3
The appointed actuary or certifying actuary, as the case may be, of the licensed insurer shall as soon as possible send a copy of the report under paragraph (1) or (2) to the board of directors of the insurer.
Subregulation 4
Where the appointed actuary or certifying actuary, as the case may be, of the licensed insurer is of the opinion that the insurer has failed to take appropriate steps to rectify any matter reported by him under paragraph (1) or (2) within a reasonable time, the appointed actuary or certifying actuary, as the case may be, shall immediately send a copy of his report to the Authority and notify the board of directors of the insurer that he has done so.