3. Application of Regulations to actuaries of composite insurers

(1)

A duty or right of the appointed actuary or certifying actuary of a licensed insurer under any provision of these Regulations except regulation 12 shall be —

(a)

if the insurer is a composite insurer which is a direct insurer —

(i)

the duty or right of its appointed actuary if the duty or right relates to the insurer’s life business; or (ii)the duty or right of its certifying actuary if the duty or right relates to the insurer’s general business; or

(b)

if the insurer is a composite insurer which is a reinsurer, the duty of its certifying actuary.

(2)

A duty of the appointed actuary or certifying actuary of a licensed insurer under regulation 12 shall be —

(a)

if the insurer is a composite insurer which is a direct insurer, a duty of both its appointed actuary and certifying actuary; or

(b)

if the insurer is a composite insurer which is a reinsurer, a duty of its certifying actuary.

Subregulation 1