Singapore legislation
Regulation 5
Regulation 5
Appointment of actuaries
Subregulation 1
For the purposes of obtaining the approval of the Authority for the appointment of an appointed actuary or a certifying actuary under section 31(4)(b) of the Act, a licensed insurer shall —
submit to the Authority the particulars of the person proposed to be appointed in such form as the Authority may specify in a direction to the insurer; and
satisfy the Authority that the person is a fit and proper person to be so appointed and has the actuarial qualifications and experience to perform the duties and functions of an appointed actuary or a certifying actuary, as the case may be, under the Act and these Regulations.
Subregulation 2
Where a person holds the office of appointed actuary or certifying actuary, as the case may be, of a licensed insurer at the time it appointed another person as its appointed actuary or certifying actuary, the appointment of the other person shall not take effect until the appointment of the first-mentioned person is terminated by the insurer.
Subregulation 3
For the purposes of section 31(11) of the Act, when determining whether to approve the appointment of a certifying actuary, the Authority shall consider whether he is a member of the Singapore Actuarial Society.
Subregulation 4
A licensed insurer shall, within 3 months after the date on which a person ceases to be its appointed actuary or certifying actuary, as the case may be, or within such longer period as the Authority may allow in any particular case, appoint another person to be its appointed actuary or certifying actuary, as the case may be.
Subregulation 5
For the purposes of paragraph (4), the date on which a person ceases to be the appointed actuary or certifying actuary of a licensed insurer is —
where the person ceases to be an appointed actuary within the meaning of regulation 4(1)(a) or a certifying actuary within the meaning of regulation 4(1)(b), as the case may be, the date of such cessation;
where the person dies, the date of his death;
where the person resigns as the appointed actuary or certifying actuary of the insurer, the date the resignation takes effect; or
where the appointment of the person as the appointed actuary or certifying actuary of the insurer is terminated by the insurer, whether on the insurer’s own initiative or pursuant to a direction by the Authority under section 31(10) of the Act, the date the termination takes effect.
Subregulation 6
Where a person resigns from his position as the appointed actuary or certifying actuary of a licensed insurer, the insurer shall furnish to the Authority a written notice as soon as possible stating the circumstances of and reasons for the resignation of the actuary.
Subregulation 7
Where a licensed insurer terminates the appointment of a person as its appointed actuary or certifying actuary on the insurer’s own initiative, the insurer shall notify the Authority in writing as soon as possible of the termination and furnish the Authority with the reasons for the termination.