CAPI 7.1.2 Firms must appoint reporting actuary

(1) A QFC captive insurer that is required to prepare a financial condition report must appoint an actuary (the reporting actuary) to prepare the report.
(2) An individual must not be appointed as a reporting actuary unless the individual meets the following criteria:
(a) the individual has appropriate formal qualifications as an actuary and is a member of a recognised professional body;
(b) the individual must not be exercising the controlled functions of senior executive function, executive governance function or non-executive governance function of the firm, or of a related body corporate (except when that related body corporate is a subsidiary of the firm);

Note Controlled function and senior executive function are defined in the glossary.
(c) the individual is neither—
(i) an auditor approved under article 85 (1) of the QFC Companies Regulations or article 37 of the Limited Liability Partnerships Regulations (the approved auditor) for the firm; nor
(ii) an employee or director of an entity of which the approved auditor is an employee or director; nor
(iii) a partner of the approved auditor;
(d) the individual has a minimum of 5 years relevant experience in the provision of actuarial services to insurers, in the QFC or in other jurisdictions, that is sufficiently recent to ensure familiarity with current issues in the provision of actuarial services to insurers.
Derived from QFCRA RM/2011-1 (as from 1st July 2011)