CTRL 6.5.8 Guidance

1 Rule 6.5.8 allows, but does not require, the Regulatory Authority to appoint an actuary if no actuary has been approved for the insurer within the 28-day period referred to in rule 6.5.8 (1). In considering whether to use that power, the Authority would take into account the likely delay until the insurer can make an appointment, and the urgency of any pending duties of the actuary.
2 The Authority would not normally seek to appoint an actuary under rule 6.5.8 if the insurer concerned has applied for the approval of an individual to exercise the actuarial function and that application is still being considered.
3 If the Authority appoints an actuary, the insurer remains obliged to appoint an individual to the actuarial function and must seek the Authority’s approval of the individual (even if the individual it proposes to appoint is the actuary appointed by the Authority).

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)