CTRL 6.5.8 Regulatory Authority may appoint actuary in certain circumstances
(1) If no individual is approved to exercise the actuarial function for a QFC insurer to which rule 6.5.1 applies within 28 days after a vacancy arises, the Regulatory Authority may appoint an actuary, or 2 or more actuaries, to exercise any part of the actuarial function for the insurer on the following terms:
(a) the insurer is to remunerate the actuary or actuaries on a basis agreed between the insurer and the actuary or, if there is no agreement, on a reasonable basis;
(b) each actuary is to hold office until he or she resigns or an actuary is approved for the insurer;
(c) each actuary has the same authority within the insurer that he or she would have as an approved actuary.
(2) The insurer must comply with, and is bound by, the terms on which the Authority appoints an actuary under subrule (1).
(3) An actuary appointed by the Authority under subrule (1) is not an approved actuary.
|Derived from QFCRA RM/2020-4 (as from 1st July 2021)|