PINS 9.2.3 Qualifications etc of independent actuary

(1) If an insurer decides to commission an actuarial report, it must appoint, to prepare the report, an individual who—
(a) has the qualifications set out in subrule (2); and
(b) satisfies the criteria set out in subrule (3).
(2) The qualifications are—
(a) that he or she has appropriate formal qualifications and is a member of a recognised professional body;
(b) that he or she has at least 5 years' relevant experience in providing actuarial services to insurers, either in the QFC or in other jurisdictions; and
(c) that the experience is sufficiently recent to ensure that he or she is familiar with current issues in the provision of such services to insurers.
(3) The criteria are the following:
(a) that he or she does not exercise the senior executive function, the executive governance function or the non-executive governance function for the insurer or a related body corporate (except a related body corporate that is a subsidiary of the insurer);
(b) that he or she is not—
(i) an approved auditor (under the Companies Regulations, article 85 (1), or the Limited Liability Partnerships Regulations, article 37) for the insurer;
(ii) an employee or director of an entity of which that auditor is an employee or director; nor
(iii) a partner of that auditor.
Editorial changes (as from 1 January 2015).