PINS 9.2.5 Additional powers of Regulatory Authority

(1) If at any time the Regulatory Authority believes it is necessary that an insurer to which this Part applies should obtain an actuarial report relating to the insurer's operations, risk management or financial affairs, it may direct the insurer to do so at the insurer's expense.
(2) The insurer—
(a) must appoint, to prepare the report, an actuary who has the qualifications, and satisfies the criteria, in rule 9.2.3; and
(b) must notify the authority of the name, qualifications and experience of the actuary appointed.
(3) If the authority is not satisfied that the actuary appointed by the insurer has those qualifications or satisfies those criteria, the authority may direct the insurer to appoint an actuary nominated by the authority to prepare the report.
(4) The insurer must submit the report to the authority within 3 months of the direction, unless the authority allows an extension of time in writing.
Editorial changes (as from 1 January 2015).