39Requirement for general insurers to have an auditor and actuary

#### 39 Requirement for general insurers to have an auditor and actuary (1) A general insurer must have: (a) an auditor appointed by the insurer; and (b) an actuary appointed by the insurer. (2) Within 6 weeks after a person stops being the principal auditor or the actuary of a general insurer, the general insurer must appoint another person to be the principal auditor or the actuary. (3) A general insurer must not appoint a person as an auditor or actuary of the insurer unless: (a) the insurer is reasonably satisfied that the person meets the eligibility criteria for such an appointment set out in the prudential standards; and (b) no order is in force under section 44 disqualifying the person from holding such an appointment. (4) An appointment of a person as the principal auditor or the actuary of a general insurer cannot take effect while an appointment of another person in that position is current.