Life Insurance (prudential standard) determination No. 2 of 2014 - Prudential Standard LPS 320 - Actuarial and Related Matters
Obligation of a life company to appoint Obligation of a life company to appoint an actuary
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Obligation of a life company to appoint an actuary
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Under the Act, a life company must appoint an actuary (Appointed Actuary).[2]
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A life company must ensure that its Appointed Actuary:
(a) satisfies the eligibility criteria in Prudential Standard CPS 520 Fit and Proper (CPS 520) applicable to an Appointed Actuary; and
(b) is a fit and proper person in accordance with the life company’s fit and proper policy as required by CPS 520, including those requirements that apply specifically to the Appointed Actuary.
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A life company must ensure that its Appointed Actuary has access to all relevant data, information, reports and staff of the life company (and must take all reasonable steps to ensure access to contractors of the life company) that its Appointed Actuary reasonably believes are necessary to fulfil his or her responsibilities.[3] This will include access to the life company’s Board[4], Board committees, if any, and internal auditors as required.
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A life company must ensure that its Appointed Actuary is fully informed of all prudential requirements applicable to the life company. In addition, the life company must ensure that the Appointed Actuary is provided with any other information APRA has provided to the life company that may assist the Appointed Actuary in fulfilling his or her role and responsibilities under this Prudential Standard.