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Application provision

1.1 This Part applies to:

  1. (1) a UK Solvency II firm;
  2. (2) in accordance with Insurance General Application 3, the Society, as modified by 7;
  3. (3) in accordance with Insurance General Application 3, managing agents, as modified by 7; and
  4. (4) third country branch undertakings excluding Swiss general insurers.

6.1

01/01/2016

An actuary appointed under this Part must be objective in performing his duties.

6.2

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An actuary appointed under this Part must take reasonable steps to satisfy himself that he is free from bias, or from any conflict of interest from which bias may reasonably be inferred. He must take appropriate action where this is not the case.

6.3

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When carrying out his duties, an actuary appointed under this chapter must pay due regard to generally accepted actuarial practice.

6.4

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An actuary must notify the PRA without delay if the actuary:

  1. (1) is removed from office by a firm;
  2. (2) is formally notified of such removal from office;
  3. (3) resigns before the term of office expires;
  4. (4) is not re-appointed by a firm; or
  5. (5) is disqualified from being the actuary of:
    1. (a) any undertaking or particular class of undertaking; or
    2. (b) any firm or particular class of firm.

6.5

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In the circumstances set out in 6.4, the actuary must notify the PRA without delay:

  1. (1) of any matter connected with the removal or ceasing of the office of actuary that the actuary thinks ought to be drawn to the PRA's attention; or
  2. (2) that there is no such matter.