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Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive insurer.

2.1

01/01/2016

A firm must appoint one or more actuaries to perform and be responsible for:

(1) the actuarial function in respect of all classes of its long-term insurance business; and

(2) the With-Profits Actuary function in respect of all classes of its with-profits insurance business (if any).

2.2

01/01/2016

A firm must:

  1. (1) when it becomes aware that a vacancy of an actuary required under 2.1 will arise or has arisen:
    1. (a) notify the PRA; and
    2. (b) give reasons for the vacancy,
  2. without delay, using the form referred to in Notifications 10.3;
  3. (2) appoint an actuary to fill any vacancy of an actuary required under 2.1;
  4. (3) ensure that the replacement actuary can take up the vacant post at the time the vacancy arises or as soon as reasonably practicable after that; and
  5. (4) when a new actuary is appointed:
    1. (a) notify the PRA of that appointment; and
    2. (b) advise the PRA of the name and business address of the actuary appointed and the date from which the appointment has effect,
  6. using the form referred to in Notifications 10.3.

2.3

01/01/2016

Where a firm fails to appoint an actuary under 2.1 within 28 days of a vacancy arising the PRA may appoint an actuary to perform either of the functions in 2.1(1) or (2) for that firm on the following terms:

  1. (1) the actuary to be remunerated by the firm on the basis agreed between the actuary and firm or, in the absence of agreement, on a reasonable basis; and
  2. (2) the actuary to perform the function required under 2.1 until he resigns or the firm appoints another actuary.

2.4

01/01/2016

A firm must comply with and is bound by the terms on which an actuary has been appointed by the PRA.

2.5

01/01/2016

Where the PRA appoints an actuary to perform either of the functions in 2.1(1) or (2) for a firm, the requirements under 2.1 to make appointments under that rule still apply to that firm.