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Application provision

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

6.1

01/01/2016

An actuary appointed to perform the With-Profits Actuary function must:

  1. (1) advise the firm's management, at the level of seniority that is reasonably appropriate, on key aspects of the discretion to be exercised affecting those classes of the with-profits insurance business of the firm in respect of which he has been appointed;
  2. (2) at least once a year, report to the firm's governing body on key aspects (including those aspects of the firm's application of its PPFM on which the advice described in (1) has been given) of the discretion exercised in respect of the period covered by his report affecting those classes of with-profits insurance business of the firm;
  3. (3) request from the firm such information and explanations as he reasonably considers necessary to enable him properly to perform the duties in (1) and (2);
  4. (4) advise the firm as to the data and systems that he reasonably considers necessary to be kept and maintained to provide the duties in (3); and
  5. (5) in the case of a friendly society, perform the function of appropriate actuary under section 12 (Reinsurance) of the Friendly Societies Act 1992 or section 23A (Reinsurance) of the Friendly Societies Act 1974 as applicable, in respect of those classes of its with-profits insurance business covered by his appointment.