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Application provision

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

8.1

01/01/2016

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

8.2

01/01/2016

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.

8.3

01/01/2016

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

8.4

01/07/2016

An appropriate actuary must carry out the triennial investigation and prepare the return required by Friendly Society – Reporting 2.1 and 2.2 and provide the certificate or statement required by Friendly Society – Reporting 2.3.

8.5

01/01/2016

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

(1) is removed from office by a firm;

(2) is formally notified of such removal from office;

(3) resigns before the term of office expires;

(4) is not re-appointed by a firm; or

(5) is disqualified from being the actuary of:

(a) any undertaking or particular class of undertaking; or

(b) any firm or particular class of firm.

8.6

01/01/2016

In the circumstances set out in 8.5, 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.