Insurance Act, 1989

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Appointment, duty and qualifications of actuary.

34.—(1) An insurer which has its head office in the State and which at the commencement of this Part has an authorisation to undertake life assurance shall, if it has not already done so, within two months of such commencement, appoint a suitably qualified person as actuary to the insurer, and particulars of the identity, experience and qualifications of the person so appointed shall be notified to the Minister on his appointment.

(2) An insurer which has its head office in the State shall within one month of being granted an authorisation to undertake life assurance appoint a suitably qualified person as actuary to the undertaking, and information as to the identity, experience and qualifications of the person so appointed shall be notified to the Minister on such appointment.

(3) It shall be the duty of the person appointed as actuary to an undertaking to carry out any function relating to the business of that undertaking which is required by the Insurance Acts to be undertaken by an actuary.

(4) The Minister may by order prescribe the qualifications and experience of the person to be appointed as actuary to an undertaking.