Appointment of actuary for long term-insurers

(1) Every company carrying on long-term insurance business shall appoint an actuary, as a member of its staff or as a consulting actuary. (2) A company shall, within three months of the termination of the appointment of an actuary, appoint another actuary. (3) Where the appointment of an actuary is terminated, the company shall within twenty-one days of appointing another actuary notify the Supervisor in writing of the appointment. (4) No person may carry out the function of an actuary unless the Supervisor is satisfied that he possesses the necessary qualifications to carry out such functions.