Appointment and

(1) An insurer that is licensed to carry on long term insurance business shall appoint an actuary annually. (2) Upon the appointment of an actuary in accordance with sub-section (1), the insurer shall immediately give written notice to the Supervisor of such appointment, and if the Supervisor has valid reason to believe that the actuary is not qualified for appointment pursuant to the requirements of sub-section (2), he may disapprove the appointment and notify the insurer in writing, whereupon the insurer shall immediately remove that actuary and appoint another actuary who is qualified to be appointed. (3) If an insurer does not or is unable to appoint an actuary, the Supervisor shall have the power to appoint an actuary for the insurer, and the remuneration of the actuary so appointed shall be determined by the Supervisor and paid by the insurer. 127 (4) An insurer, immediately upon the resignation or termination of appointment of an actuary for any reason, shall– (a) notify the Supervisor in writing giving the reasons for the resignation or termination; and (b) appoint another actuary in conformity with the requirements of this section.