Duties of actuaries

(1) The actuary of an insurer carrying on long term insurance business shall value the actuarial and other policy liabilities of the insurer as at the end of each financial year and shall value any other matters specified in any guideline or direction that may be made by the Supervisor, and shall report thereon to the insurer and the Supervisor. (2) In the case of an insurer that is an overseas company, the valuations and report required under sub-section (1) shall relate to the conduct of the insurance business in Belize. (3) The valuation of an actuary shall be in accordance with international generally accepted actuarial practice with such changes as may be determined by the Supervisor and any additional directions that may be made by the Supervisor. (4) The actuary shall, in making any valuation or establishing any provision required by this Act, follow the standards of practice and methodologies that would be required to be followed in respect of corresponding matters by the organisation of actuaries to which he belongs pursuant to section 100B(2). (5) Prior to making the valuations required by this section, the actuary shall request from the insurer and review, any instruction, recommendation, requirement, orders or directives issued and other action taken by the Supervisor under this Act in respect of that insurer or insurance intermediary. (6) The report of an actuary required under sub-section (1) or (2) shall be sent by the insurer to the Supervisor as soon as they are available but not later than four months after the close of the insurer’s financial year, or such longer period as the Supervisor may in writing approve. (7) Every insurer who fails to comply with the requirements of sub-section (6) shall be liable to pay, upon being called upon in writing by the Supervisor to do so, a penalty of five hundred dollars for each day of such failure to comply, except where an 129 extension to the period has been granted in writing by the (8) If the Supervisor, on reasonable grounds, is not satisfied with the valuations and report of an actuary appointed by an insurer, he may appoint another actuary to make an independent valuation, and in every such case, the Supervisor shall determine the reasonable remuneration to be paid by the insurer to such actuary appointed under this sub-section. (9) If, during the course of any valuation or review required under this section, any actuary learns of any fact, transaction, action or course of conduct concerning an insurer which– (a) may pose a substantial risk to the financial condition of the insurer; (b) may result in a significant loss to the insurer; (c) may seriously prejudice the interests of the insurer’s policyholders or customers; (d) is a violation of any provision of this Act or any regulation, guideline or instruction made under the Act; (e) indicates involvement in fraudulent or criminal activity; or (f) indicates that the insurer is or may soon become insolvent, the actuary shall, as soon as possible, report such matters to the directors of the insurer or the principal representative, and to the (10) Any actuary who fails to report his findings to the Supervisor as required under sub-section (9), commits an 130 offence and is liable on summary conviction to a fine of ten thousand dollars.