Removal and resignation of actuaries

(1) An insurer carrying on long term insurance business shall immediately give notice to the Supervisor if– (a) the insurer proposes to give special notice to its shareholders of an ordinary resolution removing an actuary before the expiration of his engagement; (b) the insurer gives notice to its shareholders of an ordinary resolution replacing an actuary at the expiration of his engagement with a different actuary; or (c) an actuary ceases to be an actuary of the insurer otherwise than as a consequence of a resolution referred to in paragraph (a) or (b). (2) An insurer that is an overseas company carrying on long term insurance business in Belize shall immediately give notice to the Supervisor if– (a) the insurer removes an actuary before the expiration of his engagement; (b) replaces an actuary at the expiration of his engagement with a different actuary; or (c) an actuary otherwise ceases to be an actuary of the insurer. (3) An actuary of an insurer appointed under section 100A(1) shall immediately give written notice to the Supervisor if he– (a) resigns the of his engagement; or 131 (b) does not seek to be reappointed. (4) An insurer or actuary who fails to comply with this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars. on long-term