Australia Insurance Act 1973 (Cth)
Fit and proper persons and governance – Australia Insurance Act 1973 (Cth)

Australia Insurance Act 1973 (Cth) s39: s 39 Appoint and maintain an eligible auditor and actuary at all times

A general insurer must have an auditor it has appointed and an actuary it has appointed (s 39(1)). Within 6 weeks of a principal auditor or actuary ceasing to hold the role, the insurer appoints a replacement (s 39(2)). The insurer appoints a person as auditor or actuary only if it is reasonably satisfied the person meets the prudential standards' eligibility criteria and no s 44 disqualification order is in force against them (s 39(3)); a new appointment cannot take effect while the previous appointment is current (s 39(4)). APRA may also require an additional special-purpose auditor (s 40), and every appointed auditor and actuary complies with the prudential standards in performing the role (s 41).

Maintained by Gerard Blokdyk

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