9.1.2. Financial Condition Reports
(1) The Approved Actuary for the Insurer must annually carry out an actuarial investigation to enable him or her to prepare a report about the Insurer’s financial condition (a Financial Condition Report).
(2) The Insurer must ensure that the Approved Actuary is given appropriate access (that is, such access as the actuary reasonably believes to be necessary to prepare the report) to:
- (a) all relevant data, information, reports and staff of the Insurer; and
- (b) so far as possible, any contractor of the Insurer.
(3) The Approved Actuary must prepare, sign and date the report.
(4) The Approved Actuary must give the report to the Insurer sufficiently in advance of the Insurer’s next annual return date to allow the Insurer’s Governing Body a reasonable opportunity to consider and use it in preparing the Insurer’s next annual prudential return.
(5) The Insurer’s Governing Body must give a copy of the report to the AFSA on or before the Insurer’s next annual return date.
(6) In this rule: next annual return date for an Insurer means the date on which it must give its next annual prudential return to the AFSA under PINS 13.1.1 (Obligation to prepare prudential returns).