9.2.5. Additional powers of the AFSA

(1) If at any time the AFSA believes it is necessary that an Insurer to which this Rule applies should obtain an actuarial report relating to the Insurer’s operations, risk management or financial affairs, it may direct the Insurer to do so at the Insurer’s expense.

(2) The Insurer:

• (a) must appoint, to prepare the report, an actuary who has the qualifications, and satisfies the criteria, in PINS 9.2.3 (Qualifications of independent actuary); and
• (b) must notify the AFSA of the name, qualifications and experience of the actuary appointed.

(3) If the AFSA is not satisfied that the actuary appointed by the Insurer has those qualifications or satisfies those criteria, the AFSA may direct the Insurer to appoint an actuary nominated by the AFSA to prepare the report.

(4) The Insurer must submit the report to the AFSA within 3 months of the direction, unless the AFSA allows an extension of time in writing.