Section 74
Appointment of actuary by licensed insurer
of Financial Services Act 2013
ActIn forceProvision 74 of 124
Section 74
(1)
Every licensed insurer shall appoint an actuary in respect of
98 Laws of Malaysia a life or general business carried on by the licensed insurer.
(2)
Any actuary to be appointed under subsection (1) shall meet such requirements or have such qualifications set out in any standards as may be specified by the Bank under subsection 47(1).
(3)
Except with the prior written approval of the Bank, no licensed insurer shall appoint any person as its actuary under subsection (1) and no person shall accept such appointment.
(4)
An appointment under subsection (1) shall be for each financial year or such longer period as approved by the Bank.