Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1   Streamlining prudential regulation

Part 2   Amendments commencing 1 January 2008

Insurance Act 1973

180   Subsection 39(3)

Repeal the subsection, substitute:

(3) A general insurer must not appoint a person as the auditor or actuary of the insurer unless:

(a) the insurer is reasonably satisfied that the person meets the eligibility criteria for such an appointment set out in the prudential standards; and

(b) no determination is in force under section 44 disqualifying the person from holding such an appointment.