Insurance Companies Act (S.C. 1991, c. 47)

Marginal note:Officer precluded

• 359.1 (1) The chief executive officer or chief operating officer or a person performing like functions may not be appointed or hold the position of actuary of a company unless authorized in writing by the Superintendent.

• Marginal note:Duration of authorization

  (2) An authorization under subsection (1) ceases to be in effect on the day specified therein but not later than the day that is six months after it is issued, and a person appointed or holding the position of actuary pursuant to the authorization shall not hold that position after that day.

Marginal note:Chief financial officer

• 359.2 (1) The chief financial officer or a person performing like functions may not be appointed as or hold the position of actuary of a company unless

  • (a) the audit committee of the company has provided the Superintendent with a written statement indicating that it is satisfied that the duties of both positions in the company will be adequately performed and that the actuarial duties will be performed in an independent manner; and

  • (b) the appointment or holding of the position is authorized by the Superintendent.

• Marginal note:Authorization

  (2) An authorization under paragraph (1)(b) may contain limitations and conditions, including a limitation on the time during which the person referred to in the authorization may hold the position of actuary of the company.

• Marginal note:Termination of holding of position

  (3) A person holding the position of actuary pursuant to an authorization under paragraph (1)(b) shall not hold that position after the time limit referred to in subsection (2).

Marginal note:Revocation of appointment

• 360. (1) The directors of a company may revoke the appointment of the actuary of the company.

• Marginal note:Notice of revocation

  (2) A company shall, forthwith after the revocation of the appointment of the actuary of the company, notify the Superintendent in writing of the revocation.

Marginal note:Ceasing to hold office

• 361. (1) A person ceases to hold office as the actuary of a company when

  • (a) the person resigns as actuary of the company;

  • (b) the person ceases to be an actuary;

  • (c) the person dies; or

  • (d) the appointment of the person as actuary of the company is revoked by the directors of the company.

• Marginal note:Effective date of resignation

  (2) The resignation of an actuary becomes effective at the time a written resignation is sent to the company or at the time specified in the resignation, whichever is later.