(1) The Board must, in writing, nominate as reviewing actuary an actuary:
(a) who is a Fellow of The Institute of Actuaries of Australia; and
(b) who the Board considers is a fit and proper person, and has appropriate skills, experience or knowledge, to be the reviewing actuary; and
(c) who is not the scheme actuary; and
(d) who is not a member of the staff of the Agency under section 169.
(2) The nomination has effect for 3 years or a shorter period specified in the nomination.
(3) The Board must, in writing, revoke the nomination if the nominee:
(a) ceases to be a Fellow of The Institute of Actuaries of Australia; or
(b) becomes a member of the staff of the Agency under section 169.
(4) Subsections (2) and (3) do not limit subsection 33(3) of the Acts Interpretation Act 1901 (which deals with revocation and variation of instruments).
Nominations and revocations are not legislative instruments
(6) Neither a nomination made under subsection (1) nor a revocation made under subsection (3) is a legislative instrument.