Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A private health insurer must terminate the appointment of a person as actuary of the insurer if:
(a) the person does not meet the eligibility criteria set out in prudential standards for appointment as the actuary of a private health insurer; or
(b) the insurer reasonably believes that the person has failed to perform adequately and properly the person's statutory functions and duties as actuary of the private health insurer; or
(c) the person is disqualified from being or acting as an actuary of the private health insurer because of an order under section 120; or
(d) the person is a disqualified person (other than only because of an order under section 120).
(2) The statutory functions and duties of an actuary of a private health insurer are the functions and duties that an actuary has under:
(a) this Act; and
(b) the Private Health Insurance Act 2007 ; and
(c) the Financial Sector (Collection of Data) Act 2001 .
Note 1: The reference in paragraph (a) to this Act includes prudential standards and APRA rules (see the definition of this Act in subsection 4(1)).
Note 2: The references in paragraphs (b) and (c) to Acts include regulations, rules, standards etc. made under those Acts (see subsection 4(2)).
(3) If:
(a) a private health insurer is required under subsection (1) to terminate the appointment of a person as actuary of the insurer; and
(b) the power to appoint the actuary of the insurer is not vested in the directors of the insurer or is not vested in the directors of the insurer alone;
the directors may appoint a person who satisfies the requirements of subsection 106(3) to be the actuary of the insurer until an appointment is made in accordance with the constitution or rules of the private health insurer.