Insurance Act, 2006 (Act 724)

Section 56: (1) A long term insurer shall have the services of an actuary at any time whose appointment has been approved by the Commission in writing.(2) The Commission shall not approve the appointment of an actuary under subsection (1) unless it is satisfied that the individual concerned has sufficient experience and is competent to act as actuary of the insurer  (3) A long term insurer shall, within fourteen days of(a) the appointment of its actuary, or(b) a person ceasing to be its actuary,submit a notice in the prescribed form to the Commission.(4) Where, for whatever reason, a person ceases to be the actuary of a long term insurer, the long term insurer is not in breach of subsection (1) if it appoints another qualified actuary within six weeks of the date the person who was previously appointed actuary ceases to hold that appointment.(5) Subject to subsection (4), a long term insurer that contravenes subsection (1) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

Procedures to Follow

Not Avaiable

Responsible Institution

National Insurance Commission


Relevant Forms to Download

Not Available

Fees / Charges

Not Avaiable