Prudential Regulation Authority Rulebook

2.1

A firm must appoint an external actuary if it does not have the capability within the firm or the firm’s group to comply with Conditions Governing Business 6.1 or the relevant requirements of the Solvency II Regulations.

2.2

A firm carrying on with-profits insurance business must appoint one or more actuaries to perform the With-Profits Actuary function in respect of all classes of its with-profits insurance business.

2.3

A firm must:

1. (1) when it becomes aware that a vacancy of an actuary required under 2.1 or 2.2 will arise or has arisen:
1. (a) notify the PRA; and
2. (b) give reasons for the vacancy,
2. without delay, using the form referred to in Notifications 10.3;
3. (2) appoint an actuary to fill any vacancy of an actuary required under 2.1 or 2.2;
4. (3) ensure that the replacement actuary can take up the vacant post at the time the vacancy arises or as soon as reasonably practicable after that; and
5. (4) when a new actuary is appointed:
1. (a) notify the PRA of that appointment; and
2. (b) advise the PRA of the name and business address of the actuary appointed and the date from which the appointment has effect,

using the form referred to in Notifications 10.3.

2.4

Where a firm fails to appoint an actuary under 2.1 or 2.2 within 28 days of a vacancy arising the PRA may appoint an actuary to perform either of the functions in 2.1 or 2.2 for that firm on the following terms:

1. (1) the actuary to be remunerated by the firm on the basis agreed between the actuary and firm or, in the absence of agreement, on a reasonable basis; and
2. (2) the actuary to perform the function required under 2.1 or 2.2 until he resigns or the firm appoints another actuary.

2.5

A firm must comply with and is bound by the terms on which an actuary has been appointed by the PRA.

2.6

Where the PRA appoints an actuary to perform either of the functions in 2.1 or 2.2 for a firm, the requirements under 2.1 and 2.2 to make appointments under those rules still apply to that firm.