Section 83. Appointment of actuary by life insurer.
(1) A licensed life insurer shall appoint, for each financial year before a date to be specified by the Bank, an appointed actuary approved by the Bank.
Penalty: Three million ringgit.
(2) No licensed life insurer shall knowingly appoint a person as its appointed actuary and no person shall knowingly accept appointment as an appointed actuary of a licensed life insurer unless he is a resident in Malaysia and-
(a) he is a fellow of-
(i) the Institute of Actuaries in England;
(ii) the Faculty of Actuaries in Scotland;
(iii) the Society of Actuaries in the United States of America;
(iv) the Canadian Institute of Actuaries; or
(v) the Australian Institute of Actuaries; or
(b) he holds such other qualifications as the Bank may specify.
Penalty: Three million ringgit. Default penalty.
(3) A licensed life insurer proposing to appoint a person not a resident in Malaysia as its appointed actuary, may apply to the Bank in writing and the Bank may grant an exemption from subsection (2) for such duration and subject to such condition as it considers fit.
(4) The appointed actuary, in the discharge of his functions, shall act in a professional manner and comply with the Bank's guidelines and code of practice.