Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 43

  (1)   A person stops holding an appointment as a general insurer's auditor or actuary if:

  (c)   the person is disqualified under section   44 from holding the appointment; or

  (d)   the person resigns the appointment by giving written notice to the insurer; or

  (e)   the insurer ends the appointment by giving written notice to the person.

  (2)   A general insurer must end a person's appointment as an auditor or actuary of the general insurer, by giving the person written notice under paragraph   (1)(e), if the general insurer is satisfied that the person:

  (a)   has, in relation to the insurer, failed to perform adequately and properly the functions and duties of the appointment under this Act or the prudential standards; or

  (aa)   has failed to comply with a requirement of the Financial Accountability Regime Act 2023 ; or

  (b)   does not meet one or more of the criteria for fitness and propriety set out in the prudential standards; or

  (c)   does not meet the eligibility criteria for the appointment set out in the prudential standards.