Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person can only be appointed as an actuary for the purposes of section 49E if the person is ordinarily resident in Australia and:
(a) the person is a Fellow of The Institute of Actuaries of Australia; or
(b) APRA has approved (in writing) the person as an actuary for the purposes of section 49E.
(2) APRA may only approve a person if APRA is satisfied that the person has actuarial qualifications and experience that make the person fit to perform the functions of an actuary for the purposes of section 49E.