(1) Every company carrying on long-term insurance business shall appoint an actuary, as a member of its staff or as a consulting actuary.
(2) The company shall, within 3 months of the termination of the appointment of an actuary, appoint another actuary.
(3) Where the appointment of an actuary is terminated, the company shall within 14 days of appointing another actuary notify the Registrar in writing of the appointment.
(4) A person shall not carry out the functions of an actuary unless the Registrar is satisfied that he or she possesses the necessary qualifications to carry out such functions.