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

                     (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.