22. Section 37 of the Insurance Act is amended —
by deleting subsection (1) and substituting the following subsections:
“(1) Subject to this section, an insurer registered under this Act shall, once in a period of 12 months —
in respect of its life business, have an investigation made by an actuary into the financial condition of that business;
in respect of its general business, have an investigation made by an actuary into its liabilities in respect of insurance policies; and
lodge with the Authority such abstract of the report of the investigation referred to in paragraph (a) or (b) or both, and certificate relating thereto, signed by the actuary or the other person who made the investigation, together with such statements as to the business as are prescribed under section 36(1).
(1A) For the purposes of this section, the Authority may approve as an actuary any person meeting such requirements as be determined by the Authority.
(1B) The Authority may revoke the approval of a person as an actuary under subsection (1A) by serving on the insurer a notice of revocation.
(1C) Before revoking the approval of a person as an actuary, the Authority shall —
give the insurer notice in writing of its intention to do so; and
in the notice referred to in paragraph (a), call upon the insurer to show cause within such time as may be specified in the notice why the approval of the actuary should not be revoked.
(1D) If the insurer referred to in subsection (1C) —
fails to show cause within the time given to him to do so or within such extended period of time as the Authority may allow; or
fails to show sufficient cause,
the Authority shall give notice in writing to the insurer of the date on which the revocation of approval is to take effect.
(1E) Any person who is aggrieved by a decision of the Authority under subsection (1B) may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB.”;
by deleting the words “life business” in the 4th and in the 7th lines of subsection (4) and in the 3rd line of subsection (6)(a) and substituting in each case the words “insurance business”;
by deleting the words “in respect of life business” in the 1st and 2nd lines of subsection (6);
by deleting the words “the life business” in the 1st line of subsection (6)(a) and substituting the words “its insurance business”; and
by deleting the word “life” in the section heading and substituting the word “insurance”.