(b) the individual must not be exercising the controlled functions of senior executive function, or executive governance function of the firm, or of a non-executive governance function related body corporate (except when that body corporate is a related subsidiary of the firm); Controlled function and senior executive function are defined in Note the glossary. (c) the individual is neither— (i) an auditor approved under article 85 (1) of the QFC Companies Regulations or article 37 of the Limited Liability Partnerships Regulations (the approved auditor) for the firm; nor (ii) an employee or director of an entity of which the approved auditor is an employee or director; nor (iii) a partner of the approved auditor; (d) the individual has a minimum of 5 years relevant experience in the provision of actuarial services to in the QFC or in insurers, other jurisdictions, that is sufficiently recent to ensure familiarity with current issues in the provision of actuarial services to insurers. 7.1.3 Firms must ensure access to relevant data, etc (1) A firm that is a QFC captive insurer must ensure that a reporting actuary has access to all relevant data, information, reports and staff of the firm that the actuary reasonably believes are necessary to fulfil the responsibilities. actuary’s (2) A firm must also take all reasonable steps to ensure that the reporting actuary has access to the contractors. firm’s
(b) the individual must not be exercising the controlled functions of senior executive function, executive governance function or non-executive governance function of the firm, or of a related body corporate (except when that related body corporate is a subsidiary of the firm); Note Controlled function and senior executive function are defined in the glossary. (c) the individual is neither— (i) an auditor approved under article 85 (1) of the QFC Companies Regulations or article 37 of the Limited Liability Partnerships Regulations (the approved auditor) for the firm; nor (ii) an employee or director of an entity of which the approved auditor is an employee or director; nor (iii) a partner of the approved auditor; (d) the individual has a minimum of 5 years relevant experience in the provision of actuarial services to insurers, in the QFC or in other jurisdictions, that is sufficiently recent to ensure familiarity with current issues in the provision of actuarial services to insurers. 7.1.3 Firms must ensure access to relevant data, etc (1) A firm that is a QFC captive insurer must ensure that a reporting actuary has access to all relevant data, information, reports and staff of the firm that the actuary reasonably believes are necessary to fulfil the actuary’s responsibilities. (2) A firm must also take all reasonable steps to ensure that the reporting actuary has access to the firm’s contractors.
QFCRA_8125_VER4.docx