In exercise of the powers conferred by section 64 of the Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Insurance (Actuaries) Regulations 2002 and shall come into operation on 8th January 2002.
Actuaries in general
2. Any person who is a Fellow of any of the institutes specified in the First Schedule shall be an actuary for the purposes of the Act other than section 37 of the Act.
Actuaries in respect of section 37 of Act
3. -(1) For the purposes of section 37 of the Act, the Authority may approve -
(a) any person who is a Fellow of any of the institutes specified in the First Schedule as an actuary for the purposes of any investigation referred to in section 37 (1) (a) of the Act; and
(b) any person who is a Fellow of any of the institutes specified in the Second Schedule as an actuary for the purposes of any investigation referred to in section 37 (1) (b) of the Act.
(2) Nothing in paragraph (1) shall prevent the Authority from approving any other person as an actuary for the purposes of section 37 of the Act.
Revocation
4. The Insurance (Actuaries) Regulations (Rg 5) are revoked.
First Schedule
Regulations 2 and 3 (1) (a)
(1) The Institute of Actuaries in England.
(2) The Faculty of Actuaries in Scotland.
(3) The Society of Actuaries in the United States of America.
(4) The Institute of Actuaries of Australia in Australia.
Second Schedule
Regulation 3 (1) (b)
(1) The Institute of Actuaries in England.
(2) The Faculty of Actuaries in Scotland.
(3) The Casualty Actuarial Society in the United States of America.
(4) The Institute of Actuaries of Australia in Australia.
