Regulations Governing Appointed Actuaries and External Reviewing Actuaries of Insurance Companies Article 4

An insurance company shall appoint one of the actuaries it employs as an Appointed Actuary. Such appointment and termination of appointment must have the prior approval of the majority of directors (council members) present at a board of directors’ (council) meeting attended by a majority of the directors (council members).After appointing an Appointed Actuary, the insurance company shall file the following documents with the competent authority for recordation:1.An application form;2.The minutes of the meeting of the board of directors (council members) relating to the approval for appointment;3.The certificates substantiating that the Appointed Actuary meets the qualifications set forth under Paragraph 1 of Article 2 herein;4.A statement undertaking that the Appointed Actuary is free of circumstances set forth in Article 3 herein; and5.A letter of authorization issued by the board of directors (council members) pursuant to Article 11 herein.An insurance company may not arbitrarily terminate the appointment of the Appointed Actuary. Upon termination of an Appointed Actuary, the insurance company shall file a written statement with the competent authority, explaining the reasons for the termination, and appoint a new Appointed Actuary within three months.