Regulations Governing Appointed Actuaries and External Reviewing Actuaries of Insurance Companies Article 5

An insurance company shall employ a Reviewing Actuary responsible for the items to be verified in the Certified Report designated by the competent authority.An insurance company shall not employ a Reviewing Actuary having any of the following situations, and such a Reviewing Actuary who has already been employed shall be dismissed:1.Having consecutively reviewed the same insurance company twice according to Paragraph 1 of Article 8 herein.2.Having appointed as an Appointed Actuary for the same insurance company within the past three years.The employment of a Reviewing Actuary 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 employing a Reviewing 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 employment;3.The certificates substantiating that the Reviewing Actuary meets the qualifications set forth under Paragraph 2 of Article 2 herein;4.A statement undertaking that the Reviewing Actuary is free of circumstances set forth in Article 3 herein, complies with the provisions of Paragraph 2 hereof, and that the Reviewing Actuary and the company’s independent auditor are independent of each other.; and5.A letter of authorization issued by the board of directors (council members) pursuant to Article 11 herein.When an insurance company employ a Reviewing Actuary, it shall specify in the contract the duration of employment. If the insurance company terminates the employment early, it shall file a written statement with the competent authority, explaining the reasons for the termination, and employment a new Reviewing Actuary within three months.