Technical provisions: Schedule 11 FA2007: paragraph 2 enforcement: person to prepare report
In the first instance it is the general insurer who appoints the person to prepare the report and the insurer must inform the officer as soon as the appointment has been made. The officer has the power to require the report to be made by a different person in appropriate circumstances.
The legislation does not prescribe the qualifications, skills or attributes that would identify a person as suitable.
Unlike life insurers, general insurers (with the exception of Lloyd’s syndicates) are not required to take the advice of a qualified actuary, though in this context it may be expected that an appropriate person will have actuarial skills. Generally, it will be for the officer and general insurer to agree on the scope and nature of the report to be prepared, applying a suitably flexible approach. It is possible that the person best placed to prepare the report might be an employee of the general insurer or of the insurer’s professional advisers. The officer may well be content with this.
In cases of difficulty The Institute of Actuaries (in Scotland, The Faculty of Actuaries) has indicated that it would be willing to identify a suitable candidate. CT&VAT (Technical) Insurance Group can assist in cases of difficulty.