Mr. Domhnall Cullinan:

Under the Insurance Act 2000, which is one of the three Acts at the centre of insurance legislation, life assurance companies are required to have what is known as an appointed actuary, that is, an actuary who is always available. There is no equivalent provision for non-life companies. I concur with the Deputy that it appears extraordinary but, as I noted earlier, I do not necessarily see Quinn Insurance as a proxy for the rest of the industry. The rest of the industry did employ actuarial functions. Under the solvency II directive, all insurance companies are required to have actuarial functions. If there is a deficit from a legislative perspective it will be addressed by means of that directive.

In regard to the Deputy’s second question, it is the case that auditors have actuarial functions.