(1) The actuary of a long term insurer shall report immediately to the Commission where

(a) there are reasonable grounds for believing that the insurer or a director of the insurer may have contravened this Act or any other enactment, and

(b) that the contravention is of such a nature that it may adversely affect the interests of policy holders of the insurer,

(2) The actuary of a long term insurer shall report to the insurer any matte? relating to the business of the insurer that the actuary has obtained in the course of acting as its actuary that, in the opinion of the actuary, requires action to be taken by; the insurer, or its directors

(a) to avoid a contravention of this Act, or

(b) to avoid prejudice to the interests of policy holders of the insurer.

(3) Where the actuary of a long term insurer reports to the insurer under subsection (2) and the insurer does not, within such time as the actuary consider reasonable, take the action required, the actuary shall report the matter to the Commission.

(4) Where the appointment of an actuary of a long term insurer is terminated, the actuary shall

(a) immediately inform the Commission of the termination of appointment and disclose to the Commission the circumstances that gave rise to that termination, and

(b) report any information which but for the termination of appointment would have been reported to the Commission as if the appointment had not been terminated.

(5) Where, in good faith, an actuary provides a report or information to the Commission under subsection (1), (2) or (4), the actuary is considered not to be your contravention of any enactment, rule of law or professional code of conduct to'; which the actuary is subject and no civil, criminal or disciplinary proceedings shall He against the actuary in respect of it.

(6) The failure, in good faith, of an actuary to provide a report or information to the Commission under subsection (1), (2) or (4) does not confer upon any other person a right of action against the actuary which, but for that failure, the person would not have had.

(7) An actuary who contravenes subsection (1), (2), (3) or (4) is liable to pay to the Commission the pecuniary penalty stated in the First Schedule.