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WORKERS' COMPENSATION AND REHABILITATION REGULATION 2014 - REG 29
Actuarial report
29 Actuarial report
(1) For each calculation of an outstanding liability amount the appointed
actuary must prepare an actuarial report under the actuarial standard.
(2)
The actuarial report must state the following— (a) the amount;
(b) the key
assumptions made for the calculation;
(c) how the key assumptions have been
derived, including— (i) the average amount of claims for compensation
against the employer; and
(ii) the average amount of claims for damages
against the employer; and
(iii) claims anticipated to have been incurred by
the employer for which no formal claim has been lodged; and
(iv) the
frequency of claims for compensation against the employer; and
(v) the
frequency of claims for damages against the employer; and
(vi) the net amount
of the claims after allowing for future inflation (
"inflated value" ); and
(vii) the net present value of the inflated value
after allowing for income from assets set aside by the employer to pay the
amount; and
(viii) the rate of inflation used;
(d) the nature of the data
used in the calculation;
(e) the actuary’s assessment of the data,
including accuracy of the data;
(f) how the actuary interpreted the data;
(g) the actuarial model used in the calculation;
(h) the results of the
calculation;
(i) the actuary’s confidence in the results of the
calculation.
(3) Each appointed actuary must prepare the actuarial report
within 35 days after the day a self-insurer lodges an application for
self-insurance.
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