Queensland Consolidated Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

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.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback