Queensland Consolidated Regulations

WORKERS' COMPENSATION AND REHABILITATION REGULATION 2014 - REG 76

76 Actuarial calculation

(1) For each calculation of a finalised non-scheme employer’s liability amount, the appointed actuary must prepare an actuarial report under the actuarial standard.

(2) The actuarial report must—

(a) be prepared under the actuarial standard; and

(b) apply a central estimate of the liability; and

(c) apply the risk free rate of return; and

(d) include claims administration expenses of 7% of the liability; and

(e) not include a prudential margin; and

(f) be based, as far as practicable, on the non-scheme insurer’s claims experience; and

(g) apply the same risk free rate of return that was used in the calculation of the non-scheme employer’s liability amount; and

(h) have regard to compensation and damages payments made in relation to the liability between the day WorkCover became liable for compensation and damages for the non-scheme employer’s liability and the end of 4 years after that day; and

(i) be based on data as at the last day of the last financial quarter for which data is available at the end of 4 years after the day WorkCover became liable for compensation and damages for the non-scheme employer’s liability amount.

(3) The data relied on under subsection (2) (i) may only relate to the period before the exit date.