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WORKERS' COMPENSATION AND REHABILITATION REGULATION 2014 - REG 77
Actuarial report
77 Actuarial report
(1) For each calculation of a finalised non-scheme employer’s liability
amount, each 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 non-scheme employer; and
(ii) the average
amount of claims for damages against the non-scheme employer; and
(iii)
claims anticipated to have been incurred by the non-scheme employer for which
no formal claim has been lodged; and
(iv) the frequency of claims for
compensation against the non-scheme employer; and
(v) the frequency of claims
for damages against the non-scheme 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 non-scheme employer to
pay the non-scheme employer’s liability 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 its accuracy;
(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 an actuarial report on the actuary’s calculation within 35 days
after the end of 4 years after the day WorkCover became liable for
compensation and damages for the non-scheme employer’s liability.
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