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WORKERS' COMPENSATION AND REHABILITATION REGULATION 2014 - REG 86
Actuarial report
86 Actuarial report
(1) For each calculation of a total 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 member; and
(ii) the average amount of claims for
damages against the non-scheme member; and
(iii) claims anticipated to have
been incurred by the non-scheme member, for which no formal claim has been
lodged; and
(iv) the frequency of claims for compensation against the
non-scheme member; and
(v) the frequency of claims for damages against the
non-scheme member; 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 member 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 an actuarial report
within 35 days after the final day.
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