78Actuary to make annual valuation of liabilities

78 Actuary to make annual valuation of liabilities (1) A scheme's actuary must make a valuation of the liabilities of the scheme as soon as practicable after the end of each financial year. (2) The Minister may determine by Gazette notice a methodology for the valuation of a scheme's liabilities. (3) In the absence of a determination by the Minister, the actuary must make the valuation in accordance with this regulation. (4) The valuation must be of both: (a) the outstanding claims liabilities; and (b) the certificate liabilities. (5) For subregulation (4)(a) and (b): (a) the scheme's outstanding claims liabilities relate to the liabilities associated with all the relevant circumstances that could lead to claims for payment under certificates incurred before the date of the valuation, whether or not the circumstances have been reported to the trustees; and (b) the scheme's certificate liabilities relate to future claims, under existing certificates, that may arise from future relevant circumstances.

Chapter 3 Fidelity fund schemes and approved schemes Part 3.4 Approved schemes – prudential standards Division 3 Actuarial matters Building (RBI and Fidelity Fund Schemes) Regulations 2012 42 (6) The valuation of the scheme's outstanding claims liabilities and certificate liabilities must be in accordance with: (a) the methodology of any standard, in force from time to time under the Insurance Act 1973 (Cth), that relates to the valuation of similar liabilities under a policy of insurance; and (b) any other requirement the Minister specifies by Gazette notice.