sec.42Actuarial investigation of funds

sec.42 Actuarial investigation of funds

At least every 2 years, but otherwise as required by the board, the authority must investigate the adequacy of the authority’s funds and the adequacy of the percentage prescribed under a regulation as the rate of levy. For subsection (1) , the board must appoint a person (an actuary ) who is recognised as an actuary and holds qualifications that the board considers suitable to carry out the investigation. The actuary must— finish the investigation, and report the outcome of the investigation to the authority after the investigation is conducted; and state in the report an opinion about whether the rate of levy should be reduced, increased or stay the same. After the authority receives the report, the authority must give the report to the Minister with its recommendations on— the opinion stated by the actuary under subsection (3) (b) ; and whether the funds available are adequate to perform the authority’s functions. This section does not limit the authority’s ability to make other inquiries about whether the authority’s funds and the rate of levy are adequate. (sec.42-ssec.1) At least every 2 years, but otherwise as required by the board, the authority must investigate the adequacy of the authority’s funds and the adequacy of the percentage prescribed under a regulation as the rate of levy. (sec.42-ssec.2) For subsection (1) , the board must appoint a person (an actuary ) who is recognised as an actuary and holds qualifications that the board considers suitable to carry out the investigation. (sec.42-ssec.3) The actuary must— finish the investigation, and report the outcome of the investigation to the authority after the investigation is conducted; and state in the report an opinion about whether the rate of levy should be reduced, increased or stay the same. (sec.42-ssec.4) After the authority receives the report, the authority must give the report to the Minister with its recommendations on— the opinion stated by the actuary under subsection (3) (b) ; and whether the funds available are adequate to perform the authority’s functions. (sec.42-ssec.5) This section does not limit the authority’s ability to make other inquiries about whether the authority’s funds and the rate of levy are adequate.

• (a) finish the investigation, and report the outcome of the investigation to the authority after the investigation is conducted; and
• (b) state in the report an opinion about whether the rate of levy should be reduced, increased or stay the same.
• (a) the opinion stated by the actuary under subsection (3) (b) ; and
• (b) whether the funds available are adequate to perform the authority’s functions.