sec.22Where assets more than sufficient to meet liabilities

sec.22 Where assets more than sufficient to meet liabilities

If from the valuation it appears to the State actuary that the assets are more than sufficient to meet the liabilities, the State actuary shall inform the registrar who shall notify the corporation in writing, pointing out— the apparent cause and the nature and extent of the surplus; and the nature and extent of the changes in respect of the funeral benefit business that will be necessary to enable the surplus to be reduced or eliminated; and, upon the recommendation of the State actuary, the registrar may direct the corporation to effect such changes or take such action in respect of the business as the registrar may specify. Where the registrar is satisfied— that the corporation, consequent on a valuation or valuations (including a valuation or valuations made before the commencement of this Act) revealing a deficiency or deficiencies in the part of the fund referable to the corporation or in the corporation’s benefits trust fund, including outstanding liabilities, has accepted payments of claims on the fund at amounts less than those to which the corporation would otherwise be entitled; and that the acceptance of such amounts less than those to which the corporation would otherwise be entitled has contributed, in whole or in part, to a surplus in the part of the fund referable to the corporation; the registrar, before making the notification referred to in subsection (1) in relation to a subsequent valuation (whether made before or after the commencement of this Act) that reveals a surplus, may certify in writing, according as the registrar deems fit and proper in all the circumstances, that so much of such surplus as is required to pay, in whole or in part, the amounts (or in the case of the second or any succeeding such subsequent valuation, the balance of the amounts not theretofore paid pursuant to this subsection) not paid, by reason of the aforementioned acceptance, shall be paid to the corporation. Upon receipt of a claim from the corporation and certifying an amount as being payable under subsection (2) , the registrar must pay to the corporation the amount certified by the registrar as being payable. The registrar shall not be bound to notify, as required by subsection (1) , the corporation until the amount certified by the registrar as being payable has been paid to the corporation. s 22 amd 2003 No. 73 s 147 ; 2013 No. 25 s 39 (sec.22-ssec.1) If from the valuation it appears to the State actuary that the assets are more than sufficient to meet the liabilities, the State actuary shall inform the registrar who shall notify the corporation in writing, pointing out— the apparent cause and the nature and extent of the surplus; and the nature and extent of the changes in respect of the funeral benefit business that will be necessary to enable the surplus to be reduced or eliminated; and, upon the recommendation of the State actuary, the registrar may direct the corporation to effect such changes or take such action in respect of the business as the registrar may specify. (sec.22-ssec.2) Where the registrar is satisfied— that the corporation, consequent on a valuation or valuations (including a valuation or valuations made before the commencement of this Act) revealing a deficiency or deficiencies in the part of the fund referable to the corporation or in the corporation’s benefits trust fund, including outstanding liabilities, has accepted payments of claims on the fund at amounts less than those to which the corporation would otherwise be entitled; and that the acceptance of such amounts less than those to which the corporation would otherwise be entitled has contributed, in whole or in part, to a surplus in the part of the fund referable to the corporation; the registrar, before making the notification referred to in subsection (1) in relation to a subsequent valuation (whether made before or after the commencement of this Act) that reveals a surplus, may certify in writing, according as the registrar deems fit and proper in all the circumstances, that so much of such surplus as is required to pay, in whole or in part, the amounts (or in the case of the second or any succeeding such subsequent valuation, the balance of the amounts not theretofore paid pursuant to this subsection) not paid, by reason of the aforementioned acceptance, shall be paid to the corporation. (sec.22-ssec.3) Upon receipt of a claim from the corporation and certifying an amount as being payable under subsection (2) , the registrar must pay to the corporation the amount certified by the registrar as being payable. (sec.22-ssec.4) The registrar shall not be bound to notify, as required by subsection (1) , the corporation until the amount certified by the registrar as being payable has been paid to the corporation.