sec.44Where assets insufficient to meet liabilities

sec.44 Where assets insufficient to meet liabilities

If from the valuation it appears to the State actuary that the assets are insufficient to meet the liabilities, the State actuary shall state in the report— the apparent cause and the nature and extent of the deficiency; and the nature and extent of the changes in respect of the funeral benefit business that will be necessary to ensure that the assets will be sufficient to meet the liabilities; and the registrar, upon the recommendation of the State actuary and, if the registrar thinks fit, after discussion with the corporation, may direct the corporation to do either or both of the following— to effect such changes or take such action in respect of the business as the registrar may specify; to pay into the funeral benefit business trust fund account an amount sufficient to make good the deficiency or to nominate as nominated property or additional nominated property, property having a value, determined by a valuer, of not less than the amount of the deficiency or to do both such things to the extent necessary to make good the deficiency. s 44 amd 2003 No. 73 s 161 ; 2005 No. 14 s 2 sch

• (a) the apparent cause and the nature and extent of the deficiency; and
• (b) the nature and extent of the changes in respect of the funeral benefit business that will be necessary to ensure that the assets will be sufficient to meet the liabilities;
• (c) to effect such changes or take such action in respect of the business as the registrar may specify;
• (d) to pay into the funeral benefit business trust fund account an amount sufficient to make good the deficiency or to nominate as nominated property or additional nominated property, property having a value, determined by a valuer, of not less than the amount of the deficiency or to do both such things to the extent necessary to make good the deficiency.