4Additional documents to accompany applications for registration

4 Additional documents to accompany applications for registration

4 Additional documents to accompany applications for registration

(1) For the purposes of section 12 (2) (b) (iii) of the Act, documents containing the following are prescribed as the additional documents that must accompany an application for registration to carry on contributory funeral benefit business—

(a) a statement of the capital structure of the company (including the capital paid-up and the nature and value of the shares),

(b) a copy of each agreement made with a person for the carrying out of funeral services for the company,

(c) a copy of each agreement made with a person for the collection of contributions on behalf of the company,

(d) a description of the types of funeral services proposed to be supplied by the company,

(e) a statement of the company’s proposed records with respect to membership, accounts and statistics,

(f) an actuarial assessment of the adequacy of the records referred to in paragraph (e) for the proper conduct of the contributory funeral benefit business of the company,

(g) a copy of the tables of contribution rates proposed to be used by the company, together with a statement of the bases and formulas from which those rates have been calculated,

(h) actuarial projections of the expected income and expenditure of the company over the next 10 years, prepared in accordance with Schedule 1,

(i) a statement of the proposed manner of providing for any financial deficiencies, including financial deficiencies appearing from the projections referred to in paragraph (h),

(j) a statement of the proposed method of offsetting any overdue contributions against the amount to be paid out on a contributorship if the contributor ceases contributing to the fund before any contingency occurs on which a benefit is required to be provided.

(2) An actuarial assessment or projection referred to in subclause (1) must contain a statement to the effect that the assessment or projection has been prepared by an actuary in the knowledge of the aims of the company and of the types of contributions agreements proposed to be transacted by the company.