sec.76EInvestigation of actuarial sustainability of residual risks fund

sec.76E Investigation of actuarial sustainability of residual risks fund

The scheme manager must, within the prescribed period, investigate the actuarial sustainability of the residual risks fund. For subsection (1) , the scheme manager may ask an appropriately qualified actuary to give the scheme manager a report about the actuarial sustainability of the residual risks fund. If the scheme manager decides to ask an appropriately qualified actuary to give the scheme manager a report under subsection (2) — the scheme manager may ask the chief executive (environment) or a chief executive (resources) to provide information that may be relevant to the actuary’s report; and the chief executive (environment) or the chief executive (resources) must provide the information requested. The actuary’s report must include the actuary’s opinion about— whether the amount of the residual risks fund is adequate to meet the State’s costs and expenses to carry out residual risk activities; and whether any changes need to be made in relation to deciding residual risk payment amounts to ensure the amount of the residual risks fund is adequate to meet the State’s costs and expenses to carry out residual risk activities. After the scheme manager completes the investigation, the scheme manager must give the Minister— the actuary’s report; and the scheme manager’s recommendations about— the actuary’s opinion under subsection (4) (b) ; and any other matter relating to the administration of the residual risks fund. This section does not limit the scheme manager’s ability to make other inquiries about the administration of the residual risks fund. In this section— prescribed period means— for the first investigation—5 years after the first residual risk payment amount is paid into the residual risks fund; or for each investigation after the first investigation—3 years after the date of the report for the immediately preceding investigation. s 76E ins 2020 No. 26 s 114 (sec.76E-ssec.1) The scheme manager must, within the prescribed period, investigate the actuarial sustainability of the residual risks fund. (sec.76E-ssec.2) For subsection (1) , the scheme manager may ask an appropriately qualified actuary to give the scheme manager a report about the actuarial sustainability of the residual risks fund. (sec.76E-ssec.3) If the scheme manager decides to ask an appropriately qualified actuary to give the scheme manager a report under subsection (2) — the scheme manager may ask the chief executive (environment) or a chief executive (resources) to provide information that may be relevant to the actuary’s report; and the chief executive (environment) or the chief executive (resources) must provide the information requested. (sec.76E-ssec.4) The actuary’s report must include the actuary’s opinion about— whether the amount of the residual risks fund is adequate to meet the State’s costs and expenses to carry out residual risk activities; and whether any changes need to be made in relation to deciding residual risk payment amounts to ensure the amount of the residual risks fund is adequate to meet the State’s costs and expenses to carry out residual risk activities. (sec.76E-ssec.5) After the scheme manager completes the investigation, the scheme manager must give the Minister— the actuary’s report; and the scheme manager’s recommendations about— the actuary’s opinion under subsection (4) (b) ; and any other matter relating to the administration of the residual risks fund. (sec.76E-ssec.6) This section does not limit the scheme manager’s ability to make other inquiries about the administration of the residual risks fund. (sec.76E-ssec.7) In this section— prescribed period means— for the first investigation—5 years after the first residual risk payment amount is paid into the residual risks fund; or for each investigation after the first investigation—3 years after the date of the report for the immediately preceding investigation. s 76E ins 2020 No. 26 s 114