33BDuties of reviewing actuary

33B Duties of reviewing actuary

(1) The duties of the reviewing actuary are: (a) to review the premiums that the Corporation proposes to charge in respect of cyclone reinsurance contracts, and the Corporation’s compliance with section 8D in setting those premiums; and (b) to review, and report to the Corporation on, each Financial Outlook Report prepared under section 40A, before the Report is given to the Minister; and (c) to provide advice and reports on actuarial matters, as requested by the Corporation. (2) A report to the Corporation under paragraph (1)(b) must state whether, in the reviewing actuary’s opinion, the Corporation has made all arrangements necessary for the reviewing actuary to conduct the review to which the report relates. (3) If the reviewing actuary has significant concerns about the financial sustainability of the cyclone reinsurance scheme, or the risk management processes of the Corporation, the reviewing actuary must report those concerns to the Corporation as soon as reasonably practicable.