sec.42Actuarial report

sec.42 Actuarial report

Each appointed actuary must prepare an actuarial report under the actuarial standard of the appointed actuary’s calculation of the amount of the member’s total liability. The actuarial report must state the following— the amount of the member’s total liability; the key assumptions made by the appointed actuary for the calculation; how the key assumptions by the appointed actuary have been derived, including— the average amount of a claim for compensation against the member; and the average amount of a claim for damages against the member; and the amount anticipated to have been incurred by the member in potential claims for compensation or damages for which no claim has yet been made; and the frequency of claims for compensation against the member; and the frequency of claims for damages against the member; and the net amount of claims for compensation and damages against the member after allowing for future inflation ( inflated value ); and the net present value of the inflated value after allowing for income from assets set aside by the member to pay the amount mentioned in paragraph (a) ; and the rate of inflation used; the nature of the data used in the calculation; the appointed actuary’s assessment of the data, including, for example, the accuracy of the data; how the appointed actuary interpreted the data; the actuarial model used in the calculation; the results of the calculation; the appointed actuary’s confidence in the results of the calculation. Each appointed actuary must prepare the actuarial report within 35 days after the consent day. (sec.42-ssec.1) Each appointed actuary must prepare an actuarial report under the actuarial standard of the appointed actuary’s calculation of the amount of the member’s total liability. (sec.42-ssec.2) The actuarial report must state the following— the amount of the member’s total liability; the key assumptions made by the appointed actuary for the calculation; how the key assumptions by the appointed actuary have been derived, including— the average amount of a claim for compensation against the member; and the average amount of a claim for damages against the member; and the amount anticipated to have been incurred by the member in potential claims for compensation or damages for which no claim has yet been made; and the frequency of claims for compensation against the member; and the frequency of claims for damages against the member; and the net amount of claims for compensation and damages against the member after allowing for future inflation ( inflated value ); and the net present value of the inflated value after allowing for income from assets set aside by the member to pay the amount mentioned in paragraph (a) ; and the rate of inflation used; the nature of the data used in the calculation; the appointed actuary’s assessment of the data, including, for example, the accuracy of the data; how the appointed actuary interpreted the data; the actuarial model used in the calculation; the results of the calculation; the appointed actuary’s confidence in the results of the calculation. (sec.42-ssec.3) Each appointed actuary must prepare the actuarial report within 35 days after the consent day.