sec.52Actuarial calculation

sec.52 Actuarial calculation

Each appointed actuary’s calculation of the amount of the former self-insurer’s liability under sections 68C and 87 (1) of the Act must— be prepared under the actuarial standard; and apply a central estimate of the liability; and apply the risk free rate of return; and include claims administration expenses of 7% of the former self-insurer’s liability under sections 68C and 87 (1) of the Act ; and not include a prudential margin; and be based, to the extent practicable, on claims for compensation and damages made against the former self-insurer before the self-insurer was granted a licence to become a self-insurer; and be based on data that is up-to-date on the assessment day.

• (a) be prepared under the actuarial standard; and
• (b) apply a central estimate of the liability; and
• (c) apply the risk free rate of return; and
• (d) include claims administration expenses of 7% of the former self-insurer’s liability under sections 68C and 87 (1) of the Act ; and
• (e) not include a prudential margin; and
• (f) be based, to the extent practicable, on claims for compensation and damages made against the former self-insurer before the self-insurer was granted a licence to become a self-insurer; and
• (g) be based on data that is up-to-date on the assessment day.