sec.53Actuarial report

sec.53 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 former self-insurer’s liability under sections 68C and 87 (1) of the Act . The actuarial report must state the following— the amount of the former self-insurer’s liability under sections 68C and 87 (1) of the Act ; the key assumptions made by the appointed actuary for the calculation; how the key assumptions made by the appointed actuary have been derived, including— the average amount of a claim for compensation against the former self-insurer; and the average amount of a claim for damages against the former self-insurer; and the amount anticipated to have been incurred by the former self-insurer in potential claims for compensation or damages for which no claim has yet been made; and the frequency of claims for compensation against the former self-insurer; and the frequency of claims for damages against the former self-insurer; and the net amount of claims for compensation and damages against the former self-insurer 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 former self-insurer 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 cancellation day. (sec.53-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 former self-insurer’s liability under sections 68C and 87 (1) of the Act . (sec.53-ssec.2) The actuarial report must state the following— the amount of the former self-insurer’s liability under sections 68C and 87 (1) of the Act ; the key assumptions made by the appointed actuary for the calculation; how the key assumptions made by the appointed actuary have been derived, including— the average amount of a claim for compensation against the former self-insurer; and the average amount of a claim for damages against the former self-insurer; and the amount anticipated to have been incurred by the former self-insurer in potential claims for compensation or damages for which no claim has yet been made; and the frequency of claims for compensation against the former self-insurer; and the frequency of claims for damages against the former self-insurer; and the net amount of claims for compensation and damages against the former self-insurer 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 former self-insurer 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.53-ssec.3) Each appointed actuary must prepare the actuarial report within 35 days after the cancellation day.