sec.62Actuarial calculation

sec.62 Actuarial calculation

The appointed actuary’s calculation of the amount of the self-insurer’s estimated claims liability 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 self-insurer’s estimated claims liability; and not include a prudential margin; and be based, to the extent practicable, on claims for compensation and damages made against the self-insurer; and be based on data that is up-to-date on— for a calculation in relation to the renewal of the self-insurer’s licence—the last day of the financial quarter immediately before the day the renewed licence starts; or otherwise—the day immediately before the amount is calculated.

• (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 self-insurer’s estimated claims liability; and
• (e) not include a prudential margin; and
• (f) be based, to the extent practicable, on claims for compensation and damages made against the self-insurer; and
• (g) be based on data that is up-to-date on— (i) for a calculation in relation to the renewal of the self-insurer’s licence—the last day of the financial quarter immediately before the day the renewed licence starts; or (ii) otherwise—the day immediately before the amount is calculated.
• (i) for a calculation in relation to the renewal of the self-insurer’s licence—the last day of the financial quarter immediately before the day the renewed licence starts; or
• (ii) otherwise—the day immediately before the amount is calculated.
• (i) for a calculation in relation to the renewal of the self-insurer’s licence—the last day of the financial quarter immediately before the day the renewed licence starts; or
• (ii) otherwise—the day immediately before the amount is calculated.