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Workers’ Compensation and Rehabilitation Regulation 2025
sec.93Actuarial calculation
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sec.93 Actuarial calculation
Each appointed actuary’s calculation of the amount of the non-scheme member’s total liability must— be prepared under the actuarial standard; and apply a central estimate of the relevant liability; and apply the risk free rate of return; and include claims administration expenses of 7% of the non-scheme member’s total liability; and not include a prudential margin; and be based, to the extent practicable, on claims for compensation and damages made against the non-scheme member; 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 relevant liability; and
- (c) apply the risk free rate of return; and
- (d) include claims administration expenses of 7% of the non-scheme member’s total 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 non-scheme member; and
- (g) be based on data that is up-to-date on the assessment day.