Queensland Consolidated Regulations

WORKERS' COMPENSATION AND REHABILITATION REGULATION 2014 - REG 49

49 Actuarial report

(1) For each calculation of a former self-insurer’s liability amount the appointed actuary must prepare an actuarial report under the actuarial standard.

(2) The actuarial report must state the following—

(a) the amount;

(b) the key assumptions made for the calculation;

(c) how the key assumptions have been derived, including—

(i) the average amount of claims for compensation against the employer; and

(ii) the average amount of claims for damages against the employer; and

(iii) claims anticipated to have been incurred by the employer for which no formal claim has been lodged; and

(iv) the frequency of claims for compensation against the employer; and

(v) the frequency of claims for damages against the employer; and

(vi) the net amount of the claims after allowing for future inflation (
"inflated value" ); and

(vii) the net present value of the inflated value after allowing for income from assets set aside by the employer to pay the amount; and

(viii) the rate of inflation used;

(d) the nature of the data used in the calculation;

(e) the actuary’s assessment of the data, including its accuracy;

(f) how the actuary interpreted the data;

(g) the actuarial model used in the calculation;

(h) the results of the calculation;

(i) the actuary’s confidence in the results of the calculation.

(3) Each appointed actuary must prepare an actuarial report within 35 days after the cancellation day.