Workers’ Compensation and Rehabilitation Regulation 2025

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.