Document ID: chunk:federal_register_of_legislation:C2005A00126:clause:1_59e
Version: federal_register_of_legislation:C2005A00126
Segment Type: clause
Provision Reference: sch 1 cl 59E
Character Range: 8543–10848

59E  Process for annually reassessing net IBNR exposure

Report by the Actuary

 (1) For each contribution year for a participating MDO, the Actuary must give the Minister a written report that:
 (a) states the Actuary's assessment of the MDO's net IBNR exposure as at the end of the financial year that ends immediately before the start of that contribution year; and
 (b) sets out the reasons for the assessment.

 (2) In preparing the report, the Actuary must take into account any information that the HIC gives the Actuary in relation to the MDO under subsection (6).

HIC's information gathering powers

 (3) If the HIC believes on reasonable grounds that a participating MDO is capable of giving information that is relevant to assessing the MDO's net IBNR exposure as at the end of a financial year that ends immediately before the start of a contribution year for the MDO, the HIC may request the MDO to give the HIC the information.

Note: Failure to comply with the request is an offence (see section 73).

 (4) Without limiting subsection (3), the kind of information that may be requested includes information in the form of:
 (a) financial statements; and
 (b) a report prepared by a suitably qualified actuary assessing the MDO's net IBNR exposure as at the end of a financial year that ends immediately before the start of a contribution year for the MDO.

 (5) The request:
 (a) must be made in writing; and
 (b) must state what information the MDO is to give to the HIC; and
 (c) may require the information to be verified by statutory declaration; and
 (d) must specify the day on or before which the information must be given; and
 (e) must contain a statement to the effect that a failure to comply with the request is an offence.
The day specified under paragraph (d) must be at least 28 days after the day on which the request is made.

 (6) The HIC must give any information that the MDO gives the HIC to the Actuary for the purposes of preparing the report for the Minister under subsection (1).

Publishing net IBNR exposure

 (7) The Minister must cause to be published in the Gazette a notice of the amount of any net IBNR exposure of an MDO stated in a report to the Minister under subsection (1).

 (8) A notice made under subsection (7) is not a legislative instrument.