Document ID: chunk:federal_register_of_legislation:F2021N00108:clause:1_20:p2
Version: federal_register_of_legislation:F2021N00108
Segment Type: clause
Provision Reference: sch 1 cl 20 (pt 2/2)
Character Range: 23093–24912

an assessment by the actuary of whether the arrangements are appropriate to meet the Licensee's obligation under condition 23(1); and
 (f) contain the calculations used to determine the required amount of the Guarantee pursuant to conditions 22(7) and 22(8).
 (4) The Commission may at its discretion submit a Liability Report to a peer review process.
 (5) After receiving a peer review assessment of a Liability Report, the Commission may by written notice to the Licensee require a second Liability Report (Second Liability Report) by an actuary approved by the Commission.
 (6) If any of the changes in circumstances outlined in condition 16(b), 16(c) or 16(d) occur, the Commission may, by written notice to the Licensee, require the Licensee to obtain an updated Liability Report (Updated Liability Report) that is to be prepared in accordance with conditions 20(2) and 20(3).
 (7) The Commission may direct the date for provision of a Second Liability Report and/or an Updated Liability Report.
 (8) Unless the Commission directs otherwise, the Licensee must pay for a Second Liability Report and/or an Updated Liability Report.
 (9) If the Commission receives a Second Liability Report or an Updated Liability Report, it (or, where the Commission receives both a Second Liability Report and an Updated Liability Report, the most recent of these reports) replaces the original Liability Report and:
 (a) references in this licence to the Liability Report are to be construed as references to the Second Liability Report or the Updated Liability Report (whichever is applicable); and
 (b) references in this licence to the actuary who prepares the Liability Report are to be construed as references to the actuary who prepares the Second Liability Report or the Updated Liability Report (whichever is applicable).