Document ID: chunk:federal_register_of_legislation:F2013L01247:body:0:p7
Version: federal_register_of_legislation:F2013L01247
Segment Type: other
Provision Reference: 
Character Range: 16225–19147

an event prescribed under section 342(4)(a) of the Act and listed in regulation 12.10 of the SIS Regulations has occurred.

    25.         An RSE licensee of a new defined benefit fund must ensure that, if the fund has no accrued defined benefit liabilities, an actuarial report of an initial investigation contains:

       (a)          the level of, or the rate at which, or the range of rates within which, employer contributions to be made during the three-year period immediately following the valuation date; and

       (b)          a statement as to whether or not the RSE actuary expects that an RSE actuary will be able to certify the solvency of the fund in any funding and solvency certificate required during the three-year period following the valuation date.

    However, if the fund has accrued defined benefit liabilities, the report must contain the other matters set out in paragraph 23 or 24 (as applicable) that are relevant.

Report of the actuarial investigation – APRA direction

    26.         If APRA directs an RSE licensee to undertake an investigation under paragraph 16, an RSE licensee must ensure that the actuarial report of the investigation contains the information set out by APRA in the direction. The RSE actuary appointed to carry out the investigation must provide the report simultaneously to APRA and the RSE licensee within the time set out in APRA's direction.

Report of the actuarial investigation – interim investigation

    27.         An RSE licensee must ensure that an actuarial report of an interim investigation under paragraph 17(a) contains, at a minimum, a reasonable estimate of the value of the assets of the fund (excluding any amount held to meet the ORFR), and whether that value is in breach of the fund's shortfall limit. The next regular investigation may be brought forward and undertaken at the time, and in place of, a required interim investigation, in which case the report of the investigation must also include the matters required under paragraph 23 or 24 (as applicable).

    28.         An RSE licensee must obtain the actuarial report of an interim investigation, other than where the next regular investigation has been undertaken in place of the interim investigation, as soon as practicable but in any event by three months after the later of the valuation date and the date the RSE licensee determined that an interim actuarial investigation was required under paragraph 17.

    29.         An RSE licensee must provide a copy of the actuarial report of an interim investigation to APRA within 15 business days of receipt of the report.

Unsatisfactory financial position – actuarial requirements
    30.         Paragraph 31 applies where an RSE actuary:

       (a)          conducting an initial or regular investigation, makes a finding, in the actuarial report of the investigation, that:

           (i)            the