HAR §16-75-32. Actuarial report

(a) The actuarial report submitted by the licensee to the director shall, at a minimum include the following information: (1) The actual assets of the fund at the end of the year; (2) A statement of the fund’s deposits, income, and disbursements for the year; (3) The liabilities of the fund and the actuarial assumptions used to calculate those liabilities in sufficient detail to allow the reasonableness of the assumptions to be examined; 75-10 (4) The actuary’s conclusion as to whether the fund has a deficit or surplus; (5) If the fund has a deficit, the actuary’s recommendation as to what steps are necessary to eliminate the deficit; and (6) The actuary’s background including years in practice and any professional designations which have been received. (b) If a deficit exists, the report shall be accompanied by a proposal from the licensee to eliminate the deficit. (c) The actuarial report described in subsection (a) shall be prepared by an actuary who at a minimum has passed the first five examinations administered by the Society of Actuaries and has earned the designation of Associate of the Society of Actuaries (A.S.A.). [Eff 11/19/87; comp 1/21/92] (Auth: HRS §441-19) (Imp: HRS §441-24.6)