Actuarial Services to Comcover

The Customer requires core actuarial services as follows:

a. A valuation and written report of outstanding claims liabilities at 30 June each year for the term of the contract suitable for reporting in the Customer’s financial statements, including:

i. calculation of the central estimate and risk margin by class of cover

ii. documenting key valuation matters: information and data; actual versus expected experience; valuation methods; assumptions; estimates, and uncertainties

iii. accounting information and disclosures compliant with Australian Accounting Standards Board AASB 1023 Insurance Contracts.

b. Interim valuation updates to the June valuation report at intervals 30 September, 31 December and 31 March each year for the term of the contract.

c. The recommended risk premium pool for expected claims incurred or made under the policies commencing from 1 July to 30 June each year split between the Department of Defence and Non-Defence Fund Members for each class of cover.

Utilising the Comcover Premium Allocation Model, data collected in the Comcover Renewal Questionnaire, the current asset schedule, current claims data and the indicative premium pool, provide Finance:

a) no later than 15 January each year, the indicative premiums for individual Fund Members for the forthcoming financial year and

b) no later than 15 June each year, the final premiums for individual Fund Members for the forthcoming financial year.

Provision of services on an ad hoc basis as agreed in a Work Order.