SA Department of Treasury and Finance
Actuarial Advisory Services to the Lifetime Support Authority of South Australia
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Description
The LSS will provide for the lifetime treatment, care and support of people who are very severely injured in a motor vehicle accident in South Australia, on a no-fault basis.
The Lifetime Support Authority of South Australia (LSA) administers the Lifetime Support Scheme (LSS), which commence from 1 July 2014.
The LSA requires the services of an actuary, to provide:
- a valuation of present and future liabilities of the LSS to inform the LSA’s determination of the total amount to be contributed to fund the LSS in each relevant period (i.e. annually) under the Motor Vehicle Accidents (Lifetime Support Scheme) Act 2013.
- advice and reporting on the financial position and operation of the LSS Scheme.
The Motor Injury Insurance Reform (MIIR) Branch of the Department of Treasury and Finance is currently providing the support to the LSA to establish the LSS (including the process to appoint the LSA actuary).
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