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Amended Unemployment Insurance (UIF) Act
9. Appointment of and annual review by actuary
as amended by the
Amendment - Unemployment Insurance Act
Chapter 2 : Unemployment Insurance Fund
9. Appointment of and annual review by actuary
(1) The
Director-General must appoint an actuary who is a member of the
Actuarial Society of South Africa or who is supervised by a member of
that Society to perform the functions assigned to the actuary in this
Act.
(2)
Within two months after the end of each financial year, the actuary
must review the financial soundness of the Fund for that financial
year, and provide an actuarial valuation report to the
Director-General.
(3) The
actuarial valuation report must contain—
(a) a statement—
(i) reflecting the
actuarial value of the assets and liabilities of the Fund;
(ii) on the financial
soundness of the Fund; and
(iii) on whether or not there was a
surplus or deficit in the Fund in the financial year in question;
(b) an indication of—
(i) the basis and
method used to value the assets and liabilities of the Fund;
(ii) any changes to the
basis and method used to value the Fund as compared with the actuarial
valuation report of the previous year; and
(iii) any special consideration or
restriction that the Director-General brought to the attention of or
made applicable to the actuary in performing the functions in terms of
this section;
(c) an explanatory note on any matter relevant to obtaining a
true and meaningful statement of the financial position of the
Fund;
(d) recommendations for the maintenance or improvement of the financial soundness of the Fund.
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