Legal Practice Act, 2014 (Act No. 28 of 2014)Chapter 6 : Legal Practitioners' Fidelity FundPart 2 : Operation of Fund73. Annual review by actuary |
| (1) | Within three months after the end of each financial year, the actuary referred to in section 72(1) must review the financial soundness of the Fund and submit an actuarial valuation report to the Board and the Minister. |
| (2) | 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 in the financial year concerned, a surplus or deficit was present in the Fund and, if a deficit is present, specifying the amount required to enable the Fund to meet its obligations; and |
| (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 report of the previous year; |
| (iii) | any special consideration or restriction that the Board brought to the attention or made applicable to the actuary in performing the function in terms of this section; and |
| (iv) | any explanatory note on any matter relevant to obtaining a true and meaningful reflection of the financial state of the Fund. |
| (3) | The Board must submit a report to the Minister if, at any stage after having regard to the assets and liabilities of the Fund, the value of the assets of the Fund is insufficient or is not increasing at a sufficient rate to meet payments for benefits that may be reasonably anticipated, and the Minister must immediately submit that report to Parliament. |