Unemployment Insurance Act, 2001 (Act No. 63 of 2001)Chapter 2 : Unemployment Insurance Fund9. 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 position of the Fund; |
| (d) | recommendations for the maintenance or improvement of the financial statement of the financial soundness of the Fund. |