Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 75 - CEMETERIES AND FUNERAL TRUSTS
Subchapter 5 - REPORTS
Section 16-75-32 - Actuarial report
Universal Citation: HI Admin Rules 16-75-32
Current through August, 2024
(a) The actuarial report submitted by the licensee to the director shall, at a minimum include the following information:
(1) The actual
assets of the fund at the end of the year;
(2) A statement of the fund's deposits,
income, and disbursements for the year;
(3) The liabilities of the fund and the
actuarial assumptions used to calculate those liabilities in sufficient detail
to allow the reasonableness of the assumptions to be examined;
(4) The actuary's conclusion as to whether
the fund has a deficit or surplus;
(5) If the fund has a deficit, the actuary's
recommendation as to what steps are necessary to eliminate the deficit;
and
(6) The actuary's background
including years in practice and any professional designations which have been
received.
(b) If a deficit exists, the report shall be accompanied by a proposal from the licensee to eliminate the deficit.
(c) The actuarial report described in subsection (a) shall be prepared by an actuary who at a minimum has passed the first five examinations administered by the Society of Actuaries and has earned the designation of Associate of the Society of Actuaries (A.S.A.).
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