NATIONAL DISABILITY INSURANCE SCHEME ACT 2013 (NO. 20, 2013) - SECT 180B Duties of scheme actuary
NATIONAL DISABILITY INSURANCE SCHEME ACT 2013 (NO. 20, 2013) - SECT 180B
Duties of scheme actuaryDuties relating to annual financial sustainability report
(1) The scheme actuary must do all of the following each time an annual report on the Agency under section 9 of the CAC Act is being prepared:
(a) assess:
(i) the financial sustainability of the National Disability Insurance Scheme; and
(ii) risks to that sustainability; and
(iii) any trends in provision of supports to people with disability otherwise than through the National Disability Insurance Scheme (for example, trends in the provision of informal supports and supports provided through support services generally available to any person in the community);
(b) consider the causes of those risks and trends;
(c) make estimates of future expenditure of the National Disability Insurance Scheme;
(d) prepare a report of that assessment, consideration and estimation;
(e) prepare a summary of that report that includes the estimates described in paragraph (c).
Duty to make quarterly estimates of future expenditure
(2) At least once each quarter, the scheme actuary must make estimates of the future expenditure of the National Disability Insurance Scheme and advise the CEO of the estimates. For this purpose, quarter means a period of 3 months starting on 1 July, 1 October, 1 January or 1 April.
Note: The CEO must give the Board a copy of the advice under subsection 159(7).
Duty to provide information and advice on request
(3) The scheme actuary must, on request from the Board or the CEO, provide actuarial information or advice.
Duty to report concerns to Board
(4) If the scheme actuary has significant concerns about the financial sustainability of the National Disability Insurance Scheme, or the risk management processes of the Agency, he or she must report those concerns to the Board as soon as reasonably practicable.