Section 16-75-32 - Actuarial report(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.).[Eff 11/19/87; comp 1/21/92] (Auth: HRS § 441-19) (Imp: HRS § 441-24.6)