AI Summary of 53J. Certification of regulatory own funds requirement.
The trustees of a regulatory own funds scheme or trust, as governed by section 53M, are required to ensure that a regulatory own funds certificate is prepared by an actuary on the certification date. This certificate must attest whether the scheme or trust meets the regulatory own funds requirement.
The trustees must submit this certificate to the Board within three months of the certification date. Furthermore, the Minister has the authority to stipulate the form and content of the certificate and may require actuaries to adhere to professional guidance set out by the Society of Actuaries in Ireland.
53J. Certification of regulatory own funds requirement.
(1) Subject to section 53M, the trustees of a regulatory own funds scheme or regulatory own funds trust RAC shall, from time to time in accordance with this section, cause a certificate, in this Part referred to as a "regulatory own funds certificate", to be prepared by an actuary who shall certify therein that as at the regulatory own funds certification date -
(a) the regulatory own funds scheme or regulatory own funds trust RAC satisfies the regulatory own funds requirement, or
(b) the regulatory own funds scheme or regulatory own funds trust RAC does not satisfy the regulatory own funds requirement.
(2) Subject to section 53M, the regulatory own funds certification date for -
(a) a relevant scheme which is a regulatory own funds scheme shall be the same as the effective date of the actuarial funding certificate prepared for the regulatory own funds scheme under subsection (1B) or (1C) of section 43, or