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Act Now - The Report of the WCB Legislative Review Panel to the

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concerned that <strong>the</strong> report be in sufficient detail and cover important areas <strong>of</strong>administration such as changes in policy or shifts in statistics. <strong>The</strong> <strong>Panel</strong> feels that if <strong>the</strong>Minister ever becomes concerned about disclosure, <strong>the</strong> Minister should be enabled <strong>to</strong>prescribe <strong>the</strong> contents <strong>of</strong> <strong>the</strong> annual report on administration.Recommendation: 3.2.4 Annual <strong>Report</strong>ing1. <strong>The</strong> legislation should be changed <strong>to</strong> enable <strong>the</strong> Minister <strong>to</strong> prescribe regulationsabout <strong>the</strong> content <strong>of</strong> annual reports.3.2.5 <strong>Act</strong>uarial <strong>Report</strong>ingSubsection 61(4) describes <strong>the</strong> requirement for <strong>the</strong> <strong>WCB</strong> <strong>to</strong> have an actuarial evaluation<strong>of</strong> <strong>the</strong> <strong>WCB</strong> liabilities and assessment rates every 3 years, or when <strong>the</strong> Ministers sodirect. <strong>The</strong>se actuarial evaluations are given <strong>to</strong> <strong>the</strong> Minister, who is obliged <strong>to</strong> make<strong>the</strong>m public by tabling <strong>the</strong>m in <strong>the</strong> <strong>Legislative</strong> Assembly.<strong>The</strong> <strong>Panel</strong> was concerned about <strong>the</strong> unanticipated nature <strong>of</strong> events that could affect <strong>the</strong><strong>WCB</strong> liabilities and assessment rates; for example, a catastrophic work-related acciden<strong>to</strong>r changes in <strong>the</strong> investment market. <strong>The</strong> <strong>Panel</strong> does not feel comfortable makingrecommendations for change in <strong>the</strong> highly specialized field <strong>of</strong> actuarial evaluations.Recommendation: 3.2.5 <strong>Act</strong>uarial <strong>Report</strong>ing1. During <strong>the</strong> next review <strong>of</strong> <strong>the</strong> <strong>Act</strong>s, <strong>the</strong> <strong>Review</strong> <strong>Panel</strong> should be charged withreviewing <strong>the</strong> adequacy <strong>of</strong> <strong>the</strong> time frames in Section 61(4) and provided with <strong>the</strong>specialized resources required <strong>to</strong> develop recommendations.<strong>WCB</strong> <strong>Legislative</strong> <strong>Review</strong> <strong>Panel</strong> <strong>Report</strong> Page 21 <strong>of</strong> 128December, 2001

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