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  • 6.

    An actuarial report on the situation of each fund shall be submitted annually to AMCM.

  • 7.

    The management company shall effect payment of the instalments due only if the amount accumulated in the fund is equal to or more than the total current value of such instalments.

8. AMCM shall establish, by way of notice, the rules for financial, technical and actuarial management to be followed in the management of pension funds.

Article 34 (Actuary in charge)

  • 1.

    At the time of submission of the request for the constitution of the respective fund, the management company shall indicate the actuary responsible for each closed pension fund to be so constituted.

  • 2.

    The actuary referred to in the preceding paragraph shall compulsorily have the following duties:

  • a)

    To draw up the document of actuarial valuation of the liabilities to be guaranteed by the fund and the respective financing plan, under the terms of Article 16, including the respective revisions as mentioned in paragraph 4 of the preceding Article;

  • b)

    To determine the level of financing by the pension fund;

  • c)

    To recommend the rate of contribution required for financing the pension fund;

  • d)

    To assess the current value of total liabilities for the purpose of determining the existence of excess financing under the terms of Article 32;

e) To draw up the annual actuarial report.

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