(1) This section applies to -
(a) a regulatory own funds scheme referred to in section 53E, or
(b) a regulatory own funds trust RAC referred to in section 53E,
which provides cover for biometric risk, or guarantees an investment performance or a given level of benefits.
(2) Without prejudice to any other provision of this Act, the trustees of a regulatory own funds scheme to which this section applies, or a regulatory own funds trust RAC to which this section applies, shall establish and maintain an effective actuarial function to -
(a) co-ordinate and oversee the calculation of technical provisions,
(b) assess the appropriateness of methodologies and underlying models used in the calculation of the technical provisions referred to in paragraph (a) and the assumptions made for that purpose,
(c) assess the sufficiency and quality of the data used in the calculation of the technical provisions referred to in paragraph (a),
(d) compare the assumptions underlying the calculation of the tec
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