Every three years, the committee shall conduct a financial evaluation of the financial status, assets, liabilities and financial status of the fund through an auditor.
(2) Notwithstanding anything written in sub-section (1), if the committee deems it necessary to evaluate the fund before that period, it may have the financial status, assets, liabilities and financial status of the fund evaluated by an insurer.
(3) After evaluating the fund, the auditor shall submit a report to the Executive Director disclosing the following matters in relation to the fund:-
(a) Basis adopted for assessment,
(b) Aspects and subjects to be given special attention while evaluating,
(c) Total assets and liabilities of the Fund,
(d) the financial condition of the Fund,
(e) Liquidity of funds available in the fund,
(f) Steps to be taken to keep the financial condition of the fund sound,
(g) In terms of providing social security, the rate of contribution to the security scheme, the amount of benefits and other relevant matters, and
(h) Other subjects as specified.
(4) The risk assessment report should be submitted to the Executive Director Committee (5) The appointment, qualifications, service facilities and other provisions related to airmen's evaluation shall be as prescribed.