(a) This chapter applies to all life insurance companies and fraternal benefit societies doing business in this territory and to all life insurance companies and fraternal benefit societies that are authorized to reinsure life insurance, annuities or accident and health insurance business in this territory. (b) This chapter must be applied in a manner that […]
(1) “Actuarial Opinion” means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with section 1035 and with applicable Actuarial Standards of Practice. (2) “Actuarial Standards Board” means the board established by the American Academy of Actuaries to develop and […]
(a) Submission of Statement of Actuarial Opinion. There must be included on or attached to page one of the annual statement for each year beginning with the year in which this chapter becomes effective the statement of an appointed actuary, entitled “Statement of Actuarial Opinion,” setting forth an opinion relating to reserves and related actuarial […]
(a) Under authority of section 535 of this title, the statement of actuarial opinion applies to all in-force business on the statement date, whether directly issued or assumed, regardless of when or where issued (e.g., reserves of Exhibits 5, 6 and 7), and claim liabilities in Exhibit 8, Part 1 and equivalent items in the […]
(a) General Description. The statement of actuarial opinion submitted in accordance with this section must consist of: (1) A paragraph identifying the appointed actuary and the actuary’s qualifications; (2) A scope paragraph identifying the subjects on which an opinion is to be expressed and describing the scope of the appointed actuary’s work, including a tabulation […]
(a) In accordance with section 535 of this title, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of the appointed actuary’s opinion regarding the reserves. The memorandum must be made available for examination by the Commissioner upon the Commissioner’s request, but must be returned to the company […]
(a) When an actuarial opinion is provided, the memorandum must demonstrate that the analysis has been done in accordance with the standards for asset adequacy referred to in section 1033(d) and any additional standards under this chapter. It must specify: (1) For reserves (A) Product descriptions including market description, underwriting and other aspects of a […]
