Every property and casualty insurance company doing business in the Virgin Islands, unless otherwise exempted by the domiciliary Commissioner of Insurance, shall annually submit the opinion of an Appointed Actuary entitled “Statement of Actuarial Opinion.” This opinion must be filed in accordance with the appropriate National Association of Insurance Commissioners (“NAIC”) Property and Casualty Annual […]
(a) Every property and casualty insurance company domiciled in the Virgin Islands that is required to submit a Statement of Actuarial Opinion shall annually submit an Actuarial Opinion Summary written by the company’s appointed actuary, as a document supporting the Actuarial Statement of Actuarial Opinion required by section 1054. The Actuarial Opinion Summary must be […]
(a) An Actuarial Report and underlying work papers, as required by the appropriate NAIC Property and Casualty Annual Statement Instructions, must be prepared to support each Actuarial Opinion. (b) If the insurance company fails to provide a supporting Actuarial Report or work papers at the request of the Commissioner, or the Commissioner determines that the […]
The appointed actuary is not liable for damages to any person, other than the insurance company and the Commissioner, for any act, error, omission, decision or conduct with respect to the actuary’s opinion, except in cases of fraud or willful misconduct on the part of the appointed actuary.
(a) The Statement of Actuarial Opinion must be provided with the Annual Statement in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions and must be treated as a public document. (b) (1) Documents, materials or other information in the possession or control of the Division of Banking, Insurance and Financial Regulation that […]
