(a)
(1) Unless exempted by the Insurance Commissioner, a property and casualty insurance company doing business in this state shall annually file with the commissioner a statement of actuarial opinion and an actuarial opinion summary.
(2) A property and casualty insurance company licensed but not domiciled in this state shall provide the actuarial opinion summary upon request.
(b)
(1) An actuarial report and underlying work papers as required by the appropriate National Association of Insurance Commissioners' Property and Casualty Annual Statement Instructions shall be prepared to support each statement of actuarial opinion.
(2) If a property and casualty insurance company fails to provide a supporting actuarial report or underlying work papers at the request of the commissioner or the commissioner determines that the supporting actuarial report or work papers provided by the insurance company are not acceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the property and casualty insurance company to:
(A) Review the statement of actuarial opinion and the basis for the statement of actuarial opinion; and
(B) Prepare the supporting actuarial report or work papers.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.