§ 20-697 — Property and casualty actuarial opinions; limitation of liability

A. Every property and casualty insurance company doing business in this state annually shall file a statement of actuarial opinion that is made by an appointed actuary. The statement of actuarial opinion shall be filed with the annual financial statement required by section 20-223 in accordance with the appropriate national association of insurance commissioners property and casualty annual statement instructions. The statement of actuarial opinion is a public document.

B. Every property and casualty insurance company that is domiciled in this state and that is required to submit a statement of actuarial opinion annually shall submit an actuarial opinion summary that is written by the company's appointed actuary. This actuarial opinion summary shall be filed in accordance with the appropriate national association of insurance commissioners property and casualty annual statement instructions and shall be considered a document supporting the actuarial opinion required by subsection A of this section. A company that is licensed but not domiciled in this state shall provide the actuarial opinion summary on the director's request.

C. Every property and casualty insurance company that is domiciled in this state and that is required to submit a statement of actuarial opinion annually shall require its appointed actuary to prepare an actuarial report in support of the actuarial opinion that is in compliance with the requirements contained in the national association of insurance commissioners property and casualty annual statement instructions. If the insurance company fails to provide a supporting actuarial report or work papers at the request of the director or the director determines that the supporting actuarial report or work papers are otherwise unacceptable, the director may engage a qualified actuary at the company's expense to review the opinion and the basis for the opinion and to prepare the supporting actuarial report or work papers.

D. The appointed actuary is not liable for damages to any person other than the insurance company and the director for any act, error, omission, decision or conduct with respect to the actuary's opinion, unless the actuary engaged in fraud or wilful misconduct.