This text of Iowa § 515H.2 (Actuarial opinion of reserves — supporting documentation) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.Statementofactuarialopinion. Everypropertyandcasualtyinsurancecompanydoing
businessinthisstate, unlessotherwiseexemptedfromthisrequirementbythecommissioner,
shall annually submit the opinion of an appointed actuary entitled “statement of actuarial
opinion” with the company’s annual statement in accordance with the provisions of section
515.63 and with the requirements of the national association of insurance commissioners’
property and casualty annual statement instructions.
2.Actuarial opinion summary.
a.Every property and casualty insurance company domiciled in this state that is required
to submit a statement of actuarial opinion shall annually submit an actuarial opinion
summary, prepared and signed by the company’s appointed actuary. The actuarial opinion
summary shall be filed i
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1. Statementofactuarialopinion. Everypropertyandcasualtyinsurancecompanydoing
businessinthisstate, unlessotherwiseexemptedfromthisrequirementbythecommissioner,
shall annually submit the opinion of an appointed actuary entitled “statement of actuarial
opinion” with the company’s annual statement in accordance with the provisions of section
515.63 and with the requirements of the national association of insurance commissioners’
property and casualty annual statement instructions.
2. Actuarial opinion summary.
a. Every property and casualty insurance company domiciled in this state that is required
to submit a statement of actuarial opinion shall annually submit an actuarial opinion
summary, prepared and signed by the company’s appointed actuary. The actuarial opinion
summary shall be filed in accordance with the requirements of the national association of
insurance commissioners’ property and casualty company annual statement instructions
and shall be considered a document in support of the statement of actuarial opinion required
under subsection 1.
b. A property and casualty insurance company that is licensed but not domiciled in this
state shall provide an actuarial opinion summary upon request of the commissioner.
3. Actuarial report and work papers.
a. An actuarial report and supporting work papers shall be prepared to support each
statementofactuarialopinioninaccordancewiththerequirementsofthenationalassociation
of insurance commissioners’ property and casualty company annual statement instructions.
b. If an insurance company fails to provide a supporting actuarial report and work papers
as requested by the commissioner or the commissioner determines that the actuarial report
or work papers provided are unacceptable, the commissioner may engage a qualified actuary
at the company’s expense to review the statement of actuarial opinion and the basis for the
opinion and to prepare a supporting actuarial report or work papers.
4. Anappointedactuaryshallnotbeliablefordamagestoanyperson,exceptthecompany
and the insurance commissioner, for any act, error, omission, decision, or misconduct of the
appointed actuary in conducting the actuary’s duties pursuant to this section except in cases
of fraud or willful misconduct on the part of the appointed actuary.