§ 24-A §6611 — Annual report; actuarial report

Maine § 24-A §6611

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS

Text

1.
Filing required.
Annually within 4 months of the end of the fiscal year or within such extension of time as the superintendent for good cause may grant, every arrangement shall file a report with the superintendent, verified by the oath of the chair of the board of trustees. The report must summarize the business activities of the trust for the immediately preceding year and must contain a financial statement of the arrangement, including its balance sheet and a statement of operations for the preceding year certified by an independent certified public accountant. The report must also include an analysis of the adequacy of reserves and contributions or premiums charged based on a review of past and projected claims and expenses.
1-A.
Accountant's letter or qualification.
The annual financial statement of the arrangement must include a letter of qualification from the certifying accountant stating:
2.
Actuarial report.
At least once every 2 years each arrangement must have a report prepared by an actuary who is an associate or fellow of the Society of Actuaries and the American Academy of Actuaries as to the actuarial soundness of the arrangement. After an arrangement has filed 2 actuarial reports pursuant to this subsection, an arrangement may request that the superintendent grant a waiver of the filing requirement to the arrangement. If required, the report must be filed with the superintendent. The report must consist of at least the following:

Legislative History

PL 1993, c. 688, §1 (NEW). PL 1995, c. 618, §13 (AMD). PL 2001, c. 570, §3 (AMD).