§ 27-12.3-2. Actuarial opinion of reserves and supporting documentation.
(a) Statement of actuarial opinion. Every property and casualty insurance company doing business in this state, unless
otherwise exempted by the domiciliary commissioner, shall annually submit the opinion
of an appointed actuary entitled "Statement of Actuarial Opinion.� This opinion shall
be filed in accordance with the appropriate National Association of Insurance Commissioners
property and casualty annual statement instructions.
(b) Actuarial opinion summary.
(1) Every property and casualty insurance company
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§ 27-12.3-2. Actuarial opinion of reserves and supporting documentation.
(a) Statement of actuarial opinion. Every property and casualty insurance company doing business in this state, unless
otherwise exempted by the domiciliary commissioner, shall annually submit the opinion
of an appointed actuary entitled "Statement of Actuarial Opinion.� This opinion shall
be filed in accordance with the appropriate National Association of Insurance Commissioners
property and casualty annual statement instructions.
(b) Actuarial opinion summary.
(1) 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, 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
as a document supporting the actuarial opinion required in subsection (a).
(2) A company licensed but not domiciled in this state shall provide the actuarial opinion
summary upon request.
(c) Actuarial report and work papers.
(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 actuarial opinion.
(2) If the insurance company fails to provide a supporting actuarial report and/or 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 is otherwise
unacceptable to the commissioner, the commissioner may engage a qualified actuary
at the expense of the company to review the opinion and the basis for the opinion
and prepare the supporting actuarial report or work papers.
(d) The appointed actuary shall not be 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.