Cal. Code Regs. Tit. 10, § 2581.3 - Avoidance of Conflict of Interest

Before retaining an independent actuary for examination of long-term care insurance rate filings, the California Department of Insurance shall require a written declaration by the actuary that:

1. the actuary will not perform professional services involving an actual or potential conflict of interest unless:

(a) the actuary's ability to act fairly is unimpaired;

(b) there has been disclosure of the conflict to all present, or known prospective, clients or employers of the actuary's services whose interests would be affected by the conflict; and

(c) all such present, or known prospective, clients or employers of the actuary's services have expressly agreed to the performance of the services by the actuary.

2. The actuary or actuarial firm with which the actuary is affiliated was not involved in establishing the long-term care insurance rates under consideration by the actuary.

3. The actuary has disclosed any financial interest in the company filing the long-term care insurance rates.

Notes

Cal. Code Regs. Tit. 10, § 2581.3

1. New section filed 2-26-2002; operative 3-28-2002 (Register 2002, No. 9).

1. New section filed 2-26-2002; operative 3-28-2002 (Register 2002, No. 9).