Mich. Admin. Code R. 500.804 - Actuarial certification

Current through Vol. 22-05, April 1, 2022

Rule 4. The actuarial certification shall include a description of the gross premiums, the anticipated loss ratios and certification that, to the best of the actuary's knowledge and belief, the benefits provided are reasonable in relation to the premiums charged. The information used to support the certification should include the following and shall be available on request:

(a) The specific formula and assumptions used in calculating gross premiums.
(b) The expected claim costs.
(c) Identification of morbidity and mortality tables or experience studies used, sufficient explanation for evaluation of their validity, including copies of such tables if they are not currently published.
(d) The experience of the insurer on similar coverages or on the same policy if the policy is in effect on the date these rules take effect.
(e) The applicability of the filing to in-force business on substantially similar forms.
(f) Lapse rate experience.

Notes

Mich. Admin. Code R. 500.804
1979 AC

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