Mich. Admin. Code R. 500.993 - Applicability

Rule 3.

(1) These rules shall apply to all life insurance companies and fraternal benefit societies doing business in this state and to all life insurance companies and fraternal benefit societies that are authorized to reinsure life insurance, annuities, or accident and health insurance business in this state. This rule shall be applied in a manner that allows the appointed actuary to utilize his or her professional judgment in performing the asset analysis and developing the actuarial opinion and supporting memoranda, consistent with relevant actuarial standards of practice. However, the commissioner shall have the authority to specify specific methods of actuarial analysis and actuarial assumptions when, in the commissioner's judgment, these specifications are necessary for an acceptable opinion to be rendered relative to the adequacy of reserves and related items.

(2) These rules shall be applicable to all annual statements filed with the office of the commissioner as specified in R 500.997. A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis under R 500.995, and a memorandum in support thereof under R 500.996 shall be required each year.

(3) These rules apply to all annual statements filed with the commissioner as specified in R 500.997, except with respect to companies that are exempted by a determination made by the commissioner. A company that intends to file for an exemption from asset adequacy analysis shall submit a letter of intent to the commissioner not later than December 1 of the calendar year for which the exemption is to be claimed. The commissioner may deny the exemption before December 31 of the same year if an exemption is deemed inappropriate.

Notes

Mich. Admin. Code R. 500.993

2006 AACS