N.M. Admin. Code § 13.2.9.8 - ACTUARIAL OPINION OF RESERVES AND SUPPORTING DOCUMENTATION
A.
Statement
of actuarial opinion. Every property and casualty insurance company
doing business in New Mexico, unless otherwise exempted by the superintendent,
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. The request for exemption from this
requirement must be made in writing to the New Mexico superintendent before
December 31st of each calendar year.
B.
Actuarial opinion summary.
(1) Every property and casualty insurance
company domiciled in New Mexico 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 of this section.
(2) A
company licensed but not domiciled in New Mexico shall provide the actuarial
opinion summary upon request.
C.
Actuarial report and
workpapers.
(1) An actuarial report and
underlying workpapers 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 or workpapers at the request of the
superintendent or the superintendent determines that the supporting actuarial
report or workpapers provided by the insurance company is otherwise
unacceptable to the superintendent, the superintendent 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
workpapers.
D. The
appointed actuary shall not be liable for damages to any person (other than the
insurance company and the superintendent) 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.
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