Tenn. Comp. R. & Regs. 0780-01-49-.05 - ANNUAL REPORT

(1) The manager, administrator or director of all such funds shall file on or before sixty (60) days following the close of each fiscal year a report, under oath, to the Commissioner for such fiscal year showing the financial condition of the fund and shall, at any and all times, furnish such additional information and reports as may be required. Such Annual Report shall contain a summary of all outstanding reserves maintained by the fund, segregated by member, and by lines of business including but not limited to general and professional liabilities under the unemployment compensation law, and motor vehicle insurance. The summary of all outstanding loss and loss expense reserves shall be accompanied by opinion of an independent casualty actuary and such opinion shall be responsive to but not limited to the following:

(a) Are the loss and loss expense reserves computed in accordance with accepted loss reserving standards and are they fairly stated in accordance with sound loss reserving principles?

(b) Are the loss and loss expense reserves based on factors relevant to the policy provisions issued by the pool?

(c) Are the loss and loss expense reserves calculated to make good and sufficient provision for unpaid losses and loss expense obligations of the pool under the terms of its policies and agreements?

Notes

Tenn. Comp. R. & Regs. 0780-01-49-.05

Original rule filed March 9, 1981; effective April 23, 1981. Amendment filed February 8, 1984; effective March 9, 1984.

Authority: T.C.A. §§ 29-20-401 and 12-9-101.