Utah Admin. Code R590-162-4 - General Requirements of an Actuarial Opinion
(1) Submitting a Statement of Actuarial
Opinion.
(a) A statement of an appointed
actuary setting forth an opinion relating to reserves and related actuarial
items held in support of a policy or a contract, entitled Statement of
Actuarial Opinion, shall be included with the annual statement.
(b) For a foreign or an alien company, the
commissioner may accept a statement of actuarial opinion filed by a company
with the insurance regulator of another state if the commissioner determines
that the opinion reasonably meets the requirements applicable to a company
domiciled in this state.
(c) On
written request of a company, the commissioner may grant an extension to submit
a statement of actuarial opinion.
(2) Appointed Actuary.
(a) An appointed actuary shall be appointed
either directly by or by the authority of the Board of Directors through an
executive officer of the company other than the appointed actuary.
(b) A company shall:
(i) give the commissioner timely written
notice of the name, title, and, in the case of a consulting actuary, the name
of the firm and manner of appointment or retention of each person appointed by
a company as an appointed actuary; and
(ii) state in the notice that the individual
meets the requirements of a qualified actuary.
(c) When notice is provided, no further
notice is required for the appointed actuary, provided the company gives the
commissioner timely written notice that the actuary ceases to be appointed or
meet the requirements of a qualified actuary.
(d) If an appointed actuary replaces a
previously appointed actuary, the notice shall give the reasons for
replacement.
(3)
Liabilities to be Covered.
(a) Under Section
31A-17-503,
a statement of actuarial opinion applies to an in -force business on the
statement date, whether directly issued or assumed, regardless of when or where
issued.
(b) If an appointed actuary
determines, as the result of an asset adequacy analysis, that a reserve should
be held in addition to the aggregate reserve held by a company and calculated
in accordance with methods under Title 31A, Chapter 17, Part 5, Standard
Valuation Law, the company shall establish the additional reserve.
(c) Additional reserves established under
Subsection (3)(b) and considered not necessary in subsequent years may be
released.
(i) Reserves that are released
shall be disclosed in the actuarial opinion for the applicable year.
(ii) The release of reserves is not an
adoption of a lower standard of valuation.
Notes
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