Ala. Admin. Code r. 482-1-149-.07

Current through Register Vol. 42, No. 12, September 30, 2024

Section 482-1-149-.07 - Actuarial Report And Workpapers

(a) Every property and casualty insurance company domiciled in this state that is required to annually submit a statement of actuarial opinion shall annually file, by May 1 of each year, an Actuarial Report and underlying workpapers that are required to be prepared by the appropriate NAIC Property and Casualty Annual Statement Instructions to support each Actuarial Opinion. A company licensed but not domiciled in this State shall provide the Actuarial Report and workpapers upon request.

(b) If any insurance company fails to provide a supporting Actuarial Report and/or workpapers as set forth in (a) above, or the Commissioner determines that the supporting Actuarial Report and/or workpapers provided by the insurance company are otherwise unacceptable, the Commissioner shall so notify the insurance company. If the insurance company fails to provide the requested information within 30 days of the date of the request, the Commissioner 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 and/or workpapers.

New Rule: December 15, 2009; effective January 1, 2010. Filed with LRS December 17, 2009. Rule is not subject to the Alabama Administrative Procedure Act.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-3-26.1.