11 N.C. Admin. Code 16.0402

Current through Register Vol. 39, No. 12, December 1, 2024

Section 16 .0402 - GENERAL SUBMISSION REQUIREMENTS

(a) All rate deviation requests, including the data required by Rule .0403 of this Section, shall be submitted to the Life and Health Division. All rate deviation requests shall be submitted no later than March 31, of each calendar year to become effective during the calendar year of submission.

(b) All experience used in the calculation of the rate deviation shall only be North Carolina experience.

(c) All rate deviations shall be submitted, in accordance with this Rule, to the Life and Health Division each succeeding year for reevaluation.

(d) All rate deviation calculations shall be performed by or under the supervision of a qualified actuary.

(e) The following information shall be submitted in regards to the qualified actuary:

(1) the name of the qualified actuary;

(2) the professional designations of the qualified actuary, e.g. A.S.A., F.S.A., ACAS, FCAS, or M.A.A.A.;

(3) the name and address of the company or actuarial consulting firm employing the qualified actuary; and

(4) the telephone number, including extension, of the qualified actuary.

(f) The qualified actuary shall include in the credit rate deviation request a written statement certifying the following:

(1) that the qualified actuary has reviewed Rules .0401 through .0403 of this Section;

(2) that the qualified actuary certifies that all submitted calculations and data preparation are in conformity with Rules .0401 through .0403 of this Section; and

(3) that all data submitted are accurate and in conformity with Rule .0401 of this Section.

11 N.C. Admin. Code 16 .0402

Authority G.S. 58-2-40; 58-57-35(a); 58-57-70;
Eff. January 1, 1994;
Readopted Eff. October 1, 2018.

Authority G.S. 58-2-40; 58-57-35(a); 58-57-70;
Eff. January 1, 1994.

Readopted by North Carolina Register Volume 33, Issue 09, November 1, 2018 effective 10/1/2018.