Current through Register Vol. 54, No. 45, November 9, 2024
Section 116.5 - Actuarial statement of opinion(a) The actuarial statement of opinion required to be submitted with the annual statement shall include the opinion of an actuary with respect to the following: (1) The adequacy of workers compensation loss reserves on an undiscounted basis.(2) The sufficiency of the investment yield on invested assets to fund the discount.(3) The reasonableness of the matching of the invested assets and loss reserves attributable to the workers' compensation business to provide an adequate income stream to fund the discount.(b) The actuarial statement of opinion, as it pertains to discounting, shall be determined in accordance with Actuarial Standard of Practice No. 20, Discounting of Property and Casualty Loss and Loss Adjustment Expense.The provisions of this §116.5 amended August 10, 2001, effective 8/11/2001, 31 Pa.B. 4423.The provisions of this §116.5 amended under The Insurance Company Law of 1921 (40 P. S. §§ 341-999); The Insurance Department Act of 1921 (40 P. S. §§ 1-321); and sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S. §§ 66, 186, 411 and 412).
This section cited in 31 Pa. Code § 116.6 (relating to reserves for loss adjustment expenses).