Current through Register Vol. 54, No. 24, June 15, 2024
Section 118a.3 - Statement of actuarial opinion and supporting documentation(a)Statement of actuarial opinion. Unless exempted under § 118a.6 (relating to exemptions), an insurer shall annually file with the Department an opinion of an appointed actuary entitled "Statement of Actuarial Opinion." Under section 320 of The Insurance Company Law of 1921 (40 P. S. § 443), the statement of actuarial opinion shall be prepared in accordance with the property and casualty annual statement instructions prescribed by the NAIC and filed as instructed by the Department on or before the first day of March.(b)Actuarial opinion summary. A domestic insurer required to file a statement of actuarial opinion under subsection (a) shall annually file with the Department a document entitled "Actuarial Opinion Summary" written by the insurer's appointed actuary and supporting the statement of actuarial opinion. The actuarial opinion summary shall be prepared in accordance with the property and casualty annual statement instructions prescribed by the NAIC and filed as instructed by the Department on or before the 15th day of March. The Department may require a foreign insurer to file an actuarial opinion summary by providing 60 days' advance notice to the insurer.(c)Actuarial report and workpapers. An actuarial report and underlying workpapers shall be prepared and maintained to support a statement of actuarial opinion as required by the property and casualty annual statement instructions prescribed by the NAIC and provided to the Department upon request.