P.R. Laws tit. 26, § 523b
(a) Every insurer shall file annually, together with its annual report, the opinion of a qualified actuary stating whether the reserves of the policies and contracts specified by the Commissioner have been calculated properly, are based on assumptions that comply with the provisions of said contracts, are consistent with the sums previously reported, and comply with the laws of Puerto Rico. The Commissioner shall provide the contents and manner in which the actuarial opinion shall be issued.
(b) Every life insurer shall also file annually, together with the opinion required by subsection (a) of this section, an opinion of the same qualified actuary on whether the reserves of the policies and contracts specified by the Commissioner, in light of the assets of the insurer with respect to such reserves, adequately provide for the obligations that arise from such policies and contracts. The Commissioner may grant a transitional period for establishing any higher reserve deemed necessary by the qualified actuary to issue the opinion required by this section.
(c) The actuarial opinions required above shall be supported by a memorandum, which shall be provided as required by the Commissioner. If such memorandum is not provided or if it does not comply with the requirements of the Commissioner, the Commissioner may contract a qualified actuary, to be paid by the insurer, in order to review the opinion and the bases for the opinion and to prepare the required memorandum of support.
(d) The insurer shall file the actuarial opinions together with the annual reports, and the same shall show the value of the reserves for each year ending on December 31. Said opinions shall be based on the standards adopted from time to time by the Actuarial Standards Board and on those additional standards adopted by the Commissioner.
History —Ins. Code, added as § 5.100 on Apr. 2, 2008, No. 34, § 4.