Section 27-3-26.1 Annual statement to include statement of qualified independent loss reserve specialist. - Alabama Statutes

Section 27-3-26.1

Annual statement to include statement of qualified independent loss reserve specialist.

Every property or casualty insurer required to file an annual statement with the commissioner on March 1 of each year preceding, pursuant to Section 27-3-26, shall include a statement of a qualified independent loss reserve specialist setting forth his or her opinion relating to loss and loss adjustment expense reserves. For the purposes of this section, a qualified independent loss reserve specialist shall mean a person who is not a principal, director, or indirect owner of the insurer and is a member of the Casualty Actuarial Society, or has such other actuarial experience as is acceptable to the commissioner to assure a professional opinion on the adequacy of loss and loss adjustment expense reserves.

(Acts 1993, No. 93-675, p. 1240, §10; Acts 1994, 1st Ex. Sess., No. 94-789, p. 92, §1.)