§ 23-63-1903 - Annual statement of actuarial opinion, actuarial opinion summary, and supporting documentation required. [Effective January 1, 2010.] - Arkansas Statutes

23-63-1903. Annual statement of actuarial opinion, actuarial opinion summary, and supporting documentation required. [Effective January 1, 2010.]

(a) (1) Unless exempted by the Insurance Commissioner, a property and casualty insurance company doing business in this state shall annually file with the commissioner a statement of actuarial opinion and an actuarial opinion summary.

(2) A property and casualty insurance company licensed but not domiciled in this state shall provide the actuarial opinion summary upon request.

(b) (1) An actuarial report and underlying work papers as required by the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions shall be prepared to support each statement of actuarial opinion.

(2) If a property and casualty insurance company fails to provide a supporting actuarial report or underlying work papers at the request of the commissioner or the commissioner determines that the supporting actuarial report or work papers provided by the insurance company are not acceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the property and casualty insurance company to:

(A) Review the statement of actuarial opinion and the basis for the statement of actuarial opinion; and

(B) Prepare the supporting actuarial report or work papers.