40-223i. Same; actuarial opinion, contents; procedure. - Kansas Statutes

40-223i

Chapter 40.--INSURANCE Article 2.--GENERAL PROVISIONS

      40-223i.   Same; actuarial opinion, contents;procedure.(a) Unless otherwise exempted by the commissioner, everypropertyand casualtyinsurance company doing business in this state shall annually submit to thecommissioner theopinion of an appointed actuary entitled "Statement of Actuarial Opinion." Suchopinion shall befiled in accordance with the appropriate NAIC property and casualty annualstatementinstructions.

      (b) (1)   Every property and casualty insurance company domiciled in thisstatethat is required tosubmit a statement of actuarial opinion shall annually submit an actuarialopinion summary,written by the company's appointed actuary. This actuarial opinion summaryshall be filed inaccordance with the appropriate NAIC property and casualty annual statementinstructions andshall be considered as a document supporting the actuarial opinion required insubsection (a).

      (2)   A property and casualty insurance company licensed but not domiciled inthis state shallprovide the actuarial opinion summary to the commissioner upon request.

      (c) (1)   An actuarial report, including all underlying work papers asrequiredby the appropriateNAIC property and casualty annual statement instructions, shall be prepared tosupport eachactuarial opinion.

      (2)   The commissioner may engage a qualified actuary at the expense of thecompany to reviewthe opinion and the basis for the opinion and prepare the supporting actuarialreport or workpapers if:

      (A)   The property and casualty insurance company fails to provide a supportingactuarial report orwork papers, or both, at the request of the commissioner; or

      (B)   the commissioner determines that the supporting actuarial report or workpapers provided bythe insurance company is otherwise unacceptable to the commissioner.

      (d)   The property and casualty insurance company'sappointed actuary shall not be liable fordamages to any person other than the insurance company and the commissioner forany act, error,omission, decision or conduct with respect to the actuary's opinion, except incases of fraud orwillful misconduct on the part of the appointed actuary.

      (e)   This section shall take effect on January 1, 2009.

      History:   L. 2008, ch. 63, § 2; July 1.