§ 27-12.3-2 - Actuarial opinion of reserves and supporting documentation. [Effective January 1, 2010.]. - Rhode Island Statutes

SECTION 27-12.3-2

   § 27-12.3-2  Actuarial opinion of reservesand supporting documentation. [Effective January 1, 2010.]. –(a) Statement of actuarial opinion. Every property and casualtyinsurance company doing business in this state, unless otherwise exempted bythe domiciliary commissioner, shall annually submit the opinion of an appointedactuary entitled "Statement of Actuarial Opinion." This opinion shall be filedin accordance with the appropriate national association of insurancecommissioners property and casualty annual statement instructions.

   (1) Every property and casualty insurance company domiciledin this state that is required to submit a statement of actuarial opinion shallannually submit an actuarial opinion summary, written by the company'sappointed actuary. This actuarial opinion summary shall be filed in accordancewith the appropriate national association of insurance commissioner's propertyand casualty annual statement instructions and shall be considered as adocument supporting the actuarial opinion required in subsection (a).

   (2) A company licensed but not domiciled in this state shallprovide the actuarial opinion summary upon request.

   (1) An actuarial report and underlying work papers asrequired by the appropriate national association of insurance commissionersproperty and casualty annual statement instructions shall be prepared tosupport each actuarial opinion.

   (2) If the insurance company fails to provide a supportingactuarial report and/or work papers at the request of the commissioner or thecommissioner determines that the supporting actuarial report or work papersprovided by the insurance company is otherwise unacceptable to thecommissioner, the commissioner may engage a qualified actuary at the expense ofthe company to review the opinion and the basis for the opinion and prepare thesupporting actuarial report or work papers.

   (d) The appointed actuary shall not be liable for damages toany person (other than the insurance company and the commissioner) for any act,error, omission, decision or conduct with respect to the actuary's opinion,except in cases of fraud or willful misconduct on the part of the appointedactuary.