§ 38.2-1315.1. Actuarial statements of opinion, reports, memoranda, andsummaries.
A. Effective December 31, 2004, and except as otherwise provided by thissection or Article 3 (§ 38.2-3126 et seq.) of Chapter 31 of this title, everyinsurer doing business in the Commonwealth shall annually submit an actuarialopinion that has been prepared by an appointed actuary and that satisfies ata minimum the standards set forth in the appropriate National Association ofInsurance Commissioners (NAIC) annual statement instructions.
B. Every insurer domiciled in the Commonwealth that is required to submit anactuarial opinion pursuant to subsection A of this section shall annuallysubmit an actuarial opinion summary, also written by the insurer's appointedactuary. Every insurer domiciled in the Commonwealth that is required tosubmit an actuarial opinion pursuant to subsection A of this section or §38.2-3127.1, at the request of the Commission, shall submit underlying workpapers and an actuarial report or memorandum that satisfies the minimumstandards set forth in the appropriate NAIC annual statement instructions andcomplies with all additional standards or requirements established by statuteor by the Commission in accordance with the provisions of this section orArticle 3 (§ 38.2-3126 et seq.) of Chapter 31 of this title. A companylicensed but not domiciled in the Commonwealth shall provide such summary,work papers, report, and memorandum upon request of the Commission. Anysummary, work papers, report, or memorandum filed in accordance with theappropriate NAIC annual statement instructions shall be considered as adocument supporting the actuarial opinion required by subsection A of thissection or § 38.2-3127.1.
C. If the insurer fails to provide supporting work papers or a requiredreport or memorandum at the request of the Commission, or the Commissiondetermines that the work papers or report or memorandum are unacceptable, theCommission may engage a qualified actuary at the expense of the insurer toreview the opinion and the basis for the opinion and to prepare supportingwork papers, or a report or memorandum.
D. The appointed actuary shall not be liable for damages to any person, otherthan the insurer and the Commission for any act, error, omission, decision,or conduct with respect to the actuary's opinion, except in cases of fraud orwillful misconduct on the part of the actuary.
E. An actuarial opinion provided with the annual statement in accordance withthe appropriate NAIC annual statement instructions shall be open to publicinspection in accordance with § 38.2-1306.
F. Documents, materials, or other information in the possession or control ofthe Commission that are considered an actuarial report, work papers, anactuarial opinion summary, or an actuarial opinion report or memorandumprovided in support of the opinion, and any other material provided by theinsurer to the Commission in connection with the report, work papers, orsummary, shall be confidential by law and privileged, shall not be subject toinspection or review by the general public, shall not be subject to subpoena,and shall not be subject to discovery or admissible in evidence in anyprivate civil action. However, this provision shall not be construed to limitthe Commission's authority to release the documents to any actuarial boardestablished for counseling or discipline so long as the material is requiredfor the purpose of professional disciplinary proceedings and such boardestablishes procedures satisfactory to the Commission for preserving theconfidentiality of the documents. Moreover, the Commission is authorized touse the documents, materials, or other information in furtherance of anyregulatory or legal action brought as part of the Commission's officialduties.
1. Neither the Commission nor any person who received documents, materials,or other information while acting under the authority of the Commission shallbe permitted or required to testify in any private civil action concerningany confidential documents, materials, or information subject to thissubsection.
2. In order to assist in the performance of the Commission's duties underthis section, the Commission:
a. May share documents, material, or other information, including theconfidential and privileged documents, materials, or information subject tothis subsection, with other state, federal, and international regulatoryagencies, with the NAIC, its affiliates, or subsidiaries, and with state,federal, and international law enforcement authorities, provided that therecipient agrees to maintain the confidentiality and privileged status of thedocument, material, or other information.
b. May receive documents, materials, or information, including otherwiseconfidential and privileged documents, materials, or information, from theNAIC, its affiliates, or subsidiaries and from regulatory and law-enforcementofficials of other foreign or domestic jurisdictions, and shall maintain asconfidential or privileged any document, material, or information receivedwith notice or the understanding that it is confidential or privileged underthe laws of the jurisdiction that is the source of the document, material, orinformation.
G. The Commission may waive or modify submission requirements for a foreigninsurer that has been exempted by its domiciliary commissioner from filing anactuarial opinion under a substantially similar law in its state of domicile.The Commission may modify requirements in any year for an insurer that makesapplication, with good cause shown, for exemption due to the nature ofbusiness written or the size and volume of business activity, or because theinsurer is under supervision or an order of conservation, or if theimposition of an annual filing requirement would create a financial hardship.
§ 38.2-1315.1. Actuarial statements of opinion, reports, memoranda, andsummaries.
A. Effective December 31, 2004, and except as otherwise provided by thissection or Article 3 (§ 38.2-3126 et seq.) of Chapter 31 of this title, everyinsurer doing business in the Commonwealth shall annually submit an actuarialopinion that has been prepared by an appointed actuary and that satisfies ata minimum the standards set forth in the appropriate National Association ofInsurance Commissioners (NAIC) annual statement instructions.
B. Every insurer domiciled in the Commonwealth that is required to submit anactuarial opinion pursuant to subsection A of this section shall annuallysubmit an actuarial opinion summary, also written by the insurer's appointedactuary. Every insurer domiciled in the Commonwealth that is required tosubmit an actuarial opinion pursuant to subsection A of this section or §38.2-3127.1, at the request of the Commission, shall submit underlying workpapers and an actuarial report or memorandum that satisfies the minimumstandards set forth in the appropriate NAIC annual statement instructions andcomplies with all additional standards or requirements established by statuteor by the Commission in accordance with the provisions of this section orArticle 3 (§ 38.2-3126 et seq.) of Chapter 31 of this title. A companylicensed but not domiciled in the Commonwealth shall provide such summary,work papers, report, and memorandum upon request of the Commission. Anysummary, work papers, report, or memorandum filed in accordance with theappropriate NAIC annual statement instructions shall be considered as adocument supporting the actuarial opinion required by subsection A of thissection or § 38.2-3127.1.
C. If the insurer fails to provide supporting work papers or a requiredreport or memorandum at the request of the Commission, or the Commissiondetermines that the work papers or report or memorandum are unacceptable, theCommission may engage a qualified actuary at the expense of the insurer toreview the opinion and the basis for the opinion and to prepare supportingwork papers, or a report or memorandum.
D. The appointed actuary shall not be liable for damages to any person, otherthan the insurer and the Commission for any act, error, omission, decision,or conduct with respect to the actuary's opinion, except in cases of fraud orwillful misconduct on the part of the actuary.
E. An actuarial opinion provided with the annual statement in accordance withthe appropriate NAIC annual statement instructions shall be open to publicinspection in accordance with § 38.2-1306.
F. Documents, materials, or other information in the possession or control ofthe Commission that are considered an actuarial report, work papers, anactuarial opinion summary, or an actuarial opinion report or memorandumprovided in support of the opinion, and any other material provided by theinsurer to the Commission in connection with the report, work papers, orsummary, shall be confidential by law and privileged, shall not be subject toinspection or review by the general public, shall not be subject to subpoena,and shall not be subject to discovery or admissible in evidence in anyprivate civil action. However, this provision shall not be construed to limitthe Commission's authority to release the documents to any actuarial boardestablished for counseling or discipline so long as the material is requiredfor the purpose of professional disciplinary proceedings and such boardestablishes procedures satisfactory to the Commission for preserving theconfidentiality of the documents. Moreover, the Commission is authorized touse the documents, materials, or other information in furtherance of anyregulatory or legal action brought as part of the Commission's officialduties.
1. Neither the Commission nor any person who received documents, materials,or other information while acting under the authority of the Commission shallbe permitted or required to testify in any private civil action concerningany confidential documents, materials, or information subject to thissubsection.
2. In order to assist in the performance of the Commission's duties underthis section, the Commission:
a. May share documents, material, or other information, including theconfidential and privileged documents, materials, or information subject tothis subsection, with other state, federal, and international regulatoryagencies, with the NAIC, its affiliates, or subsidiaries, and with state,federal, and international law enforcement authorities, provided that therecipient agrees to maintain the confidentiality and privileged status of thedocument, material, or other information.
b. May receive documents, materials, or information, including otherwiseconfidential and privileged documents, materials, or information, from theNAIC, its affiliates, or subsidiaries and from regulatory and law-enforcementofficials of other foreign or domestic jurisdictions, and shall maintain asconfidential or privileged any document, material, or information receivedwith notice or the understanding that it is confidential or privileged underthe laws of the jurisdiction that is the source of the document, material, orinformation.
G. The Commission may waive or modify submission requirements for a foreigninsurer that has been exempted by its domiciliary commissioner from filing anactuarial opinion under a substantially similar law in its state of domicile.The Commission may modify requirements in any year for an insurer that makesapplication, with good cause shown, for exemption due to the nature ofbusiness written or the size and volume of business activity, or because theinsurer is under supervision or an order of conservation, or if theimposition of an annual filing requirement would create a financial hardship.
§ 38.2-1315.1. Actuarial statements of opinion, reports, memoranda, andsummaries.
A. Effective December 31, 2004, and except as otherwise provided by thissection or Article 3 (§ 38.2-3126 et seq.) of Chapter 31 of this title, everyinsurer doing business in the Commonwealth shall annually submit an actuarialopinion that has been prepared by an appointed actuary and that satisfies ata minimum the standards set forth in the appropriate National Association ofInsurance Commissioners (NAIC) annual statement instructions.
B. Every insurer domiciled in the Commonwealth that is required to submit anactuarial opinion pursuant to subsection A of this section shall annuallysubmit an actuarial opinion summary, also written by the insurer's appointedactuary. Every insurer domiciled in the Commonwealth that is required tosubmit an actuarial opinion pursuant to subsection A of this section or §38.2-3127.1, at the request of the Commission, shall submit underlying workpapers and an actuarial report or memorandum that satisfies the minimumstandards set forth in the appropriate NAIC annual statement instructions andcomplies with all additional standards or requirements established by statuteor by the Commission in accordance with the provisions of this section orArticle 3 (§ 38.2-3126 et seq.) of Chapter 31 of this title. A companylicensed but not domiciled in the Commonwealth shall provide such summary,work papers, report, and memorandum upon request of the Commission. Anysummary, work papers, report, or memorandum filed in accordance with theappropriate NAIC annual statement instructions shall be considered as adocument supporting the actuarial opinion required by subsection A of thissection or § 38.2-3127.1.
C. If the insurer fails to provide supporting work papers or a requiredreport or memorandum at the request of the Commission, or the Commissiondetermines that the work papers or report or memorandum are unacceptable, theCommission may engage a qualified actuary at the expense of the insurer toreview the opinion and the basis for the opinion and to prepare supportingwork papers, or a report or memorandum.
D. The appointed actuary shall not be liable for damages to any person, otherthan the insurer and the Commission for any act, error, omission, decision,or conduct with respect to the actuary's opinion, except in cases of fraud orwillful misconduct on the part of the actuary.
E. An actuarial opinion provided with the annual statement in accordance withthe appropriate NAIC annual statement instructions shall be open to publicinspection in accordance with § 38.2-1306.
F. Documents, materials, or other information in the possession or control ofthe Commission that are considered an actuarial report, work papers, anactuarial opinion summary, or an actuarial opinion report or memorandumprovided in support of the opinion, and any other material provided by theinsurer to the Commission in connection with the report, work papers, orsummary, shall be confidential by law and privileged, shall not be subject toinspection or review by the general public, shall not be subject to subpoena,and shall not be subject to discovery or admissible in evidence in anyprivate civil action. However, this provision shall not be construed to limitthe Commission's authority to release the documents to any actuarial boardestablished for counseling or discipline so long as the material is requiredfor the purpose of professional disciplinary proceedings and such boardestablishes procedures satisfactory to the Commission for preserving theconfidentiality of the documents. Moreover, the Commission is authorized touse the documents, materials, or other information in furtherance of anyregulatory or legal action brought as part of the Commission's officialduties.
1. Neither the Commission nor any person who received documents, materials,or other information while acting under the authority of the Commission shallbe permitted or required to testify in any private civil action concerningany confidential documents, materials, or information subject to thissubsection.
2. In order to assist in the performance of the Commission's duties underthis section, the Commission:
a. May share documents, material, or other information, including theconfidential and privileged documents, materials, or information subject tothis subsection, with other state, federal, and international regulatoryagencies, with the NAIC, its affiliates, or subsidiaries, and with state,federal, and international law enforcement authorities, provided that therecipient agrees to maintain the confidentiality and privileged status of thedocument, material, or other information.
b. May receive documents, materials, or information, including otherwiseconfidential and privileged documents, materials, or information, from theNAIC, its affiliates, or subsidiaries and from regulatory and law-enforcementofficials of other foreign or domestic jurisdictions, and shall maintain asconfidential or privileged any document, material, or information receivedwith notice or the understanding that it is confidential or privileged underthe laws of the jurisdiction that is the source of the document, material, orinformation.
G. The Commission may waive or modify submission requirements for a foreigninsurer that has been exempted by its domiciliary commissioner from filing anactuarial opinion under a substantially similar law in its state of domicile.The Commission may modify requirements in any year for an insurer that makesapplication, with good cause shown, for exemption due to the nature ofbusiness written or the size and volume of business activity, or because theinsurer is under supervision or an order of conservation, or if theimposition of an annual filing requirement would create a financial hardship.
