A. Effective December 31, 1992, every life insurer doing business in thisCommonwealth shall annually submit an actuarial opinion that complies withthe provisions of this section. Such an opinion shall be rendered by aqualified actuary and shall state whether the reserves and related actuarialitems held in support of designated policies and contracts, are computedappropriately, are based on assumptions which satisfy contractual provisions,are consistent with prior reported amounts and comply with applicable laws ofthis Commonwealth. The Commission shall specify by regulation the types ofreserves and related actuarial items on which the opinion is to be expressed.
1. The Commission by regulation shall define the specifics of this opinionand add any other items deemed to be necessary to its scope.
2. The opinion shall be submitted with the annual statement filed pursuant to§ 38.2-1300 and shall reflect the valuation of such reserve liabilities foreach year ending on or after December 31, 1992.
3. The opinion shall apply to all business in force, including individual andgroup health insurance plans, in a form and substance acceptable to theCommission as specified by regulation.
4. The opinion shall be based on standards adopted from time to time by theActuarial Standards Board and on such additional standards as the Commissionmay by regulation prescribe.
5. In the case of an opinion required to be submitted by a foreign or alieninsurer, the Commission may accept the opinion filed by that insurer with theinsurance supervisory official of another state if the Commission determinesthat the opinion reasonably meets the requirements applicable to an insurerdomiciled in this Commonwealth.
6. For the purposes of this section, "qualified actuary" means a member ingood standing of the American Academy of Actuaries who meets the requirementsset forth in regulations promulgated by the Commission.
7. Except in cases of fraud or willful misconduct, the qualified actuaryshall not be liable for damages to any person, other than the insurer and theCommission, for any act, error, omission, decision or conduct with respect tothe actuary's opinion.
B. 1. Effective December 31, 1992, every life insurer, except as exempted byor pursuant to regulation, shall also annually include in the opinionrequired by subsection A of this section, an opinion of the same qualifiedactuary as to whether the reserves and related actuarial items held insupport of the policies and contracts, when considered in light of the assetsheld by the insurer with respect to the reserves and related actuarial items,including but not limited to the investment earnings on the assets and theconsiderations anticipated to be received and retained under the policies andcontracts, make adequate provision for the insurer's obligations under thepolicies and contracts, including but not limited to the benefits under andexpenses associated with the policies and contracts. The Commission shallspecify by regulation the types of reserves and related actuarial items onwhich the opinion is to be expressed.
2. The Commission may provide by regulation for a transition period forestablishing any higher reserves which the qualified actuary may deemnecessary in order to render the opinion required by this section.
3. A memorandum, in form and substance acceptable to the Commission asspecified by regulation, shall be prepared to support each actuarial opinion.
4. If the insurer fails to provide a supporting memorandum at the request ofthe Commission within a period specified by regulation or the Commissiondetermines that the supporting memorandum provided by the insurer fails tomeet the standards prescribed by the regulations or is otherwise unacceptableto the Commission, the Commission may engage a qualified actuary at theexpense of the insurer to review the opinion and the basis for the opinionand prepare such supporting memorandum as is required by the Commission.
5. Any supporting memorandum, and any other material provided by the insurerto the Commission in connection therewith, shall be kept confidential by theCommission and shall not be made public and shall not be subject to subpoena.However, the memorandum or other material may otherwise be released by theCommission (i) with the written consent of the insurer, (ii) to the AmericanAcademy of Actuaries upon the Academy's written request stating that thememorandum or other material is required for professional disciplinaryproceedings and that the American Academy of Actuaries will observeprocedures satisfactory to the Commission to preserve the confidentiality ofthe memorandum or other material, or (iii) to a regulatory official of anystate or country; the National Association of Insurance Commissioners, itsaffiliate or its subsidiary; or a law-enforcement authority of any state orcountry. Any such disclosure by the Commission shall not constitute a waiverof confidentiality of such supporting memorandum or any other materialprovided by the insurer in connection therewith. Once any portion of theconfidential memorandum is cited by the insurer in its marketing efforts oris cited before any governmental agency other than a state insurancedepartment or is released by the insurer to the news media, all portions ofthe memorandum shall be no longer confidential.
A. Effective December 31, 1992, every life insurer doing business in thisCommonwealth shall annually submit an actuarial opinion that complies withthe provisions of this section. Such an opinion shall be rendered by aqualified actuary and shall state whether the reserves and related actuarialitems held in support of designated policies and contracts, are computedappropriately, are based on assumptions which satisfy contractual provisions,are consistent with prior reported amounts and comply with applicable laws ofthis Commonwealth. The Commission shall specify by regulation the types ofreserves and related actuarial items on which the opinion is to be expressed.
1. The Commission by regulation shall define the specifics of this opinionand add any other items deemed to be necessary to its scope.
2. The opinion shall be submitted with the annual statement filed pursuant to§ 38.2-1300 and shall reflect the valuation of such reserve liabilities foreach year ending on or after December 31, 1992.
3. The opinion shall apply to all business in force, including individual andgroup health insurance plans, in a form and substance acceptable to theCommission as specified by regulation.
4. The opinion shall be based on standards adopted from time to time by theActuarial Standards Board and on such additional standards as the Commissionmay by regulation prescribe.
5. In the case of an opinion required to be submitted by a foreign or alieninsurer, the Commission may accept the opinion filed by that insurer with theinsurance supervisory official of another state if the Commission determinesthat the opinion reasonably meets the requirements applicable to an insurerdomiciled in this Commonwealth.
6. For the purposes of this section, "qualified actuary" means a member ingood standing of the American Academy of Actuaries who meets the requirementsset forth in regulations promulgated by the Commission.
7. Except in cases of fraud or willful misconduct, the qualified actuaryshall not be liable for damages to any person, other than the insurer and theCommission, for any act, error, omission, decision or conduct with respect tothe actuary's opinion.
B. 1. Effective December 31, 1992, every life insurer, except as exempted byor pursuant to regulation, shall also annually include in the opinionrequired by subsection A of this section, an opinion of the same qualifiedactuary as to whether the reserves and related actuarial items held insupport of the policies and contracts, when considered in light of the assetsheld by the insurer with respect to the reserves and related actuarial items,including but not limited to the investment earnings on the assets and theconsiderations anticipated to be received and retained under the policies andcontracts, make adequate provision for the insurer's obligations under thepolicies and contracts, including but not limited to the benefits under andexpenses associated with the policies and contracts. The Commission shallspecify by regulation the types of reserves and related actuarial items onwhich the opinion is to be expressed.
2. The Commission may provide by regulation for a transition period forestablishing any higher reserves which the qualified actuary may deemnecessary in order to render the opinion required by this section.
3. A memorandum, in form and substance acceptable to the Commission asspecified by regulation, shall be prepared to support each actuarial opinion.
4. If the insurer fails to provide a supporting memorandum at the request ofthe Commission within a period specified by regulation or the Commissiondetermines that the supporting memorandum provided by the insurer fails tomeet the standards prescribed by the regulations or is otherwise unacceptableto the Commission, the Commission may engage a qualified actuary at theexpense of the insurer to review the opinion and the basis for the opinionand prepare such supporting memorandum as is required by the Commission.
5. Any supporting memorandum, and any other material provided by the insurerto the Commission in connection therewith, shall be kept confidential by theCommission and shall not be made public and shall not be subject to subpoena.However, the memorandum or other material may otherwise be released by theCommission (i) with the written consent of the insurer, (ii) to the AmericanAcademy of Actuaries upon the Academy's written request stating that thememorandum or other material is required for professional disciplinaryproceedings and that the American Academy of Actuaries will observeprocedures satisfactory to the Commission to preserve the confidentiality ofthe memorandum or other material, or (iii) to a regulatory official of anystate or country; the National Association of Insurance Commissioners, itsaffiliate or its subsidiary; or a law-enforcement authority of any state orcountry. Any such disclosure by the Commission shall not constitute a waiverof confidentiality of such supporting memorandum or any other materialprovided by the insurer in connection therewith. Once any portion of theconfidential memorandum is cited by the insurer in its marketing efforts oris cited before any governmental agency other than a state insurancedepartment or is released by the insurer to the news media, all portions ofthe memorandum shall be no longer confidential.
A. Effective December 31, 1992, every life insurer doing business in thisCommonwealth shall annually submit an actuarial opinion that complies withthe provisions of this section. Such an opinion shall be rendered by aqualified actuary and shall state whether the reserves and related actuarialitems held in support of designated policies and contracts, are computedappropriately, are based on assumptions which satisfy contractual provisions,are consistent with prior reported amounts and comply with applicable laws ofthis Commonwealth. The Commission shall specify by regulation the types ofreserves and related actuarial items on which the opinion is to be expressed.
1. The Commission by regulation shall define the specifics of this opinionand add any other items deemed to be necessary to its scope.
2. The opinion shall be submitted with the annual statement filed pursuant to§ 38.2-1300 and shall reflect the valuation of such reserve liabilities foreach year ending on or after December 31, 1992.
3. The opinion shall apply to all business in force, including individual andgroup health insurance plans, in a form and substance acceptable to theCommission as specified by regulation.
4. The opinion shall be based on standards adopted from time to time by theActuarial Standards Board and on such additional standards as the Commissionmay by regulation prescribe.
5. In the case of an opinion required to be submitted by a foreign or alieninsurer, the Commission may accept the opinion filed by that insurer with theinsurance supervisory official of another state if the Commission determinesthat the opinion reasonably meets the requirements applicable to an insurerdomiciled in this Commonwealth.
6. For the purposes of this section, "qualified actuary" means a member ingood standing of the American Academy of Actuaries who meets the requirementsset forth in regulations promulgated by the Commission.
7. Except in cases of fraud or willful misconduct, the qualified actuaryshall not be liable for damages to any person, other than the insurer and theCommission, for any act, error, omission, decision or conduct with respect tothe actuary's opinion.
B. 1. Effective December 31, 1992, every life insurer, except as exempted byor pursuant to regulation, shall also annually include in the opinionrequired by subsection A of this section, an opinion of the same qualifiedactuary as to whether the reserves and related actuarial items held insupport of the policies and contracts, when considered in light of the assetsheld by the insurer with respect to the reserves and related actuarial items,including but not limited to the investment earnings on the assets and theconsiderations anticipated to be received and retained under the policies andcontracts, make adequate provision for the insurer's obligations under thepolicies and contracts, including but not limited to the benefits under andexpenses associated with the policies and contracts. The Commission shallspecify by regulation the types of reserves and related actuarial items onwhich the opinion is to be expressed.
2. The Commission may provide by regulation for a transition period forestablishing any higher reserves which the qualified actuary may deemnecessary in order to render the opinion required by this section.
3. A memorandum, in form and substance acceptable to the Commission asspecified by regulation, shall be prepared to support each actuarial opinion.
4. If the insurer fails to provide a supporting memorandum at the request ofthe Commission within a period specified by regulation or the Commissiondetermines that the supporting memorandum provided by the insurer fails tomeet the standards prescribed by the regulations or is otherwise unacceptableto the Commission, the Commission may engage a qualified actuary at theexpense of the insurer to review the opinion and the basis for the opinionand prepare such supporting memorandum as is required by the Commission.
5. Any supporting memorandum, and any other material provided by the insurerto the Commission in connection therewith, shall be kept confidential by theCommission and shall not be made public and shall not be subject to subpoena.However, the memorandum or other material may otherwise be released by theCommission (i) with the written consent of the insurer, (ii) to the AmericanAcademy of Actuaries upon the Academy's written request stating that thememorandum or other material is required for professional disciplinaryproceedings and that the American Academy of Actuaries will observeprocedures satisfactory to the Commission to preserve the confidentiality ofthe memorandum or other material, or (iii) to a regulatory official of anystate or country; the National Association of Insurance Commissioners, itsaffiliate or its subsidiary; or a law-enforcement authority of any state orcountry. Any such disclosure by the Commission shall not constitute a waiverof confidentiality of such supporting memorandum or any other materialprovided by the insurer in connection therewith. Once any portion of theconfidential memorandum is cited by the insurer in its marketing efforts oris cited before any governmental agency other than a state insurancedepartment or is released by the insurer to the news media, all portions ofthe memorandum shall be no longer confidential.
