Section R590-162-4 - General Requirements of an Actuarial Opinion(1) Submitting a Statement of Actuarial Opinion.(a) A statement of an appointed actuary setting forth an opinion relating to reserves and related actuarial items held in support of a policy or a contract, entitled Statement of Actuarial Opinion, shall be included with the annual statement.(b) For a foreign or an alien company, the commissioner may accept a statement of actuarial opinion filed by a company with the insurance regulator of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state.(c) On written request of a company, the commissioner may grant an extension to submit a statement of actuarial opinion. (2) Appointed Actuary. (a) An appointed actuary shall be appointed either directly by or by the authority of the Board of Directors through an executive officer of the company other than the appointed actuary.(b) A company shall: (i) give the commissioner timely written notice of the name, title, and, in the case of a consulting actuary, the name of the firm and manner of appointment or retention of each person appointed by a company as an appointed actuary; and(ii) state in the notice that the individual meets the requirements of a qualified actuary.(c) When notice is provided, no further notice is required for the appointed actuary, provided the company gives the commissioner timely written notice that the actuary ceases to be appointed or meet the requirements of a qualified actuary.(d) If an appointed actuary replaces a previously appointed actuary, the notice shall give the reasons for replacement. (3) Liabilities to be Covered.(a) Under Section 31A-17-503, a statement of actuarial opinion applies to an in -force business on the statement date, whether directly issued or assumed, regardless of when or where issued.(b) If an appointed actuary determines, as the result of an asset adequacy analysis, that a reserve should be held in addition to the aggregate reserve held by a company and calculated in accordance with methods under Title 31A, Chapter 17, Part 5, Standard Valuation Law, the company shall establish the additional reserve.(c) Additional reserves established under Subsection (3)(b) and considered not necessary in subsequent years may be released. (i) Reserves that are released shall be disclosed in the actuarial opinion for the applicable year.(ii) The release of reserves is not an adoption of a lower standard of valuation.Utah Admin. Code R590-162-4
Amended by Utah State Bulletin Number 2022-16, effective 8/8/2022