California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 17.2 - Actuarial Confidentiality and Conflict of Interest Regulation
Section 2581.3 - Avoidance of Conflict of Interest

Universal Citation: 10 CA Code of Regs 2581.3

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

Before retaining an independent actuary for examination of long-term care insurance rate filings, the California Department of Insurance shall require a written declaration by the actuary that:

1. the actuary will not perform professional services involving an actual or potential conflict of interest unless:

(a) the actuary's ability to act fairly is unimpaired;

(b) there has been disclosure of the conflict to all present, or known prospective, clients or employers of the actuary's services whose interests would be affected by the conflict; and

(c) all such present, or known prospective, clients or employers of the actuary's services have expressly agreed to the performance of the services by the actuary.

2. The actuary or actuarial firm with which the actuary is affiliated was not involved in establishing the long-term care insurance rates under consideration by the actuary.

3. The actuary has disclosed any financial interest in the company filing the long-term care insurance rates.

1. New section filed 2-26-2002; operative 3-28-2002 (Register 2002, No. 9).

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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