Connecticut Administrative Code
Title 38a - Insurance Department
53 - Statement of Actuarial Opinion
Section 38a-53-2 - Statement of actuarial opinion

Universal Citation: CT Reg of State Agencies 38a-53-2

Current through September 9, 2024

(a) Each insurer shall include as an attachment to page one of its Annual Statement an opinion of a Qualified Actuary or qualified reserve specialist, entitled "Statement of Actuarial Opinion," which shall set forth his or her certification as to the adequacy of all reserve liabilities of the company. The Qualified Actuary or reserve specialist shall be appointed by the Board of Directors, or its equivalent, or by a committee of the Board, by December 31 of the calendar year for which the opinion is rendered. Whenever the Appointed Actuary or reserve specialist is replaced by the Board of Directors, the company must notify its domiciliary commissioner within 30 days of the date of the Board action and give the reasons for the replacement. The Appointed Actuary shall present a report to the Board of Directors each year on the items within the scope of the opinion. For good cause shown, the Commissioner may in his discretion, require the Statement of Actuarial Opinion to be prepared by an independent Qualified Actuary or qualified reserve specialist who is not an employee of the company.

(b) Every property and casualty insurance company doing business in this state, unless otherwise exempted by the domiciliary commissioner, shall annually submit the opinion of an Appointed Actuary, entitled "Statement of Actuarial Opinion." This opinion shall be filed in accordance with the applicable NAIC Property and Casualty Annual Statement Instructions.

(1) Actuarial Opinion Summary:
(A) Every property and casualty insurance company domiciled in this state that is required to submit a Statement of Actuarial Opinion shall annually submit an actuarial opinion summary, written by the company's Appointed Actuary. This actuarial opinion summary shall be filed in accordance with the applicable NAIC Property and Casualty Annual Statement instructions and shall be considered as a document supporting the Actuarial Opinion required in subsection (a) of this section.

(B) A company licensed but not domiciled in this state shall provide the actuarial opinion summary upon request.

(2) Actuarial Report and Workpapers:
(A) An actuarial report and underlying workpapers as required by the applicable NAIC Property and Casualty Annual Statement Instructions shall be prepared to support each Actuarial Opinion.

(B) If the insurance company fails to provide a supporting actuarial report or workpapers at the request of the commissioner or the commissioner determines that the supporting actuarial report or workpapers provided by the insurance company is otherwise unacceptable to the commissioner, the commissioner may engage a Qualified Actuary at the expense of the company to review the opinion and the basis for the opinion and to prepare the supporting actuarial report or workpapers.

(3) The Appointed Actuary shall not be liable for damages to any 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 Appointed Actuary.

(c) For health care centers, the Statement of Actuarial Opinion shall be in the format of and contain the information required by the "Annual Statement Instructions: Health Maintenance Organization" which is published by the National Association of Insurance Commissioners.

(d) Life insurance companies reporting life and/or accident and health premiums shall include as a attachment to page one of it Annual Statement, the Statement of Actuarial Opinion setting forth an opinion relating to reserves and related actuarial items held in support of policies and contracts in accordance with the Standard Valuation Law, Sections 38a-77 and 38a-78 of the General Statutes and regulations promulgated thereunder, and to the extent not inconsistent with the foregoing, shall be in the format of and contain the information required by the "Annual Statement Instructions: Life, Accident and Health" which is published by the National Association of Insurance Commissioners.

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