Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.07.08 - PROPERTY AND CASUALTY ACTUARIAL OPINION RULE
Section 18.07.08.021 - ACTUARIAL OPINION OF RESERVES AND SUPPORTING DOCUMENTATION

a. Every property and casualty insurance company doing business in this state, unless otherwise exempted by the domiciliary commissioner, will annually submit the opinion of an Appointed Actuary entitled "Statement of Actuarial Opinion." This opinion will be filed in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions. (3-31-22)

b. Every property and casualty insurance company domiciled in this state that is needs to submit a Statement of Actuarial Opinion will annually submit an Actuarial Opinion Summary, written by the company's Appointed Actuary. This Actuarial Opinion Summary will be filed in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions and will be considered to be a document supporting the Actuarial Opinion prescribed in Subsection 021.01 of this chapter. (3-31-22)

c. A company licensed but not domiciled in this state will provide the Actuarial Opinion Summary upon request. (3-31-22)

d. An Actuarial Report and underlying work papers as prescribed by the appropriate NAIC Property and Casualty Annual Statement Instructions will be prepared to support each Actuarial Opinion. (3-31-22)

e. If the insurance company fails to provide a supporting Actuarial Report or work papers at the request of the Director, or, after review, the Director determines the supporting Actuarial Report or work papers provided by the insurance company do not comply with the NAIC Property and Casualty Annual Statement Instructions or are otherwise unacceptable, the Director 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 work papers. (3-31-22)