Current through August 31, 2023
01.
Submitting Statement of Actuarial Opinion. (4-6-23)
a. For each year, starting with the year in
which this rule takes effect, the annual statement's first page will include or
attach the statement of an appointed actuary, entitled "Statement of Actuarial
Opinion," setting forth an opinion on reserves and related actuarial items held
in support of policies and contracts, per Section
022. (4-6-23)
b. Upon written request by the company, the
Director may grant an extension to submit the statement of actuarial opinion.
(4-6-23)
02.
Qualified Actuary. An individual who: (4-6-23)
a. Is a member in good standing of the
American Academy of Actuaries; and (4-6-23)
b. Is qualified to sign statements of
actuarial opinion for life and health insurance company annual statements per
the American Academy of Actuaries qualification standards; and
(4-6-23)
c. Is familiar with the
valuation requirements applicable to life and health insurance companies; and
(4-6-23)
d. Has not been found by
the Director (or if so found has later been reinstated as a qualified actuary),
after appropriate notice and hearing, to have; (4-6-23)
i. Violated any provision of, or any
obligation imposed by any law in the course of their dealings as a qualified
actuary; or (4-6-23)
ii. Been found
guilty of fraudulent or dishonest practices; or (4-6-23)
iii. Demonstrated incompetency, lack of
cooperation, or untrustworthiness to act as a qualified actuary; or
(4-6-23)
iv. Filed with the
Director during the past five (5) years, pursuant to this rule, an actuarial
opinion or memorandum that the Director rejected because it violated this rule,
including standards set by the Actuarial Standards Board; or (4-6-23)
v. Resigned, or been removed as an actuary,
within the past five (5) years because of acts or omissions indicated in any
adverse report on examination or as a result not adhering to generally accepted
actuarial standards; and (4-6-23)
e. Has not failed to notify the Director of
any action taken by any Director of any other state similar to that under
Paragraph 021.02.d. (4-6-23)
03.
Appointed Actuary. A
qualified actuary who is appointed or retained to prepare the Statement of
Actuarial Opinion prescribed by this rule; either directly by or by the
authority of the board of directors through an executive officer of the
company. The company will timely notify the Director in writing 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 or retained by the
company as an appointed actuary. The notice will state that the person meets
the requirements of Subsection
021.02. The company will timely
notify the Director if the actuary ceases to be appointed or retained as an
appointed actuary or to meet the requirements of Subsection
021.02. If any person appointed
or retained as an appointed actuary replaces a previously appointed actuary,
the notice will so state and give the reasons for replacement.
(4-6-23)
04.
Standards for
Asset Adequacy Analysis. The asset adequacy analysis prescribed by this
rule: (4-6-23)
a. Will conform to the
standards of practice promulgated by the Actuarial Standards Board and to any
additional standards under this rule, which standards are to form the basis of
the statement of actuarial opinion per Section
021; and (4-6-23)
b. Will be based on methods of analysis as
are deemed appropriate for such purposes by the Actuarial Standards Board.
(4-6-23)
05.
Liabilities to Be Covered. (4-6-23)
a. Under authority of Section
41-612(12), Idaho
Code, the statement of actuarial opinion will apply to all in force business on
the statement date regardless of when or where issued, e.g., Aggregate Reserve
for Life Contracts, Aggregate Reserve for Accident and Health Contracts,
reserves for Deposit Type Contracts, and Claims for Life and Health Contracts
as reported in Exhibits of the annual statement, and equivalent items in the
separate account statement or statements of the annual statement.
(4-6-23)
b. If the appointed
actuary determines from asset adequacy analysis that the company should hold a
reserve in addition to the company's aggregate reserve and calculated as
described in Section
41-612(12), Idaho
Code, the company will establish such additional reserve. (4-6-23)
c. Additional reserves established under this
Subsection and deemed unnecessary in later years may be released. Released
amounts need to be disclosed in the actuarial opinion for the applicable year.
The Director will not deem the release of such reserves to reflect a lower
standard of valuation. (4-6-23)
