Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS
Chapter 31.05.01 - Annual Actuarial Opinion and Memorandum
Section 31.05.01.03 - General Requirements
Universal Citation: MD Code Reg 31.05.01.03
Current through Register Vol. 51, No. 19, September 20, 2024
A. Submission of Statement of Actuarial Opinion.
(1) There shall be included on or attached to page 1 of the annual statement for each year, beginning with the year in which this chapter becomes effective, the statement of an appointed actuary, entitled "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 Regulation .05 of this chapter.
(2) In the case of a statement of actuarial opinion required to be submitted by a foreign or alien company, the Commissioner may accept the statement of actuarial opinion filed by the 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.
(3) Upon written request by the company and upon good cause shown, the Commissioner may grant an extension of the date for submission of the statement of actuarial opinion.
B. Appointed Actuary.
(1) An appointed actuary is a qualified actuary who is appointed or retained to prepare the statement of actuarial opinion required by this chapter, either directly by, or by the authority of, the board of directors through an executive officer of the company other than the qualified actuary.
(2) The company shall:
(a) 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 individual appointed or retained by the company as an appointed actuary; and
(b) State in the notice that the individual meets the requirements of a qualified actuary and is not disqualified under Regulation .02B(7) of this chapter.
(3) Once notice is furnished, further notice is not required with respect to this individual if the company gives the Commissioner timely written notice if the actuary ceases to be appointed or retained as an appointed actuary or to meet the requirements set forth in this chapter.
(4) If an individual appointed or retained as an appointed actuary replaces a previously appointed actuary, the notice shall so state and give the reasons for replacement.
C. Standards for Asset Adequacy Analysis. The asset adequacy analysis required by this chapter shall:
(1) Conform to the standards of practice:
(a) As promulgated from time to time by the Actuarial Standards Board and any additional standards under this chapter; and
(b) Which are to form the basis of the statement of actuarial opinion in accordance with Regulation .05 of this chapter; and
(2) Be based on methods of analysis considered appropriate for these purposes by the Actuarial Standards Board.
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