Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule prescribes forms and procedures to
be followed by insurance companies other than life obtaining the certification
of an actuary and to effectuate or aid in the interpretation of the provisions
of section
375.1060,
RSMo, by providing guidance as to the actuarial opinion to be obtained by an
insurance company other than life.
(1) Statement of Actuarial Opinion. Every
property and casualty insurance company doing business in this state, unless
otherwise exempted by its domiciliary commissioner, shall file with its annual
statement the actuarial certification required by section
375.1060,
RSMo. This certification shall consist of the opinion of an appointed actuary
entitled a "Statement of Actuarial Opinion." This opinion shall be filed in
accordance with the appropriate property and casualty annual statement
instructions of the National Association of Insurance Commissioners
(NAIC).
(2) In support of the
Statement of Actuarial Opinion, each property and casualty company shall
prepare or cause to be prepared, and if required, retain and file with the
director, each of the following:
(A) Actuarial
Opinion Summary.
1. 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 appropriate NAIC property and
casualty annual statement instructions and shall be considered as a document
supporting the Statement of Actuarial Opinion required in section
(1).
2. An insurance company
licensed but not domiciled in this state shall provide the Actuarial Opinion
Summary upon request; and
(B) Actuarial Report and Workpapers.
1. An Actuarial Report and underlying
workpapers, as required by the appropriate NAIC property and casualty annual
statement instructions, shall be prepared to support each Statement of
Actuarial Opinion.
2. If the
insurance company fails to provide a supporting Actuarial Report and/or
workpapers at the request of the director or the director determines that the
supporting Actuarial Report or workpapers provided by the insurance company is
otherwise unacceptable to the director, the director may engage a qualified
actuary at the expense of the insurance company to review the opinion and the
basis for the opinion and prepare the supporting Actuarial Report or
workpapers.
(3) Confidentiality.
(A) The Statement of Actuarial Opinion shall
be provided with the annual statement in accordance with the appropriate NAIC
property and casualty annual statement instructions and shall be treated as a
public document.
(B) While the
Statement of Actuarial Opinion is a public document, all documents, materials,
or other information in the possession or control of the Department of Commerce
and Insurance that are considered an Actuarial Report, workpapers, or Actuarial
Opinion Summary provided in support of the opinion, and any other material
provided by the insurance company to the director in connection with the
Actuarial Report, workpapers, or Actuarial Opinion Summary, shall be
confidential by law and privileged, shall not be subject to subpoena, and shall
not be subject to discovery or admissible in evidence in any private civil
action, to the same extent as the audit work-papers of an accountant under
section
375.1050,
RSMo.
(C) This section shall not be
construed to limit the director's authority to release the documents to the
Actuarial Board for Counseling and Discipline (ABCD) so long as the material is
required for the purpose of professional disciplinary proceedings and that the
ABCD establishes procedures satisfactory to the director for preserving the
confidentiality of the documents, nor shall this section be construed to limit
the director's authority to use the documents, materials, or other information
in furtherance of any regulatory or legal action brought as part of the
director's official duties.
*Original authority: 374.045, RSMo 1967, amended 1993,
1995, 2008; 374.071, RSMo 2005; 375.1050, RSMo 1991, amended 1992, 1993, 2009;
and 375.1060, RSMo 1991, amended 1993.
