Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 200 - Insurance Solvency and Company Regulation
Chapter 1 - Financial Solvency and Accounting Standards
Section 20 CSR 200-1.110 - Qualifications of Actuary or Consulting Actuary

(1) Every life insurance company authorized to do business in this state files an annual statement. Missouri instructions for completing the life and accident and health annual statement blank require that these forms be signed and certified by a qualified actuary.

(2) For this purpose, a "qualified actuary" means a member in good standing of the American Academy of Actuaries.

(3) Scope. This rule applies to all reports, statements and other documents filed with the director or issued to the public in relation to the business of insurance.

(4) Restriction of Signing as an Actuary. No report, statement or document shall be filed with the director or issued to the public in relation to the business of insurance if it is signed by a person who represents him/herself in the instrument to be an actuary unless the person signing as an actuary is a qualified actuary.

(5) Actuarial Representation. No person in any representation made to the public or to the director in respect to any matter subject to this rule shall use the word actuary or actuarial to indicate a degree of professional competence unless the representation was prepared or approved by a qualified actuary.

(6) Annual Statements of Domestic Life Insurance Companies. Section 376.350, RSMo prescribes the general form of the annual statement which must be filed with the director each year. The form which is required by the director is that which has been developed by the National Association of Insurance Commissioners. This form now includes a requirement relating to policy reserves and other actuarial items. The instructions for completion of the blank describe the content of this requirement. The items on which actuarial opinion is required are-

(7) Qualified Opinions. A qualified opinion is usually an indication that some corrective action is indicated. The director will question any company, foreign or domestic, about which the opinion is received, whether that opinion is rendered by its own staff, its consultant or the department, as to its plans for correcting the indicated problem. It is recommended that in any situation in which an actuary finds it necessary to give a qualified opinion, s/he notify both the company and the department. If the department's actuary or consultant is unable to render an unqualified opinion, the department may require the company to obtain a separate opinion from another qualified actuary, which may be limited to the subject matter in question.

(8) Special Provisions for Certain Domestic Companies. The department is aware of the existence of some business in force on which there is no statutory basis for reserves. Lack of a statute, however, does not imply that no liability exists. The actuary valuing the business is not limited to statutory requirements for comparable business, but should use any appropriate assumptions and methods to establish the true liability. S/he, of course, must be prepared to justify to the director his/her choice of assumptions and methods.