New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 21A - ACTUARIAL OPINION AND MEMORANDUM FOR LIFE/HEALTH INSURERS
Section 11:1-21A.1 - Purpose and scope

Universal Citation: NJ Admin Code 11:1-21A.1

Current through Register Vol. 56, No. 24, December 18, 2024

(a) The purpose of these rules is to prescribe:

1. Requirements for statements of actuarial opinion and for memoranda in support thereof;

2. Rules applicable to the appointment of an appointed actuary; and

3. Guidance as to the meaning of "adequacy of reserves."

(b) These rules shall apply to all insurers authorized or admitted to transact life, accident and health or annuity business in this State, all fraternal benefit societies doing business in this State pursuant to N.J.S.A. 17:44B-1 et seq., and to all such insurers and fraternal benefit societies which are authorized to reinsure life insurance, annuities or accident and health insurance business in this State.

(c) These rules shall apply to all annual statements filed with the Commissioner on or after November 20, 1995, and the amendments effective April 17, 2006 (see 38 N.J.R. 101(a) and 1737(a)) shall apply to all annual statements filed with the Commissioner on or after April 17, 2006. A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with N.J.A.C. 11:1-21A.4, and a memorandum in support thereof in accordance with N.J.A.C. 11:1-21A.5, shall be required each year.

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