Current through Register Vol. 63, No. 9, September 1, 2024
(1) The
following provisions apply to submission of the statement of actuarial
opinions:
(a) There is to be included on or
attached to page 1 of the annual statement for each year beginning with 1992
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 OAR
836-031-0670.
(b) Upon written request by the company, the
Director may grant an extension of the date for submission of the statement of
actuarial opinion.
(2)
For purposes of OAR 836-031-0600 to
836-031-0690, a "qualified
actuary" is an individual who:
(a) Is a
member in good standing of the American Academy of Actuaries;
(b) Is qualified to sign statements of
actuarial opinion for life and health insurance company annual statements in
accordance with the American Academy of Actuaries qualification standards for
actuaries signing such statements;
(c) Is familiar with the valuation
requirements applicable to life and health insurance companies;
(d) Has not been found by the Director, or if
so found has subsequently been reinstated as a qualified actuary, following
appropriate notice and hearing to have:
(A)
Violated any provision of, or any obligation imposed by, the Insurance Code or
other law in the course of the qualified actuary's dealings as a qualified
actuary;
(B) Been found guilty of
fraudulent or dishonest practices;
(C) Demonstrated incompetency, lack of
cooperation or untrustworthiness to act as a qualified actuary;
(D) Submitted to the Director during the past
five years, pursuant to OAR
836-031-0600 to
836-031-0690, an actuarial
opinion or memorandum that the Director rejected because it did not meet the
provisions of 836-031-0600 to
836-031-0690, including
standards set by the Actuarial Standards Board; or
(E) Resigned or been removed as an actuary
within the past five years as a result of acts or omissions indicated in any
adverse report on examination or as a result of failure to adhere to generally
acceptable actuarial standards; and
(e) Has not failed to notify the Director of
any action taken by any insurance regulator of any other state similar to that
under subsection (d) of this section.
(3) For purposes of OAR
836-031-0600 to
836-031-0690, an "appointed
actuary" is a qualified actuary who is appointed or retained to prepare the
statement of actuarial opinion required by
836-031-0600 to
836-031-0690, either directly by
or by the authority of the board of directors through an executive officer of
the company other than the qualified actuary. The company shall give the
Director 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 person appointed or retained by the company as an appointed
actuary and shall state in the notice that the person meets the requirements
set forth in section (2) of this rule. Once notice is furnished, no further
notice is required with respect to this person if the company gives the
Director timely written notice in the event the actuary ceases to be appointed
or retained as an appointed actuary or to meet the requirements set forth in
section (2) of this rule. If any person appointed or retained as an appointed
actuary replaces a previously appointed actuary, the notice shall so state and
give the reasons for replacement.
(4) This section establishes standards for
asset adequacy analysis. The asset adequacy analysis required by OAR
836-031-0600 to
836-031-0690:
(a) Shall conform to the Standards of
Practice as promulgated from time to time by the Actuarial Standards Board and
acceptable to the Director, and on any additional standards under OAR
836-031-0600 to
836-031-0690, which standards
are to form the basis of the statement of actuarial opinion in accordance with
OAR 836-0331-0600 to 836-031-0690; and
(b) Shall be based on methods of analysis as
are deemed appropriate for such purposes by the Actuarial Standards Board and
acceptable to the Director.
(5) The following apply to liabilities to be
covered:
(a) Under authority of ORS
733.304, the statement of
actuarial opinion shall apply to all in force business on the statement date
whether directly issued or assumed regardless of when or where issued, e.g.,
reserves of Exhibits 8, 9, and 10, and claim liabilities in Exhibit 11, Part I
and equivalent items in the separate account statement or statements;
(b) If the appointed actuary determines as
the result of asset adequacy analysis that a reserve should be held in addition
to the aggregate reserve held by the company and calculated in accordance with
methods set forth in ORS
733.312,
733.314,
733.320, and
733.322, the company shall
establish such additional reserve;
(c) Additional reserves established under
subsection (b) of this section and deemed not necessary in subsequent years may
be released. Any amount released shall be disclosed in the actuarial opinion
for the applicable year. The release of such reserves is not to be deemed an
adoption of a lower standard of valuation.
Exhibits referenced are available from the
agency.
Stat. Auth.: ORS
731.244 &
733.304
Stats. Implemented: ORS
733.304
