Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 21 - TRADE PRACTICES
Subchapter N - LIFE INSURANCE ILLUSTRATIONS
Section 21.2211 - Annual Certification
Current through Reg. 50, No. 13; March 28, 2025
(a) Insurer to appoint illustration actuary. The board of directors of each insurer shall appoint one or more illustration actuaries.
(b) Actuary certification. The illustration actuary shall certify that the disciplined current scale used in illustrations is in conformity with the Actuarial Standard of Practice for Compliance with the NAIC Model Regulation on Life Insurance Illustrations promulgated by the Actuarial Standards Board, and that the illustrated scales used in insurer-authorized illustrations meet the requirements of this Subchapter.
(c) Illustration actuary qualifications and disclosures. The illustration actuary shall:
(d) Certification filing requirements. The illustration actuary shall file a certification with the commissioner prior to use of any illustration for a new policy form, and annually for all current policy forms for which illustrations are used.
(e) Notice of error. If an error in a previous certification is discovered, the illustration actuary shall notify the board of directors of the insurer and the commissioner promptly.
(f) Notice of inability to certify. If an illustration actuary is unable to certify the scale for any policy form illustration the insurer intends to use, the actuary shall notify the board of directors of the insurer and the commissioner promptly of his or her inability to certify.
(g) Annual certification. A responsible officer of the insurer, other than the illustration actuary, shall certify annually:
(h) Due date of certifications. The annual certifications shall be provided to the commissioner each year by a date determined by the insurer.
(i) Notice of change in illustration actuary. If an insurer changes the illustration actuary responsible for all or a portion of the company's policy forms, the insurer shall notify the commissioner of that fact promptly and disclose the reason for the change.