Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-264 - Property and Casualty Actuarial Opinion Rule
Section R590-264-5 - Actuarial Report
Universal Citation: UT Admin Code R 590-264-5
Current through Bulletin 2024-06, March 15, 2024
(1) A statement of actuarial opinion submitted annually by a property and casualty insurer shall be supported by an actuarial report prepared and signed by the insurer's appointed actuary.
(2) The actuarial report required by Subsection R590-264-5(1) shall be:
(a) prepared in accordance with the
NAIC Property and Casualty Annual Statement Instructions; and
(b) provided to the commissioner upon
request.
(3) The commissioner may engage a qualified actuary at the expense of the insurer to review the actuarial opinion and the basis for the opinion, and prepare, if requested, the supporting actuarial report or work papers if:
(a) the insurer fails to provide an actuarial
report to the commissioner upon request; or
(b) the commissioner determines that the
actuarial report provided by the insurer is unacceptable.
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