Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 50 - Annual Audited Financial Reports, Annual Financial Statements And Examinations
Subchapter II - Annual Financial Statements
Section Ins 50.30 - Actuarial opinion required
Universal Citation: WI Admin Code ยง Ins 50.30
Current through August 26, 2024
(1) An insurer shall file with the annual financial statement required under s. Ins 50.20 a statement of actuarial opinion from a qualified actuary in accordance with the appropriate national association of insurance commissioners annual statement instructions.
(2) A domestic property and casualty insurer required to file an actuarial opinion under sub. (1) shall do all of the following:
(a) Submit an actuarial opinion
summary, written by the insurer's appointed actuary, with the financial
statement and actuarial opinion. The actuarial opinion summary shall be filed
in accordance with the appropriate national association of insurance
commissioners property and casualty annual statement instructions and shall be
considered as a document supporting the actuarial opinion required in sub.
(1).
(b) Prepare an actuarial
report and supporting work papers as required by the appropriate national
association of insurance commissioners property and casualty annual statement
instructions to support each actuarial opinion. The office of the commissioner
of insurance may require the insurer to file the actuarial report or supporting
work papers. The insurer is required to file the actuarial report or supporting
work papers only if the insurer is asked to do so by the office of the
commissioner of insurance.
(3) An insurer licensed but not domiciled in this state shall provide the office of the commissioner of insurance an actuarial opinion summary and actuarial report and supporting work papers described under sub. (2) upon request.
(4)
(a)
Nothing in this section restricts the office of the commissioner of insurance
from engaging a qualified actuary under s.
601.42(7) or
601.43,
Stats., at the expense of the insurer to review the actuarial opinion filed
under sub. (1) and the basis for the opinion or to review or to prepare or
create the actuarial opinion, actuarial report or supporting work
papers.
(b)
1. The office of the commissioner of
insurance under subs. (2) and (3) requires filing of documents, materials or
other information pursuant to s.
601.42,
Stats. Documents, materials or other information in the possession or control
of the office of the commissioner of insurance that are considered an actuarial
report, supporting work papers or actuarial opinion summary provided in support
of the actuarial opinion, and any other material provided by the insurer to the
office of the commissioner of insurance in connection with the actuarial
report, supporting work papers or actuarial opinion summary, are subject to s.
601.465,
Stats. The office of the commissioner of insurance, under s.
601.465,
Stats., may refuse to disclose and prevent any person from disclosing, the
documents, material or other information in response to a request for
production, deposition, subpoena, or otherwise.
2. Subdivision 1. may not be construed to
limit the commissioner's authority to release the documents, material or other
information, including to an actuarial board for counseling and discipline, nor
may this section be construed to limit the commissioner's authority to use the
documents, materials or other information in furtherance of any regulatory or
legal action brought as part of the commissioner's official duties.
3. Nothing in this section restricts the
commissioner from doing any of the following:
a. Sharing the documents, materials or other
information subject to subd. 1. with state, local, federal and international
regulatory agencies, with the national association of insurance commissioners
and its affiliates and subsidiaries, or with state, local, federal and
international law enforcement authorities.
b. Receiving documents, materials or
information, from the national association of insurance commissioners and its
affiliates and subsidiaries, or from state, local, federal and international
regulatory agencies or law enforcement, and treating those documents, materials
and information as confidential as permitted under s.
601.465,
Stats.
(5) This section may be enforced under ss. 601.41, 601.64, 601.65, Stats., or ch. 645, Stats., or any other enforcement provision of chs. 600 to 646, Stats.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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