R590. Insurance, Administration.R590-264. Property and Casualty Actuarial Opinion Rule.
R590-264-1. Authority.
This rule is promulgated by the commissioner pursuant to Sections 31A-2-201 and 31A-4-113.
R590-264-2. Purpose and Scope.
(1) The purpose of this rule is to:
(a) require a property and casualty insurer doing business in Utah to prepare annually an actuarial opinion summary providing details of the analysis performed by the appointed actuary; and
(b) require a property and casualty insurer domiciled in Utah to file the actuarial opinion summary with the commissioner.
(2) This rule applies to a property and casualty insurer doing business in Utah.
R590-264-3. Definitions.
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1) "Appointed actuary" means a qualified actuary appointed by the insurer's board of directors or its equivalent, or by a committee of the board, to provide the actuarial opinion to be filed with the insurer's annual statement.
(2) "Qualified actuary" means a person who:
(a)(i) meets the basic education, experience, and continuing education requirements of the American Academy of Actuaries;
(ii) has obtained and maintains an accepted actuarial designation specified by the NAIC Property and Casualty Annual Statement Instructions; and
(iii) is a member of a professional actuarial association that:
(A) requires adherence to the same code of professional conduct and U.S. qualification standards of the American Academy of Actuaries; and
(B) participates in the Actuarial Board for Counseling and Discipline when its association members are practicing in the U.S.; or
(b) is a member of the American Academy of Actuaries approved as qualified to sign casualty loss reserves opinions by the Casualty Practice Council of the American Academy of Actuaries.
(3) "Statement of actuarial opinion" means a statement prepared by the appointed actuary that:
(a) sets forth the actuary's opinion of the insurer's reserves; and
(b) is prepared in accordance with the NAIC Property and Casualty Annual Statement Instructions.
R590-264-4. Actuarial Opinion Summary.
(1) A property and casualty insurer domiciled in this state and required to submit a statement of actuarial opinion shall annually file with the commissioner an actuarial opinion summary, prepared and signed by the insurer's appointed actuary.
(2) The actuarial opinion summary shall be prepared in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions
(3) The actuarial opinion summary is considered a document supporting the actuarial opinion.
(4) A property and casualty insurer licensed but not domiciled in this state shall provide the actuarial opinion summary upon request.
R590-264-5. Actuarial Report.
(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.
R590-264-6. Confidentiality.
(1) A property and casualty insurer filing an actuarial opinion summary with the commissioner may, at the time of the filing, request that all or a part of the actuarial opinion summary be classified as a protected record under Subsection 63G-2-305(1) or 63G-2-305(2).
(2) An insurer making a confidentiality claim under Subsection R590-264-6(1) shall comply with Section 63G-2-309.
R590-264-7. Severability.
