Ala. Admin. Code r. 482-1-112-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-112-.03 - Scope

(1) This chapter shall apply to all life insurance companies and fraternal benefit societies doing business in this State and to all life insurance companies and fraternal benefit societies that are authorized to reinsure life insurance, annuities, or accident and health insurance business in this State. This chapter shall be applied in a manner that allows the appointed actuary to utilize his or her professional judgment in performing the asset analysis and developing the actuarial opinion and supporting memoranda, consistent with relevant actuarial standards of practice. However, the Commissioner shall have the authority to specify specific methods of actuarial analysis and actuarial assumptions when, in the Commissioner's judgment, these specifications are necessary for an acceptable opinion to be rendered relative to the adequacy of reserves and related items.

(2) This chapter shall be applicable to all annual statements filed with the office of the Commissioner after the effective date of this chapter. A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Rule 482-1-112-.06, and a memorandum in support thereof in accordance with Rule 482-1-112-.07, shall be required each year.

New: September 23, 1996; effective October 3, 1996. Revised: November 25, 2003; effective January 1, 2004. Filed with LRS November 25, 2003. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XLII, Issue No. 09, June 28, 2024, eff. 7/1/2024.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17 and 27-36A-1 to 27-36A-20.