Section 2305 - Documents Accompanying the Fraternal Orders Annual Statement, Blank Which Must Be Signed by an Actuary(a) Documents accompanying the filing of the Fraternal Orders Annul Statement Blank with the State of California Insurance Department shall include a statement of actuarial opinion: (1) Statement of Actuarial Opinion. The statement of actuarial opinion prepared by the actuary in accordance with the Instructions to the Fraternal Orders Annual Statement Blank.(b) The details of actuarial analysis will be given in the statement of actuarial opinion. If it is necessary for more than one actuary to prepare statements of actuarial opinion, then each actuary shall prepare a separate statement of actuarial opinion.(c) In preparing the statement of actuarial opinion, each actuary shall take particular care in the preparation of the opinion paragraph, making specific reference to the items and the amounts listed for which the actuary is submitting an opinion. If, for any reason, the actuary cannot render an unqualified opinion regarding any of the points defined in the instructions to the blank with respect to the opinion paragraph, specific details must be given as to why an unqualified opinion is not given. For the 1975 annual statement blank, the Department will consider restrictions of determination of opinion because of insufficient information only in those situations where the financial operations of the company appear to justify further actuarial analysis, and in those situations will require a complete statement of actuarial opinion on a delayed basis.(d) After 1975 it is expected that the actuary will have sufficient time to prepare the actuary's statement of actuarial opinion so that each such statement of opinion will only on rare occasions be incomplete because of insufficient information.Cal. Code Regs. Tit. 10, § 2305
1. New section filed 12-5-75; effective thirtieth day thereafter (Register 75, No. 49).
2. Change without regulatory effect amending subsection (d) filed 7-14-2021 pursuant to section 100, title 1, California Code of Regulations (Register 2021, No. 29). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20. Note: Authority cited: Section 12923(b), Insurance Code.
1. New section filed 12-5-75; effective thirtieth day thereafter (Register 75, No. 49).
2. Change without regulatory effect amending subsection (d) filed 7-14-2021 pursuant to section 100, title 1, California Code of Regulations (Register 2021, No. 29). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20.