Okla. Admin. Code § 365:15-7-18

Current through Vol. 42, No. 8, January 2, 2025

Section 365:15-7-18 - Technicians

(a)List of technicians. The Insurance Commissioner shall maintain a list of technicians, including actuaries, statisticians, accountants, attorneys, auditors, investigators or any other person, as the Insurance Commissioner may deem necessary or beneficial to aid in review or examination of any filings for rate revision made by insurers or rating organizations. The list shall be compiled on a yearly basis and shall be comprised for the current calendar year of those that submit a written request to the Insurance Commissioner by December 15 of the preceding year. Any technician on the list may be removed for cause. The Insurance Commissioner may deviate from the list when employing technicians for loss cost filings pursuant to Section 901.5 of Title 36. The Insurance Commissioner may retain technicians not on the list when needed.

(b)Technicians shall be accredited and/or licensed. Technicians as defined in subsection (a) of this section shall be fully accredited and/or licensed, as appropriate, in their field of expertise. Technicians may be employees of corporations, partnerships or individuals duly qualified to provide required services.

(c)Hiring technicians. The Insurance Commissioner shall have the authority to hire technicians defined in subsection (a) of this section as the Insurance Commissioner may deem necessary or beneficial to examine any filings for rate or loss cost revision made by insurers or advisory organizations.

(d)Actuary. The Insurance Commissioner may retain an actuary to review a filing when deemed necessary or beneficial by the Insurance Commissioner based on one or more of the following criteria:

(1) Significant premium and/or percentage effect;

(2) Significant market share as determined from market share report;

(3) Staff unfamiliar with actuarial methodology;

(4) Filing establishes a bench mark;

(5) Actuarial review necessitated by filer's inability to comply with filing requirements;

(6) review of the adequacy of the proposed filing; and

(7) Review of whether the proposed filing uses discrimination prohibited by 36 O.S. § 985(A)(3).

(e)Consultant. When a filing is referred to a consultant for review, an engagement letter shall be presented to the consultant specifying the scope of the review and the filer shall be accordingly notified of the review.

(f)Expenses paid by insurer. All reasonable expenses incurred in such filing review shall be paid by the insurer or advisory organization making the filing.

(g)Actuary's opinion. The Insurance Commissioner shall consider the opinion of the consulting actuary and weigh it in light of any other evidence submitted in support of the filing and shall accept or reject the consulting actuary's opinion in whole or in part based on such other evidence.

Okla. Admin. Code § 365:15-7-18

Added at 19 Ok Reg 1299, eff 7-14-02; Amended at 22 Ok Reg 2041, eff 7-14-05