W. Va. Code R. § 114-41-1

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-41-1 - General

1.1. Scope. -- This legislative rule applies to all life insurance companies and fraternal benefit societies doing business in this State and to all life insurance companies and fraternal benefit societies which are authorized to reinsure life insurance, annuities or accident and health insurance businesses in this State. This rule is based on the "Actuarial Opinion and Memorandum Regulation (Model 822)" adopted by the National Association of Insurance Commissioners in 1991 and amended in 2009.

1.1.a. This rule will 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 has 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.

1.1.b. This rule is applicable to all annual statements filed with the Commissioner.

1.1.c. Notwithstanding the foregoing, the Commissioner may require any company otherwise exempt pursuant to this rule to submit a statement of actuarial opinion and to prepare a memorandum in support of the opinion in accordance with section 5 and 6 of this rule if, in the opinion of the Commissioner, an asset adequacy analysis is necessary with respect to the company.

1.2. Authority. -- W. Va. Code §§ 33-2-10 and 33-7-9(n).

1.3. Filing Date. -- May 10, 2011.

1.4. Effective Date. -- July 1, 2011.

W. Va. Code R. § 114-41-1