An Act Regarding Property and Casualty Insurance Actuarial Opinion of Reserves
Maine Legislature, Session 123, LD 1262
Committee Amendment CA_A_H353 (House)

COMMITTEE AMENDMENT "A " to H.P. 890, L.D. 1262, Bill, "An Act 
Regarding Property and Casualty Insurance Actuarial Opinion of Reserves" 
Amend the bill in section 2 in §993 by striking out all of subsection 4 (page 2, lines 
to 20 in L.D.) and inserting the following: 
'4. Liability. The appointed qualified actuary is not liable for damages to any 
person, other than the property and casualty insurance company and the superintendent, 
for any act, error, omission, decision or conduct with respect to the actuary's opinion, 
except in cases of fraud, willful misconduct or reckless disregard on the part of the 
actuary.' 
Amend the bill in section 2 in §994 by striking out all of subsection 1 (page 2, lines 
to 25 in L.D.) and inserting the following: 
'1. 
Statement of actuarial opinion. 
The statement of actuarial OPInion under 
section 993, subsection 1 must be provided with the annual actuarial opinion under 
section 993, subsection 2 in accordance with the appropriate NAIC property and casualty 
annual statement instructions and is a public record subject to disclosure pursuant to Title 
1, chapter 13.' 
Amend the bill in section 2 in §994 in subsection 2 by striking out all of paragraph A 
(page 2, lines 28 to 35 in L.D.) and inserting the following: 
'A. Documents, materials or other information in the possession or control of the 
bureau that are considered an actuarial report, work papers or actuarial opinion 
summary provided in support of the opinion, as described in section 993, and any 
other material provided by the property and casualty insurance company to the 
superintendent in connection with the actuarial report, work papers or actuarial 
opinion summary are confidential and not subject to disclosure pursuant to Title 1, 
chapter 13.' 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" A" to H.P. 890, L.D. 1262 
Amend the bill in section 2 in §994 in subsection 4 in paragraph A in the 5th line 
(page 3, line 14 in L.D.) by striking out the following: "and privileged status" 
Amend the bill in section 2 in §994 in subsection 4 in paragraph B in the 4th and 5th 
lines (page 3, lines 20 and 21 in L.D.) by striking out the foIlowing: "or privileged" 
Amend the bill in section 2 in §994 in subsection 4 in paragraph B in the 6th line 
(page 3, line 22 in L.D.) by striking out the following: "or privileged" 
Amend the bill in section 2 in §994 in subsection 5 in the first line (page 3, line 26 in 
L.D.) by striking out the following: 
"an applicable privilege or" and inserting the 
following: 
'~' 
SUMMARY 
This amendment clarifies that a qualified actuary is not immune from liability for 
damages to persons other than the Superintendent of Insurance or a property and casualty 
insurance company in cases of reckless disregard. The amendment also clarifies language 
relating to the public disclosure and confidentiality of certain documents. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 04/12/07 ;b/ac:.. 
LD 1262 
LR 520(02) 
An Act Regarding Property and Casualty Insurance Actuarial Opinion of Reserves 
Fiscal Note for Bill as Amended by Committee Amendment "A " 
Committee: Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - Other Special Revenue Funds 
Fiscal Detail and Notes 
Any additional cost to the Bureau ofInsurance in the Department of Professional and Financial Regulation can be 
absorbed by the bureau utilizing existing budget resources. 
LR0520(02) - Fiscal Note - Page I of 1