Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.09 - LIFE AND HEALTH ACUTARIAL OPINION AND MEMORANDUM RULE › Section 18.07.09.024 - DESCRIPTION OF ACTUARIAL MEMORANDUM INCLUDING AN ASSET ADEQUACY ANALYSIS AND REGULATORY ASSET ADEQUACY ISSUES SUMMARY

Current through August 31, 2023
01.
General
. (4-6-23)
a. Per Section
			 41-612(12), Idaho
			 Code, the appointed actuary will prepare a memorandum to the company describing
			 the analysis done to support their opinion on the reserves. The memorandum will
			 be made available for the Director's examination upon request, but it will be
			 returned to the company after the examination and cannot be considered a record
			 of the insurance Department or subject to automatic filing with the Director.
			 (4-6-23)
b. In preparing the
			 memorandum, the appointed actuary may rely on, and include as a part of their
			 own memorandum, memoranda prepared and signed by other actuaries who are
			 qualified within the meaning of Subsection
			 021.02, with respect to the
			 areas covered in such memoranda, and so state in their memorandum.
			 (4-6-23)
c. If the Director
			 requests a memorandum that does not exist, or if the Director finds the
			 memorandum's analysis violates the standards of the Actuarial Standards Board
			 or the standards and requirements of this rule, the Director may designate a
			 qualified actuary to review the opinion and prepare supporting memorandum. The
			 company will pay, subject to the Director's direction and control, the
			 reasonable and necessary expense of the independent review. (4-6-23)
d. The reviewing actuary will have the same
			 status as an examiner for purposes of obtaining data from the company, and the
			 Director will retain the reviewing actuary's work papers and documentation. But
			 any information provided by the company to the reviewing actuary and included
			 in the work papers will be considered as examination workpapers and will be
			 kept confidential to the same extent as prescribed by Section
			 41-227, Idaho Code. The reviewing
			 actuary cannot be an employee of a consulting firm involved with the
			 preparation of any prior memorandum or opinion for the insurer under this rule
			 for the current year or any of the preceding three (3) years.
			 (4-6-23)
e. Per Section
			 41-612(12), Idaho
			 Code, the appointed actuary will prepare a regulatory asset adequacy issues
			 summary, the contents of which are specified in Subsection
			 024.03. This summary will be
			 submitted by March 15 of the year after the year for which a statement of
			 actuarial opinion based on asset adequacy is mandatory. The summary is
			 confidential and exempt from public disclosure under Sections
			 41-612(12)  and
			 74-107(5), Idaho
			 Code. (4-6-23)
f. Per Section
			 41-612(12)(d)(iv),
			 the Director will accept a foreign or alien company's regulatory asset adequacy
			 issues summary, on file with the insurance supervisory official of another
			 state, if the Director determines the summary reasonably meets the requirements
			 for a company domiciled in Idaho. Thus, foreign or alien insurers that had to
			 file the regulatory asset adequacy issues summary in their home state are
			 exempt from filing in Idaho, except upon Director request, if the other state
			 has substantially similar reporting requirements and the summary is timely
			 filed with the other state's commissioner. (4-6-23)