Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.07 - Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary

Current through June 25, 2024
A. General
1. In accordance with
Miss. Code
				Ann
. §
										83-7-23,
				the appointed actuary shall prepare a memorandum to the company describing the
				analysis done in support of his or her opinion regarding the reserves. The
				memorandum shall be made available for examination by the commissioner upon his
				or her request but shall be returned to the company after such examination and
				shall not be considered a record of the insurance department or subject to
				automatic filing with the commissioner.
2. In preparing the memorandum, the appointed
				actuary may rely on, and include as a part of his or her own memorandum,
				memoranda prepared and signed by other actuaries who are qualified within the
				meaning of Section 5B of this regulation, with respect to the areas covered in
				such memoranda, and so state in their memoranda.
3. If the commissioner requests a memorandum
				and no such memorandum exists or if the commissioner finds that the analysis
				described in the memorandum fails to meet the standards of the Actuarial
				Standards Board or the standards and requirements of this regulation, the
				commissioner may designate a qualified actuary to review the opinion and
				prepare such supporting memorandum as is required for review. The reasonable
				and necessary expense of the independent review shall be paid by the company
				but shall be directed and controlled by the commissioner.
4. The reviewing actuary shall have the same
				status as an examiner for purposes of obtaining data from the company and the
				work papers and documentation of the reviewing actuary shall be retained by the
				commissioner; provided, however, that any information provided by the company
				to the reviewing actuary and included in the work papers shall be considered as
				material provided by the company to the commissioner and shall be kept
				confidential to the same extent as is prescribed by law with respect to other
				material provided by the company to the commissioner pursuant to the statute
				governing this regulation. The reviewing actuary shall not be an employee of a
				consulting firm involved with the preparation of any prior memorandum or
				opinion for the insurer pursuant to this regulation for any one of the current
				year or the preceding three (3) years.
5. In accordance with
Miss. Code
				Ann
. §
										83-7-23,
				the appointed actuary shall prepare a regulatory asset adequacy issues summary,
				the contents of which are specified in Subsection C. The regulatory asset
				adequacy issues summary will be submitted no later than March 15 of the year
				following the year for which a statement of actuarial opinion based on asset
				adequacy is required. The regulatory asset adequacy issues summary is to be
				kept confidential to the same extent and under the same conditions as the
				actuarial memorandum.