Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 21 - Regulation 47-Actuarial Opinion and Memorandum Regulation › Section XIII-2113 - Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary

Current through Register Vol. 50, No. 6, June 20, 2024
A. General
1. In accordance with
				R.S.
				22:162.1, 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 §2109. B 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 years.
5. In accordance with
				R.S.
				22:162.1, 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.