Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 200 - Insurance Solvency and Company Regulation › Chapter 1 - Financial Solvency and Accounting Standards › Section 20 CSR 200-1.115 - Actuarial Opinions of Reserves of Life and Health Insurance Policies, Annuities and Pure Endowment Contracts

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule effectuates or aids in the
				  interpretation of sections
				  376.370,
				  376.380
				  and
				  376.390,
				  RSMo.
(1) Actuarial Opinion
				Required.
(A) Every life insurance company
				doing business in this state annually shall submit the opinion of a qualified
				actuary as to whether the reserves and related actuarial items held in support
				of the company's policies and contracts are computed appropriate-l y, are based
				on assumptions which satisfy contractual provisions, are consistent with prior
				reported amounts and comply with applicable laws of this state.
(B) The opinion shall be submitted with the
				annual statement reflecting the valuation of those reserve liabilities for each
				year ending on or after December 31, 1992.
(C) The opinion shall apply to all business
				in force including individual and group health insurance plans.
(D) The opinion shall be based on standards
				adopted from time-to-time by the Actuarial Standards Board.
(E) In the case of an opinion required to be
				submitted by a foreign or alien company, the director may accept the opinion
				filed by that company with the insurance supervisory official of another state
				if the director determines that the opinion reasonably meets the requirements
				applicable to a company domiciled in this state.
(F) For the purposes of this section,
				qualified actuary means a member in good standing of the American Academy of
				Actuaries who meets the requirements set forth in those rules.
(G) Except in cases of fraud or willful
				misconduct, the qualified actuary shall not be liable for damages to any person
				(other than the insurance company and the director) for any act, error,
				omission, decision or conduct with respect to the actuary's opinion.
(H) Disciplinary action by the director
				against the company or the qualified actuary shall include any actions
				authorized by the insurance laws of this state and as to the qualified actuary,
				refusal to accept future opinions.
(I) A memorandum, in form and substance
				acceptable to the director, shall be prepared to support each actuarial
				opinion.
(J) If the insurance
				company fails to provide a supporting memorandum at the request of the director
				within thirty (30) days of that request, or the director determines that the
				supporting memorandum provided by the insurance company fails to meet the
				standards prescribed by this rule, or is otherwise unacceptable to the
				director, the director may engage a qualified actuary at the expense of the
				company to review the opinion and the basis for the opinion and prepare the
				supporting memorandum as is required by the director.
(K) Any memorandum in support of the opinion,
				and any other material provided by the company to the director in connection
				with the opinion shall be kept confidential by the director and shall not be
				made public and shall not be subject to subpoena, other than for the purpose of
				defending an action seeking damages from any person by reason of any action
				required by this rule; provided, that the memorandum or other material may
				otherwise be released by the director-a) with the written consent of the
				company or b) to the American Academy of Actuaries upon request stating that
				the memorandum or other material is required for the purpose of professional
				disciplinary proceedings and setting forth procedures satisfactory to the
				director for preserving the confidentiality of the memorandum or other
				material. Once any portion of the confidential memorandum is cited by the
				company in its marketing, or is cited before any governmental agency other than
				a state insurance department, or is released by the company to the news media,
				all portions of the confidential memorandum shall no longer be
				confidential.