Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.7 - Annual Certification of Loss Reserves and Loss Expense Reserves

Current through Register Vol. 47, No. 3, July 24, 2024
(1) All companies
				shall submit an annual statement of actuarial opinion by a qualified actuary,
				evaluating the company's loss reserves and loss expense reserves or life and
				health policy and claim reserves. The statement of actuarial opinion shall
				conform to the Standards of Practice promulgated by the Actuarial Standards
				Board of the American Academy of Actuaries, the standards of the Casualty
				Actuarial Society, or the standards of the Society of Actuaries, as applicable,
				and such additional standards as the commissioner deems appropriate.
(2) The individual who prepares the statement
				of actuarial opinion shall be approved by the commissioner and shall be a
				Fellow of the Casualty Actuarial Society, a member in good standing of the
				American Academy of Actuaries, a member in good standing of the Society of
				Actuaries, or an individual who has demonstrated competence to the
				commissioner.
(3) The annual
				statement of actuarial opinion shall be considered part of the company's annual
				report of financial condition, except with respect to the date by which it must
				be filed with the commissioner.
(4)
				With the exception of risk retention groups and special purpose financial
				insurance companies, all companies shall file such statement of actuarial
				opinion with the commissioner on or before June 30 for the year ending December
				31 immediately preceding. Companies that have received approval to report on
				other than a calendar year basis shall file such opinion within 180 days after
				the end of their fiscal year.
(5) A
				risk retention group domiciled in this state shall file such statement of
				actuarial opinion with the commissioner on or before March 1 and an actuarial
				opinion summary on or before March 15 for the year ending December 31
				immediately preceding, written by the company's appointed actuary evaluating
				the company's loss reserves and loss expense reserves. The appointed actuary
				must be appointed by the board of directors, or its equivalent, or by a
				committee of the board, by December 31 of the calendar year for which the
				opinion is rendered. The appointed actuary must report to the board of
				directors each year on the items within the scope of the statement of actuarial
				opinion. The statement of actuarial opinion and the supporting actuarial report
				must be made available to the board of directors. The minutes of the board of
				directors should indicate that the appointed actuary has presented such
				information to the board of directors and that the statement of actuarial
				opinion and the supporting actuarial report were made available. The statement
				of actuarial opinion and the actuarial opinion summary shall be in the format
				of and contain the information required by the NAIC's Property and Casualty
				Annual Statement Instructions.
A special purpose financial insurance company domiciled in
				  this state shall file such statement of actuarial opinion on or before June 30
				  for the year ending December 31 immediately preceding. The statement of
				  actuarial opinion shall be in the format of and contain the information
				  required by the NAIC's Life, Accident and Health Annual Statement Instructions
				  or Property and Casualty Annual Statement Instructions, as
				  applicable.