Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 69 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 210-69-007 - Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary

Current through June 17, 2024
007.01 General
007.01(A) In accordance with §
										44-425,
				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 Director 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 Director.
007.01(B) 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 005.02 of this regulation, with respect to the areas
				covered in such memoranda, and so state in their memoranda.
007.01(C) If the Director requests a
				memorandum and the company fails to provide the Director with the memorandum
				within thirty days of such request or if the Director 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
				Director 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 Director.
007.01(D) 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 Director; 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 Director 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 Director 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.
007.01(E) In accordance with §
										44-421,
				the appointed actuary shall prepare a regulatory asset adequacy issues summary,
				the contents of which are specified in 007.03. 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.