New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.5 - General requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Submission of statement of actuarial opinion for page 1 of annual
				  statement.
(1) There is to be included
				  on or attached to page 1 of the annual statement for each year beginning with
				  the year in which this Part becomes effective the statement of an appointed
				  actuary, entitled "Statement of Actuarial Opinion" setting forth an opinion
				  relating to reserves and related actuarial items held in support of policies
				  and contracts, in accordance with section
				  95.8 
				  of this Part; provided, however, that any company exempted pursuant to section
				  95.6 
				  or section
				  95.11 
				  of this Part from submitting a statement of actuarial opinion in accordance
				  with section
				  95.8 
				  of this Part shall include or attach to page 1 of the annual statement a
				  statement of actuarial opinion rendered by an appointed actuary in accordance
				  with section
				  95.7 
				  or section
				  95.11 
				  of this Part.
(2) If in the
				  previous year a company provided a statement of actuarial opinion in accordance
				  with section
				  95.7 
				  of this Part, and in the current year fails the exemption criteria of section
				  95.6(c)(1), (2) or
				  (5)  of this Part (whichever is applicable)
				  and is required to again provide an actuarial opinion in accordance with
				  section
				  95.8 
				  of this Part, the statement of actuarial opinion in accordance with section
				  95.8 
				  of this Part shall not be required until August 1st following the date of the
				  annual statement. In this instance, the company shall provide a statement of
				  actuarial opinion in accordance with section
				  95.7 
				  of this Part with appropriate qualification noting the intent to subsequently
				  provide a statement of actuarial opinion in accordance with section
				  95.8 
				  of this Part.
(3) In the case of a
				  statement of actuarial opinion required to be submitted by a foreign or alien
				  company, the superintendent may accept the statement of actuarial opinion filed
				  by such company with the insurance supervisory regulator of a state accredited
				  by the NAIC if the superintendent determines that the opinion reasonably meets
				  the requirements applicable to a company domiciled in this State.
(4) Upon written request by the company, the
				  superintendent may grant an extension of the date for submission of the
				  statement of actuarial opinion.
(5)
				  If the superintendent requires more information, the company shall comply with
				  requests for such information. Failure of the appointed actuary to furnish
				  within 30 days of the date of request either:
(i) the requested information; or
(ii) an explanation of why preparation of
				  such information may take longer, together with the expected date of
				  submission, shall be considered as "lack of cooperation" and may subject the
				  insurer to a penalty.
(6) Any company requesting any exception from
				  or waiver of any of the requirements of this Part, or that is required to file
				  any statement or memorandum pursuant to section
				  95.9
				  or
				  95.11 
				  of this Part, shall submit such request, statement or memorandum to the
				  superintendent on or before the time it files its annual statement with the
				  superintendent pursuant to section 307  of the Insurance Law, attention of:
Life Bureau, Actuarial Valuation Unit
New York State Department of Financial Services
One Commerce Plaza
Albany, NY 12257