Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0100 - Actuarial Certification; Guidelines

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The actuarial opinion required by ORS
			 750.315 and
			 750.325 to be submitted annually
			 must meet the requirements of this rule. The annual statement of a multiple
			 employer welfare arrangement must include a certification prepared according to
			 the requirements of this rule. Attached to page 1 of the annual statement must
			 be the statement of a qualified actuary setting forth the opinion of the
			 actuary relating to loss reserves, provision for experience rating refunds and
			 any other actuarial items.
(2) An
			 applicant for a certificate of multiple employer welfare arrangement must
			 submit an actuarial opinion meeting the requirements of this rule in order to
			 satisfy ORS 750.305(8)
			 which requires proof of adequate reserves according to the requirements of ORS
			 750.315 to be submitted to the
			 Director along with the application for the certificate of multiple employer
			 welfare arrangement and other supporting materials. The actuarial opinion must
			 be the statement of a qualified actuary setting forth the opinion of the
			 actuary relating to loss reserves, provision for experience rating refunds and
			 any other actuarial items.
(3) For
			 purposes of this rule, a qualified actuary means a member in good standing of
			 the American Academy of Actuaries, or a person recognized by the American
			 Academy of Actuaries as qualified for such an actuarial valuation, or a person
			 who otherwise has demonstrated competency in such an actuarial evaluation to
			 the satisfaction of the Director.
(4) The statement of the actuary's opinion
			 must consist of a paragraph identifying the actuary, a scope paragraph
			 identifying the subjects on which an opinion is to be expressed and describing
			 the scope of the actuary's work as provided in sections (7) to (9) of this
			 rule, and an opinion paragraph expressing the opinion of the actuary with
			 respect to such subjects as provided in sections (10) to (12) of this rule. The
			 actuary may include one or more additional paragraphs in individual cases if
			 the actuary considers it necessary to state a qualification of opinion or to
			 explain some aspect of the annual statement that is not already sufficiently
			 explained in the annual statement.
(5) The opening paragraph of the statement of
			 opinion must generally indicate the relationship of the actuary to the multiple
			 employer welfare arrangement as follows:
(a)
			 For an actuary who is an employee of the multiple employer welfare arrangement,
			 the opening paragraph of the opinion must contain a sentence such as:
"I,
			 (name and title of actuary), am an officer (employee) of the trust carrying on
			 the business of (name of multiple welfare arrangement) and a member of the
			 American Academy of Actuaries"
;
(b) For a consulting actuary, the opening
			 paragraph of the statement of opinion must contain a sentence such as:
"I, (name and title of consultant), am associated with the firm of (name
			 of firm). I am a member of the American Academy of Actuaries and have been
			 retained by the trust carrying on the business of (name of the multiple
			 employer welfare arrangement) with regard to loss reserves, actuarial
			 liabilities and related items"
;
(c) For a person other than a member of the
			 American Academy of Actuaries, the opening paragraph of the opinion must
			 contain a sentence such as:
(A)
"I,
			 (name and title), am an officer (employee) of the trust carrying on the
			 business of (name of the multiple employer welfare arrangement) and I (SELECT
			 ONE:) (have competency in actuarial valuations for organizations of this kind)
			 -or- (am recognized by the American Academy of Actuaries as qualified to
			 perform actuarial valuations for organizations of this kind)"
;
			 or
(B)
"I, (name and title of
			 consultant), am associated with the firm of (name of firm). I (SELECT ONE:)
			 (have competency in actuarial valuations for organizations of this kind) -or-
			 (am recognized by the American Academy of Actuaries as qualified to perform
			 actuarial valuations for organizations of this kind) and have been retained by
			 the trust carrying on the business of (name of multiple employer welfare
			 arrangement) with regard to the valuation"
.