Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-07 - Requirements as to company reports and annual statements › ANNUAL AND OTHER STATEMENTS › Section 284-07-060 - Statement of actuarial opinion

Current through Register Vol. 24-14, July 15, 2024
(1) For
				purposes of this section "insurer" has the same meaning as set forth in
				RCW
				 48.01.050. It also includes health care
				service contractors registered under chapter 48.44 RCW, health maintenance
				organizations registered under chapter 48.46 RCW, fraternal benefit societies
				registered under chapter 48.36A RCW, and self-funded multiple employer welfare
				arrangements authorized under chapter 48.125 RCW.
(2)
(a)
				Each insurer must include with its annual statement, a statement from a
				qualified actuary, as defined in WAC
				284-05-060,
				or as defined in subsection (4) of this section for domestic property and
				casualty insurers, or as defined in subsection (5) of this section for health
				care service contractors, health maintenance organizations, and self-funded
				multiple employer welfare arrangements authorized under chapter 48.125 RCW
				entitled "Statement of Actuarial Opinion," setting forth the actuary's opinion
				relating to the insurer's reserves and other actuarial items, prepared in
				accordance with the appropriate
Annual Statement Instructions
and
Accounting Practices and Procedures Manuals
adopted by the
				National Association of Insurance Commissioners. If an exemption is allowed by
				the
Annual Statement Instructions
and is approved by the
				domiciliary commissioner, an insurer shall be exempt from this requirement
				(unless the commissioner of Washington makes a specific finding, by order,
				bulletin, letter, or otherwise, that for a specific insurer, or one or more
				insurers, company compliance is necessary to carry out the commissioner's
				statutory responsibilities). A certified copy of the approved exemption must be
				filed with the annual statement in all jurisdictions in which the company is
				authorized.
(b) After December 31,
				2014, statements of actuarial opinion for all domestic and foreign insurers
				must be filed electronically with the NAIC. The filing with the NAIC will be
				deemed to be a filing with the commissioner. This includes the statement of
				actuarial opinion for the year ended December 31, 2014. Insurers must
				electronically transmit the statement of actuarial opinion, as described in (a)
				of this subsection, in PDF or other format as noted on the commissioner's
				website. The commissioner has the discretion to allow an insurer to file a
				statement of actuarial opinion electronically with the commissioner. The
				insurer must demonstrate that filing with the NAIC will create an undue
				financial hardship for the insurer. Applications for permission to not file
				with the NAIC must be received by the commissioner at least ninety days before
				the statement of actuarial opinion is due.
(c) To comply with requirements that
				statements of actuarial opinion must be signed by the actuary, an insurer may:
(i) Use a method of electronic signature
				verification that has been approved by the commissioner for use by the insurer;
				or
(ii) Include in the electronic
				filing an image of the original signature in PDF format as noted on the
				commissioner's website. This electronically filed document must contain a
				legally binding signature of the actuary and any person providing supporting
				documentation.