Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 53 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 53-7 - Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary

Current through July 13, 2024
(a) General
(i) In accordance with Wyo. Stat. §
										
											26-6-208, 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 commissioner 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
				commissioner.
(ii) 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 Section 5(b) of this regulation, with respect
				to the areas covered in such memoranda, and so state in their
				memoranda.
(iii) If the
				commissioner requests a memorandum and no such memorandum exists or if the
				commissioner 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 commissioner 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
				commissioner.
(iv) 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 commissioner; 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
				commissioner 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
				commissioner 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.
(v) In accordance with Wyo.
				Stat. §
										
											26-6-208, the appointed actuary
shall prepare a regulatory asset adequacy issues summary, the
				  contents of which are specified in Subsection (c). 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.