Or. Admin. R. 836-011-0015

Current through Register Vol. 63, No. 9, September 1, 2024

Section 836-011-0015 - Property and Casualty Actuarial Opinion of Reserves and Supporting Documentation

(1) Each authorized insurer transacting property or casualty insurance in this state, unless otherwise exempted by the domiciliary commissioner, shall submit annually to the Director of the Department of Consumer and Business Services the opinion of an appointed actuary as provided in this section. The opinion shall be entitled "Statement of Actuarial Opinion" and shall be filed in accordance with the annual statement instructions adopted pursuant to OAR 836-011-0000.

(2)

(a) Every property and casualty insurer domiciled in this state that is required to submit a Statement of Actuarial Opinion under section (1) of this rule shall annually submit an actuarial opinion summary, written by the insurer's appointed actuary. The actuarial opinion summary shall be filed in accordance with the annual statement instructions adopted pursuant to OAR 836-011-0000 and shall be considered as a document supporting the actuarial opinion required under section (1) of this rule.

(b) An insurer authorized to transact insurance in this state but not domiciled in this state shall provide the actuarial opinion summary upon request.

(3)

(a) Every property and casualty insurer domiciled in this state that is required to submit a Statement of Actuarial Opinion under section (1) of this rule shall prepare an actuarial report and underlying work papers. The actuarial report and underlying work papers shall be prepared to support each actuarial opinion and shall be in accordance with the annual statement instructions adopted pursuant to OAR 836-011-0000.

(b) If an insurer fails to provide a supporting actuarial report or work papers at the request of the director or if the director determines that the supporting actuarial report or work papers provided by the insurer is otherwise unacceptable to the director, the director may engage a qualified actuary at the expense of the insurer to review the opinion and the basis for the opinion and prepare any supporting actuarial report or work papers required by the director. Before the director engages a qualified actuary under this subsection, the director shall first identify the supporting actuarial report or work papers the insurer has failed to provide or the reason the report or work papers are unacceptable and allow the insurer a reasonable time to remedy the deficiency.

(4) Except in cases of fraud or willful misconduct, an appointed actuary shall not be liable for damages to any person other than the insurer or the director for any act, error, omission, decision or conduct with respect to the actuary's opinion.

(5) The Statement of Actuarial Opinion shall be provided with the annual statement in accordance with the appropriate property and casualty annual statement instructions adopted pursuant to OAR 836-011-0000 and shall be treated as a public document.

(6) Documents, material or other information in the possession or control of the department that are considered an actuarial report, work papers or an actuarial opinion summary provided in support of a Statement of Actuarial Opinion, and any other material provided by the insurer to the director in connection with an actuarial report, work papers or actuarial opinion summary, is confidential as provided in ORS 705.137.

Or. Admin. R. 836-011-0015

ID 17-2010, f. & cert. ef. 9-14-10

Stat. Auth.: ORS 731.244, 731.574 & 733.210

Stats. Implemented: ORS 731.574 & 733.210