Ariz. Admin. Code § 20-5-1513

Current through Register Vol. 30, No. 50, December 13, 2024

Section R20-5-1513 - Financial Statements and Actuarial Reports

A. A Self-Insurer shall ensure that audited financial statements are prepared annually at the end of the Self-Insurer's fiscal year by a certified public accountant experienced in auditing financial statements.

B. Actuarial reports and studies required in this Article must be completed by an actuary that is a member of the American Academy of Actuaries (MAAA) or a fellow of the Casualty Actuarial Society (FCAS). At a minimum, actuarial reports must address claim reserves, supplemental reserves, and actuarial liabilities using an expected confidence level and a discount rate consistent with Actuarial Standard of Practice No. 20 (or a successor standard).

C. Upon request, a Self-Insurer shall file its most-recent annual audited financial statements or actuarial report with the Division.

Ariz. Admin. Code § R20-5-1513

New section made by final rulemaking at 28 A.A.R. 3435, effective 10/5/2022.