Submission of Annual Statement of Actuarial Opinion of Appointed Actuary by Property and Casualty Insurance Companies Licensed to Do Business in Georgia

  1. Law
  2. Georgia Code
  3. Insurance
  4. Property and Casualty Actuarial Opinion Law
  5. Submission of Annual Statement of Actuarial Opinion of Appointed Actuary by Property and Casualty Insurance Companies Licensed to Do Business in Georgia

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  1. Every property and casualty insurance company doing business in this state, unless otherwise exempted by the domiciliary commissioner, shall annually submit the opinion of an appointed actuary entitled "Statement of Actuarial Opinion." This opinion shall be filed in accordance with rules and regulations promulgated by the Commissioner regarding property and casualty annual statement instructions.
    1. Every property and casualty insurance company domiciled in this state that is required to submit a statement of actuarial opinion shall annually submit an actuarial opinion summary written by the company's appointed actuary. This actuarial opinion summary shall be filed in accordance with rules and regulations promulgated by the Commissioner regarding property and casualty annual statement instructions and shall be considered as a document supporting the actuarial opinion required in subsection (a) of this Code section.
    2. A company licensed but not domiciled in this state shall provide the actuarial opinion summary upon request.
    1. An actuarial report and underlying work papers as required by rules and regulations promulgated by the Commissioner regarding property and casualty annual statement instructions shall be prepared to support each actuarial opinion.
    2. If the insurance company fails to provide a supporting actuarial report or work papers at the request of the Commissioner or the Commissioner determines that the supporting actuarial report or work papers provided by the insurance company are otherwise unacceptable to the Commissioner, the Commissioner may engage a qualified actuary at the expense of the insurance company to review the opinion and the basis for the opinion and prepare the supporting actuarial report or work papers.
  4. The appointed actuary shall not be liable for damages to any person other than the insurance company and the Commissioner for any act, error, omission, decision, or conduct with respect to the actuary's opinion except in cases of fraud or willful misconduct on the part of the appointed actuary.

(Code 1981, §33-62-2, enacted by Ga. L. 2008, p. 1090, § 4/SB 471.)


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