Discounting of loss and loss adjustment expense reserves.

Checkout our iOS App for a better way to browser and research.

(A) A captive insurance company shall file annually an actuarial opinion on loss and loss adjustment expense reserves provided by an independent actuary. The actuary may not be an employee of the captive company or its affiliates.

(B) A captive insurance company may discount its loss and loss adjustment expense reserves with prior written approval by the director.

(C) The director may disallow the discounting of loss and loss adjustment expense reserves if a captive insurance company violates a provision of this title.

HISTORY: 2001 Act No. 58, Section 4, eff May 29, 2000; 2009 Act No. 28, Section 7, eff June 2, 2009; 2018 Act No. 251 (H.4675), Section 1, eff May 18, 2018.

Effect of Amendment

2018 Act No. 251, Section 1, redesignated former (A) as (B) and former (B) as (A), and in (B), deleted "or his designee" from the end.


Download our app to see the most-to-date content.