(a) Submission of Statement of Actuarial Opinion. There must be included on or attached to page one of the annual statement for each year beginning with the year in which this chapter becomes effective the statement of an appointed actuary, entitled “Statement of Actuarial Opinion,” setting forth an opinion relating to reserves and related actuarial items held in support of policies and contracts, in accordance with subsection (d) of this section. Upon written request by the company, the Commissioner may grant an extension of the date for submission of the statement of actuarial opinion.
(b) Qualified Actuary. A “Qualified actuary” is an individual who:
(1) is a member in good standing of the American Academy of Actuaries;
(2) is qualified to sign statements of actuarial opinion for life and health insurance company annual statements in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements;
(3) is familiar with the valuation requirements applicable to life and health insurance companies;
(4) has not been found by the Commissioner, or if so found, has subsequently been reinstated as a qualified actuary, following appropriate notice and hearing, to have:
(A) violated any provision of, or any obligation imposed by, the Insurance Law or other law in the course of dealings as a qualified actuary;
(B) been found guilty of fraudulent or dishonest practices;
(C) demonstrated incompetency, lack of cooperation or untrustworthiness to act as a qualified actuary;
(D) submitted to the Commissioner during the past five years, pursuant to this chapter, an actuarial opinion or memorandum that the Commissioner rejected, because it did not meet the requirements of this chapter, including standards set by the Actuarial Standards Board; or
(E) Resigned or been removed as an actuary within the past 5 years as a result of acts or omissions indicated in any adverse report on examination or as a result of failure to adhere to generally acceptable actuarial standards; and
(5) Has failed to notify the Commissioner of any action taken by any commissioner of any other state similar to that under subsection (b)(4).
(c) Appointed Actuary. A qualified Actuary must be appointed or retained to prepare the Statement of Actuarial Opinion required by this chapter, either directly by or by the authority of the board of directors through an executive officer of the company other than the qualified actuary. The company shall give the Commissioner timely written notice of the name, title, and, in the case of a consulting actuary, the name of the firm and manner of appointment or retention of each person appointed or retained by the company as an appointed actuary and shall state in the notice that the person meets the requirements set forth in subsection (b). Once notice is furnished, no further notice is required with respect to this person, provided that the company shall give the Commissioner timely written notice if the actuary ceases to be appointed or retained as an appointed actuary or to meet the requirements set forth in subsection (b). If any person appointed or retained as an appointed actuary replaces a previously, appointed actuary, the notice must so state and give the reasons for replacement.
(d) Standards for Asset Adequacy Analysis. The asset adequacy analysis required by this chapter must:
(1) conform to the Standards of Practice as promulgated from time to time by the Actuarial Standards Board and on any additional standards under this chapter, which are to form the basis of the statement of actuarial opinion in accordance with this chapter; and
(2) be based on methods of analysis as are deemed appropriate for such purposes by the Actuarial Standards Board.