(a) In accordance with section 535 of this title, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of the appointed actuary’s opinion regarding the reserves. The memorandum must be made available for examination by the Commissioner upon the Commissioner’s request, but must be returned to the company after the examination and may not be considered a record of the Division of Banking, Insurance and Financial Regulation or subject to automatic filing with the Commissioner.
(b) In preparing the memorandum, the appointed actuary may rely on, and include as a part of the appointed actuary’s own memorandum, memoranda prepared and signed by other actuaries who are qualified within the meaning of section 1033(b), with respect to the areas covered in such memoranda, and so state in their memoranda.
(c) If the Commissioner requests a memorandum and no such memorandum exists or if the Commissioner finds that the analysis described in the memorandum fails to meet the standards of the Actuarial Standards Board or the standards and requirements of this chapter, the Commissioner may designate a qualified actuary to review the opinion and prepare the supporting memorandum as is required for review. The reasonable and necessary expense of the independent review must be paid by the company, but must be directed and controlled by the Commissioner.
(d) The reviewing actuary shall have the same status as an examiner for purposes of obtaining data from the company and the work papers, and documentation of the reviewing actuary must be retained by the Commissioner. However, any information provided by the company to the reviewing actuary and included in the work papers must be considered as material provided by the company to the Commissioner and must be kept confidential to the same extent as is prescribed by law with respect to other material provided by the company to the Commissioner pursuant to the Standard Valuation Law under this title and any other applicable law governing the submission of these documents. The reviewing actuary may not be an employee of a consulting firm involved with the preparation of any prior memorandum or opinion for the insurer pursuant to this chapter for any one of the current years or the preceding three years.
(e) In accordance with section 529 of this title, encoded at 22 V.I.C. chapter 21, subchapter II, the appointed actuary shall prepare a regulatory asset adequacy issues summary, the contents of which are specified in section 1033(d). The regulatory asset adequacy issues summary must be submitted no later than March 15 of the year following the year for which a statement of actuarial opinion based on asset adequacy is required. The regulatory asset adequacy issues summary must be kept confidential to the same extent and under the same conditions as the actuarial memorandum.