§ 5-201.1. Annual opinion to be submitted as to adequacy of company’s reserves and certain rela...
West's Annotated Code of MarylandInsuranceEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Insurance, § 5-201.1
§ 5-201.1. Annual opinion to be submitted as to adequacy of company’s reserves and certain related actuarial items
(b) This section applies to each company that, on or after the operative date of the valuation manual:
(c)(1) A company subject to this section shall submit annually the opinion of an appointed actuary as to whether the reserves and related actuarial items held in support of the company's life insurance policies, accident and health insurance contracts, and deposit-type contracts are:
(d)(1) Except as exempted in the valuation manual, a company subject to this section shall include with the opinion required by subsection (c) of this section an additional opinion of the same appointed actuary, stating whether the reserves and related actuarial items that are held in support of the company's life insurance policies, accident and health insurance contracts, and deposit-type contracts are adequate to meet the company's obligations under the life insurance policies, accident and health insurance contracts, and deposit-type contracts, in light of the assets held with respect to the reserves and related actuarial items.
(3) In reviewing the assets held by a company with respect to the reserves and related actuarial items, the appointed actuary shall consider the expected investment earnings on the assets and other consideration that the company expects to receive and retain under the company's life insurance policies, accident and health insurance contracts, and deposit-type contracts.
(e)(1) A memorandum shall be prepared to support each opinion required under this section.
(f)(1) Each opinion required by this section shall:
(2) For a foreign company or an alien company, the Commissioner may accept an opinion that the foreign or alien company files with the insurance supervisory official of another state if the Commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this State.
(g) Except for fraud or willful misconduct, an appointed actuary is not liable for damages to any person other than the company or the Commissioner for any act, error, omission, decision, or conduct related to the appointed actuary's opinion.
Credits
Added by Acts 2015, c. 367, § 2, eff. Oct. 1, 2015.
MD Code, Insurance, § 5-201.1, MD INSURANCE § 5-201.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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