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31.05.01.00.htm 31.05.01.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 05 ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS Chapter 01 Annual Actuarial Opinion and Memorandum Authority: Insurance Article, §2-109(a)1) 4-116, 5-103, 5-201, 8-444, and 14-121, Annotated Code of Maryland
31.05.01.01.htm 31.05.01.01. 01 Scope.. A. This chapter applies to all life insurance companies and fraternal benefit societies that are authorized to:1) Do business in this State; or. 2) Reinsure life insurance, annuities, or accident and health business in this State.. B. This chapter shall be applied in a manner that allows the appointed actuary to utilize his or her professional judgment in performing the asset analysis and in developing the actuarial opinion and supporting memoranda, con
31.05.01.02.htm 31.05.01.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Actuarial opinion" means the opinion of an appointed actuary regarding the adequacy of reserves and related actuarial items based on an asset adequacy analysis in accordance with:a) Regulation .05 of this chapter; and. b) Applicable actuarial standards of practice.. 2) "Actuarial Standards Board" means the board established by the American Academy of Actuaries to d
31.05.01.03.htm 31.05.01.03. 03 General Requirements.. A. Submission of Statement of Actuarial Opinion.. 1) There shall be included on or attached to page 1 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 Regulation .05 of this chapter.
31.05.01.04.htm 31.05.01.04. 04 Liabilities To Be Covered.. A. The statement of actuarial opinion shall apply to all the business the company has in force on the statement date, whether directly issued or assumed, regardless of when or where issued, for example, reserves of Exhibits 5, 6, and 7 of the Annual Statement, and claim liabilities in Exhibit 8, Part 1 of the Annual Statement, and equivalent items in the separate account statement or statements of a life insurance company, and corresponding items
31.05.01.05.htm 31.05.01.05. 05 Statement of Actuarial Opinion Based on an Asset Adequacy Analysis.. A. General.. 1) The statement of actuarial opinion submitted in accordance with this regulation shall consist of:. a) A paragraph identifying the appointed actuary and the actuary's qualifications as required by §B(5) of this regulation;b) A scope paragraph identifying:. i) The subjects on which an opinion is to be expressed and describing the scope of the appointed actuary's work, including a
31.05.01.06.htm 31.05.01.06. 06 Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary.A. General.. 1) In accordance with Insurance Article, §5-201, Annotated Code of Maryland, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of the actuary's opinion regarding the reserves. The memorandum shall be made available for examination by the Commissioner upon the Commissione2) In preparing the memor
31.05.01.07.htm 31.05.01.07. 07 Annual Filing Requirement.. A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Regulation .05 of this chapter, and a memorandum in support of the analysis in accordance with Regulation .06 of this chapter, is required each year.
31.05.01.9999.htm 31.05.01.9999. Administrative History Effective date:. Regulations .01―10 adopted as an emergency provision effective October 26, 1993 (20:23 Md. R. 1799) adopted permanently effective January 31, 1994 (21:2 Md. R. 98) ―Chapter recodified from COMAR 09.30.99 to COMAR 31.05.01, July 1998 ―. Regulations .01―10 repealed and new Regulations .01―07 adopted as an emergency provision effective March 13, 2009 (36:8 Md. R. 592) adopted permanently effective June 1, 2009 (36:11 Md. R. 787)
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