R590-162-2. Purpose and Scope

(1) The purpose of this rule is to prescribe: (a) requirements for statements of actuarial opinion and memoranda in support that are submitted under Section 31A-17-503; (b) guidance for adequacy of reserves; and (c) rules applicable to an appointed actuary. (2)(a) This rule applies to a company that: (i) files a life, accident and health annual statement; or (ii) is authorized to reinsure life insurance, annuities, or accident and health insurance business. (b) This rule allows an appointed actuary to use professional judgment in performing an asset adequacy analysis and developing an actuarial opinion and supporting memoranda, consistent with applicable actuarial standards of practice.