Indiana Code 27-1-35-13. Opinions of independent casualty actuaries or independent loss reserve specialists
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Terms Used In Indiana Code 27-1-35-13
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- controlled: has the meaning set forth in IC 27-1-23-1. See Indiana Code 27-1-35-4
- insurer: means any person, firm, association, or corporation licensed to transact a property/casualty insurance business in Indiana. See Indiana Code 27-1-35-7
- producer: means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation. See Indiana Code 27-1-35-8
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 13. In addition to any other required loss reserve certification, the controlled insurer shall annually, on April 1 of each year, file with the commissioner an opinion of an independent casualty actuary or such other independent loss reserve specialist acceptable to the commissioner reporting loss ratios for each line of business written and attesting to the adequacy of loss reserves established for losses incurred and outstanding as of year end (including incurred but not reported) on business placed by the producer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.