Florida Regulations 69O-170.031: Statement of Actuarial Opinion on Loss and Loss Expense Reserves
Current as of: 2024 | Check for updates
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(1) A Statement of Actuarial Opinion on loss and loss adjustment expense reserves, when it is made, must be made by a qualified actuary. A “”qualified actuary”” is a person who is either:
(a) A member in good standing of the Casualty Actuarial Society, or
(b) A member in good standing of the American Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries.
(2) The reserve amounts shall be shown in the Statement of Opinion and shall agree with the corresponding reserves as shown in the annual statement.
(3) The Statement of Opinion must address the adequacy of direct and assumed, ceded, and net loss and loss adjustment expense reserves as contained in Schedule P of the annual statement.
(4) An actuarial report or work papers supporting the loss reserve opinion shall be maintained by the insurer and available to the Office on request for seven years.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 624.424 FS. History-New 1-27-92, Formerly 4-170.031.
(b) A member in good standing of the American Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries.
(2) The reserve amounts shall be shown in the Statement of Opinion and shall agree with the corresponding reserves as shown in the annual statement.
(3) The Statement of Opinion must address the adequacy of direct and assumed, ceded, and net loss and loss adjustment expense reserves as contained in Schedule P of the annual statement.
(4) An actuarial report or work papers supporting the loss reserve opinion shall be maintained by the insurer and available to the Office on request for seven years.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 624.424 FS. History-New 1-27-92, Formerly 4-170.031.