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The DC Code: § 31-2502.26a Actuarial opinion of reserves.

Index31 Insurance and Securities. (Refs & Annos)
a
Every property and casualty insurance company doing business in the District, unless otherwise exempted by the Commissioner, shall annually submit the opinion of an actuary appointed by the company entitled "Statement of Actuarial Opinion." The opinion shall be prepared and filed in accordance with the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions.
b
(1) Every property and casualty insurance company domiciled in the District that is required to submit a Statement of Actuarial Opinion shall annually submit a summary entitled "Actuarial Opinion Summary," written by the actuary appointed by the company. The Actuarial Opinion Summary shall be prepared and filed in accordance with the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions and shall be a document supporting the Statement of Actuarial Opinion required by subsection (a) of this section.
2
A company licensed but not domiciled in the District shall provide the Actuarial Opinion Summary upon request.
c
(1) A report entitled "Actuarial Report" and underlying workpapers as required by the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions shall be prepared to support each Statement of Actuarial Opinion.
2
If the company fails to provide a supporting Actuarial Report or workpapers at the request of the Commissioner or the Commissioner determines that the supporting Actuarial Report or workpapers provided by the company have been improperly prepared or are otherwise unacceptable, the Commissioner may engage a qualified actuary at the expense of the company to review the Statement of Actuarial Opinion and the basis for the opinion and prepare the supporting Actuarial Report or workpapers.
d
The actuary appointed by the company shall not be liable for damages to any person other than the insurance company and the Commissioner for any act, error, omission, decision, or conduct with respect to the actuary's opinion, except in cases of fraud, willful misconduct, or gross negligence on the part of the actuary.

Historical and Statutory

Legislative History of Laws Law 17-289, the "Property and Casualty Actuarial Opinion Amendment Act of 2008", was introduced in Council and assigned Bill No. 17-253 which was referred to the Committee on Public Services and Consumer Affairs. The Bill was adopted on first and second readings on October 7, 2008, and November 18, 2008, respectively. Signed by the Mayor on December 8, 2008, it was assigned Act No. 17-576 and transmitted to both Houses of Congress for its review. D.C. Law 17-289 became effective on March 20, 2009. DC CODE § 31-2502.26a Current through December 11, 2012

Credits

(Oct. 9, 1940, 54 Stat. 1076, ch. 792, ch. II, § 26a, as added Mar. 20, 2009, D.C. Law 17-289, § 2, 55 DCR 12619.)