Tex.
Ins. Code Section 425.055
Supporting Memorandum for Actuarial Opinion
(a)
A memorandum shall be prepared to support each actuarial opinion required by Section 425.054 (Actuarial Opinion of Reserves Issued Before Operative Date of Valuation Manual) or 425.0545 (Actuarial Opinion of Reserves After Operative Date of Valuation Manual). The form and substance of each supporting memorandum must comply with the commissioner’s rules for memorandums subject to Section 425.054 (Actuarial Opinion of Reserves Issued Before Operative Date of Valuation Manual), or the valuation manual for memorandums subject to Section 425.0545 (Actuarial Opinion of Reserves After Operative Date of Valuation Manual).(b)
The commissioner may engage an actuary or other financial specialist as defined by commissioner rule if:(1)
a life insurance company does not provide a supporting memorandum at the request of the commissioner in the time specified by rule; or(2)
the company provides a supporting memorandum, but the commissioner determines that the supporting memorandum does not meet the standards prescribed by rule or is otherwise unacceptable to the commissioner.(c)
The actuary or other financial specialist under Subsection (b) shall:(1)
review the actuarial opinion and the basis for the opinion; and(2)
prepare the supporting memorandum.(d)
A life insurance company is responsible for the expense of the actuary or other financial specialist under Subsection (b).
Source:
Section 425.055 — Supporting Memorandum for Actuarial Opinion, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.425.htm#425.055 (accessed Jun. 5, 2024).
