Texas Insurance Code - Section 425.055. Supporting Memorandum For Actuarial Opinion
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§ 425.055. SUPPORTING MEMORANDUM FOR ACTUARIAL
OPINION. (a) A memorandum that, in form and substance, complies
with the commissioner's rules shall be prepared to support each
actuarial opinion required by Section 425.054.
(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).
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 425.007 425.008 425.009 425.051 425.052 425.053 425.054 425.055 425.056 425.057 425.058 425.059 425.060 425.061 425.062
Last modified: August 11, 2007
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