(a) A cooperative agreement must include a provision requiring an annual determination by a casualty actuary who is a member of the American Academy of Actuaries that procedures for establishing reserves for losses of the joint insurance arrangement are actuarially sound.
(b) A joint insurance arrangement shall be subject to an annual independent audit. The audit shall be conducted in accordance with generally accepted auditing standards and must include a review of the actuarial assumptions used for establishing the reserves under (a) of this section. The audit report must include certification from a casualty actuary who is a member of the American Academy of Actuaries that the actuarial assumptions continue to be sound and the level of the reserves are adequate.
Section: Previous 21.76.010 21.76.020 21.76.030 21.76.040 21.76.050 21.76.060 21.76.070 21.76.080 21.76.090 21.76.100 21.76.110 21.76.120 21.76.900 NextLast modified: November 15, 2016