2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515H - PROPERTY AND CASUALTY ACTUARIAL OPINIONS
515H.2 - ACTUARIAL OPINION OF RESERVES -- SUPPORTING DOCUMENTATION.

        515H.2  ACTUARIAL OPINION OF RESERVES -- SUPPORTING
      DOCUMENTATION.
         1.  Statement of actuarial opinion.  Every property and
      casualty insurance company doing business in this state, unless
      otherwise exempted from this requirement by the commissioner, shall
      annually submit the opinion of an appointed actuary entitled
      "statement of actuarial opinion" with the company's annual statement
      in accordance with the provisions of section 515.63 and with the
      requirements of the national association of insurance commissioners'
      property and casualty annual statement instructions.
         2.  Actuarial opinion summary.
         a.  Every property and casualty insurance company domiciled in
      this state that is required to submit a statement of actuarial
      opinion shall annually submit an actuarial opinion summary, prepared
      and signed by the company's appointed actuary.  The actuarial opinion
      summary shall be filed in accordance with the requirements of the
      national association of insurance commissioners' property and
      casualty company annual statement instructions and shall be
      considered a document in support of the statement of actuarial
      opinion required under subsection 1.
         b.  A property and casualty insurance company that is licensed
      but not domiciled in this state shall provide an actuarial opinion
      summary upon request of the commissioner.
         3.  Actuarial report and work papers.
         a.  An actuarial report and supporting work papers shall be
      prepared to support each statement of actuarial opinion in accordance
      with the requirements of the national association of insurance
      commissioners' property and casualty company annual statement
      instructions.
         b.  If an insurance company fails to provide a supporting
      actuarial report and work papers as requested by the commissioner or
      the commissioner determines that the actuarial report or work papers
      provided are unacceptable, the commissioner may engage a qualified
      actuary at the company's expense to review the statement of actuarial
      opinion and the basis for the opinion and to prepare a supporting
      actuarial report or work papers.
         4.  An appointed actuary shall not be liable for damages to any
      person, except the company and the insurance commissioner, for any
      act, error, omission, decision, or misconduct of the appointed
      actuary in conducting the actuary's duties pursuant to this section
      except in cases of fraud or willful misconduct on the part of the
      appointed actuary.  

         2007 Acts, ch 137, §14
         Referred to in § 515H.3