No. 43220 (5-year Review): Rule R590-162. Actuarial Opinion and Memorandum Rule

DAR File No.: 43220
Filed: 09/21/2018 10:25:42 AM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

This rule sets standards and the wording to be used in an actuarial opinion and memorandum as required in Section 31A-17-503. The opinion and memorandum are to be filed by all life and fraternal insurance companies along with their annual statements.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

The Insurance Department received two written comments from members of the industry during the past five years. Both were submitted in response to amendments the Department made to this rule in 2015 and both were supportive of the changes.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

This rule must be continued because it is an important requirement for financial regulators to gain a comfort level for insurance company reserves and for asset adequacy and liability matching. This rule is also required by the National Association of Insurance Commissioners for Utah to keep its national accreditation.

The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:

Insurance
Administration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201

Direct questions regarding this rule to:

• Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at [e-mail]

Effective:

09/21/2018

Authorized by:

Steve Gooch, Information Specialist

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