No. 32097: R590-162. Actuarial Opinion and Memorandum Rule

DAR File No.: 32097
Filed: 10/30/2008, 01:51
Received by: NL

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:

The 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 department has received no written comments regarding this rule in the past five years.

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

The department needs to retain this rule 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. It is also required by the National Association of Insurance Commissioners. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division 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:

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

Authorized by:

Jilene Whitby, Information Specialist