Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 310. Rules Governing Actuarial Opinions and Memoranda
1/25/2020

14VAC5-310-105. Notification of an Opinion in Error; Amended Opinion.

A. The insurer required to furnish an actuarial opinion shall require its appointed actuary to notify its Board of Directors or its audit committee, in writing, within five business days after any determination by the appointed actuary that the opinion or other valuation submitted to the domiciliary commissioner was in error as a result of reliance on data or other information, other than assumptions, that, as of the balance sheet date, was factually incorrect. The opinion shall be considered to be in error if the opinion would not have been issued or would have been materially altered had the correct data or other information been used. The opinion shall not be considered in error if it would have been materially altered or not issued solely because of data or information concerning events subsequent to the balance sheet date or because actual results differ from those projected.

B. Notification shall be required when a determination prescribed by this section is made between the issuance of the opinion and the balance sheet date for which the next opinion will be issued. The notification shall include a summary of such findings and an amended opinion.

C. An insurer that is notified pursuant to subsections A or B of this section shall forward a copy of the summary and amended opinion to the domiciliary commissioner within five business days of receipt of such report and shall provide the appointed actuary making the notification with notice of the transmittal and a copy of the summary and amended opinion being furnished to the domiciliary commissioner. If the appointed actuary fails to receive the notice and prescribed copies within the five-business-day period referred to in the previous sentence, that appointed actuary shall notify the domiciliary commissioner within the next five business days that the submitted opinion should no longer be relied.

D. If the actuary learns that the data or other information relied upon was factually incorrect, but cannot determine what, if any, changes are needed in the statement of opinion, the actuary and the company shall undertake as quickly as is reasonably practicable those procedures necessary for the actuary to make the determination described in subsection A of this section. If the insurer does not provide the necessary data corrections and other support, including financial support, within 10 business days, the actuary shall proceed to notify the domiciliary commissioner in accordance with provisions in subsection C of this section.

E. No qualified actuary shall be liable in any manner to any person for any statement made pursuant to this section if the statement is made in a good faith effort to comply with this section.

Statutory Authority

§§ 12.1-13, 38.2-223, and 38.2-3127.1 of the Code of Virginia.

Historical Notes

Derived from Volume 20, Issue 05, eff. December 31, 2003.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.