Sen. William R. Haine
Filed: 3/13/2014
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 3322 




2    AMENDMENT NO. ______. Amend Senate Bill 3322 by replacing 
3line 6 on page 2 through line 2 on page 3 with the following:
4    "The joint insurance pool shall also annually file with the 
5Director a statement of actuarial opinion that conforms to the 
6Actuarial Standards of Practice issued by the Actuarial 
7Standards Board. All statements of actuarial opinion shall be 
8issued by an independent actuary who is an associate or fellow 
9of the Casualty Actuarial Society or of the Society of 
10Actuaries. The statement of actuarial opinion shall include a 
11statement in a casualty actuarial society that the pool's 
12reserves are calculated in accordance with sound 
13loss-reserving standards and adequate for the payment of 
14claims.  This opinion shall be filed no later than 150 days 
15after the end of each fiscal year.  The joint insurance pool 
16shall be exempt from filing a statement of actuarial opinion by 
17an independent actuary who is an associate or fellow of the 
18Casualty Actuarial Society or of the Society of Actuaries in a 
 
 
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1casualty actuarial society that the joint insurance pool's 
2reserves are in accordance with sound loss-reserving standards 
3and payment of claims for the primary level of coverage  if the 
4joint insurance pool files with the Director, by the reporting 
5deadline, a statement of actuarial opinion from the provider of 
6the joint pool's aggregate coverage, reinsurance, or other 
7similar excess insurance coverage. Any statement of actuarial 
8opinion must be prepared by an actuary who satisfies the 
9qualification standards set forth by the American Academy of 
10Actuaries to issue the opinion in the particular area of 
11actuarial practice.".