(a) Every property and casualty insurance company doing business in the District, unless otherwise exempted by the Commissioner, shall annually submit the opinion of an actuary appointed by the company entitled “Statement of Actuarial Opinion.” The opinion shall be prepared and filed in accordance with the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions.
(b)(1) Every property and casualty insurance company domiciled in the District that is required to submit a Statement of Actuarial Opinion shall annually submit a summary entitled “Actuarial Opinion Summary,” written by the actuary appointed by the company. The Actuarial Opinion Summary shall be prepared and filed in accordance with the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions and shall be a document supporting the Statement of Actuarial Opinion required by subsection (a) of this section.
(2) A company licensed but not domiciled in the District shall provide the Actuarial Opinion Summary upon request.
(c)(1) A report entitled “Actuarial Report” and underlying workpapers as required by the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions shall be prepared to support each Statement of Actuarial Opinion.
(2) If the company fails to provide a supporting Actuarial Report or workpapers at the request of the Commissioner or the Commissioner determines that the supporting Actuarial Report or workpapers provided by the company have been improperly prepared or are otherwise unacceptable, the Commissioner may engage a qualified actuary at the expense of the company to review the Statement of Actuarial Opinion and the basis for the opinion and prepare the supporting Actuarial Report or workpapers.
(d) The actuary appointed by the company shall not be liable for damages to any person other than the insurance company and the Commissioner for any act, error, omission, decision, or conduct with respect to the actuary’s opinion, except in cases of fraud, willful misconduct, or gross negligence on the part of the actuary.
(Oct. 9, 1940, 54 Stat. 1076, ch. 792, ch. II, § 26a; as added Mar. 20, 2009, D.C. Law 17-289, § 2, 55 DCR 12619.)
This section is referenced in § 31-3931.13.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 25 - Fire, Casualty, and Marine Insurance
Subchapter II - Powers and Duties of the Commissioner
§ 31–2502.01. Records of Commissioner; rules and regulations
§ 31–2502.02. Certificate of authority to do business — Issuance or renewal
§ 31–2502.03. Certificate of authority to do business — Revocation or suspension
§ 31–2502.04. Cessation of business
§ 31–2502.05. Receivership proceedings. [Repealed]
§ 31–2502.06. Receivership proceedings; insolvency; impairment. [Repealed]
§ 31–2502.07. Receivership proceedings; insolvency; impairment. [Repealed]
§ 31–2502.08. Required annual financial statements. [Repealed]
§ 31–2502.09. Making or publishing material false statements
§ 31–2502.11. Kinds of insurance authorized
§ 31–2502.12. Limitations on exposure to risks or hazards
§ 31–2502.13. Minimum capital and surplus requirements
§ 31–2502.14. Applicability of provisions to existing companies
§ 31–2502.15. Formation of domestic companies
§ 31–2502.16. Acquisition, use and disposition of real estate by domestic companies. [Repealed]
§ 31–2502.17. Power of domestic mutual companies to borrow or assume liability
§ 31–2502.18. Investment of funds by domestic companies. [Repealed]
§ 31–2502.19. Exclusive agency contracts of domestic companies
§ 31–2502.20. Authority to transact business — Foreign or alien companies
§ 31–2502.20a. Authority to transact business — Lloyd’s organizations
§ 31–2502.23. Service of process upon foreign or alien companies. [Repealed]
§ 31–2502.25. Premiums of mutual companies
§ 31–2502.26. Company reserves. [Repealed]
§ 31–2502.26a. Actuarial opinion of reserves
§ 31–2502.26b. Confidentiality of actuarial opinions, summaries, reports, and workpapers
§ 31–2502.27. Filing and approval of policy forms
§ 31–2502.28. Rate and form filing requirements for accident and health policies
§ 31–2502.29. Discriminations prohibited
§ 31–2502.30. Powers of agents, salaried employees and brokers. [Repealed]
§ 31–2502.31. Compensation of unlicensed persons prohibited
§ 31–2502.32. Procedure for obtaining licenses [Repealed]
§ 31–2502.33. Effective dates [Repealed]
§ 31–2502.34. Temporary transfer of licenses [Repealed]
§ 31–2502.35. Renewal of licenses [Repealed]
§ 31–2502.36. Revocation and suspension of licenses [Repealed]
§ 31–2502.37. Unauthorized solicitation or representation [Repealed]
§ 31–2502.38. Exceptions to licensing provisions
§ 31–2502.39. Persons not to act for unauthorized companies
§ 31–2502.40. License to procure policies from unauthorized companies
§ 31–2502.42. Violations of provisions
§ 31–2502.43. Appeals from Commissioner to Mayor [Repealed]