Sec. 21.3. (a) Every domestic casualty insurance company, domestic fire and marine insurance company, and domestic life and health insurance company shall include an actuarial opinion as an additional part of the financial statement required under section 21 of this chapter. The commissioner shall adopt rules under IC 4-22-2 that:

(1) prescribe the form and content of the actuarial opinion required by this section; and

Terms Used In Indiana Code 27-1-20-21.3

  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • fire and marine insurance company: means any company making the kind or kinds of insurance set out and defined in class 3 of IC 27-1-5-1. See Indiana Code 27-1-2-3
  • Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) establish minimum qualifications that an actuary must meet in order to provide the actuarial opinion required under this section.

     (b) The actuarial opinion required by subsection (a) shall be included with every annual statement beginning with the statement for calendar year 1994.

As added by P.L.1-1990, SEC.259. Amended by P.L.130-1994, SEC.27; P.L.116-1994, SEC.37; P.L.14-2000, SEC.57.

  Previous section
Next section  
 Chapter 20 Contents