Chapter
031
2008 -- H 7728
Enacted 06/12/08
A N A C T
RELATING TO INSURANCE
Introduced By: Representative Robert A. Watson
Date Introduced: February 26, 2008
It is
enacted by the General Assembly as follows:
SECTION
1. Title 27 of the General Laws entitled "INSURANCE" is hereby
amended
by
adding thereto the following chapter:
CHAPTER 12.3
PROPERTY AND CASUALTY ACTUARIAL OPINION LAW
27-12.3-1.
Title. -- This act shall be known as the "Property and Casualty
Actuarial
Opinion
Law."
27-12.3-2.
Actuarial opinion of reserves and supporting documentation. –
(a)
Statement of actuarial opinion. Every property and casualty insurance company
doing
business
in this state, unless otherwise exempted by the domiciliary commissioner, shall
annually
submit
the opinion of an appointed actuary entitled "Statement of Actuarial
Opinion." This
opinion
shall be filed in accordance with the appropriate national association of
insurance
commissioners
property and casualty annual statement instructions.
(b)
Actuarial opinion summary. (1) Every property and casualty insurance company
domiciled
in this state that is required to submit a statement of actuarial opinion shall
annually
submit
an actuarial opinion summary, written by the company's appointed actuary. This
actuarial
opinion
summary shall be filed in accordance with the appropriate national association
of
insurance
commissioner's property and casualty annual statement instructions and shall be
considered
as a document supporting the actuarial opinion required in subsection (a). (2)
A
company
licensed but not domiciled in this state shall provide the actuarial opinion
summary
upon
request.
(c)
Actuarial report and work papers. (1) An actuarial report and underlying work
papers
as
required by the appropriate national association of insurance commissioners
property and
casualty
annual statement instructions shall be prepared to support each actuarial
opinion. (2) If
the
insurance company fails to provide a supporting actuarial report and/or work
papers at the
request
of the commissioner or the commissioner determines that the supporting
actuarial report
or
work papers provided by the insurance company is otherwise unacceptable to the
commissioner,
the commissioner may engage a qualified actuary at the expense of the company
to
review the opinion and the basis for the opinion and prepare the supporting
actuarial report or
work
papers.
(d)
The appointed actuary 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 or willful misconduct on the
part of the
appointed
actuary.
27-12.3-3.
Confidentiality. -- (a) The statement of actuarial opinion shall be
provided
with
the annual statement in accordance with the appropriate national association of
insurance
commissioners
property and casualty annual statement instructions and shall be treated as a
public
document.
(b)(1)
Documents, materials or other information in the possession or control of the
department
of insurance that are considered an actuarial report, work papers or actuarial
opinion
summary
provided in support of the opinion, and any other material provided by the
company to
the
commissioner in connection with the actuarial report, work papers or actuarial
opinion
summary,
shall be confidential by law and privileged, shall not be subject to the access
to public
records
act Rhode Island general laws section 38-2-1 et seq., shall not be subject to
subpoena, and
shall
not be subject to discovery or admissible in evidence in any private civil
action.
(2)
This provision shall not be construed to limit the commissioner's authority to
release
the
documents to the actuarial board for counseling and discipline (ABCD) so long
as the
material
is required for the purpose of professional disciplinary proceedings and that
the ABCD
establishes
procedures satisfactory to the commissioner for preserving the confidentiality
of the
documents,
nor shall this section be construed to limit the commissioner's authority to
use the
documents,
materials or other information in furtherance of any regulatory or legal action
brought
as
part of the commissioner's official duties.
(c)
Neither the commissioner nor any person who received documents, materials or
other
information
while acting under the authority of the commissioner shall be permitted or
required to
testify
in any private civil action concerning any confidential documents, materials or
information
subject
to subsection (b).
(d)
In order to assist in the performance of the commissioner's duties, the
commissioner:
(1)
May share documents, materials or other information, including the confidential
and
privileged
documents, materials or information subject to subsection (b) with other state,
federal
and
international regulatory agencies, with the national association of insurance
commissioners
and
its affiliates and subsidiaries, and with state, federal and international law
enforcement
authorities,
provided that the recipient agrees to maintain the confidentiality and
privileged status
of
the document, material or other information and has the legal authority to
maintain
confidentiality:
(e)
No waiver of any applicable privilege or claim of confidentiality in the
documents,
materials
or information shall occur as a result of disclosure to the commissioner under
this
section
or as a result of sharing as authorized in subsection (d).
SECTION
2. This act shall take effect January 1, 2010.
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LC01883
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