(a)

1. (1) This part shall apply to all licensed life and/or accident and health insurance companies and fraternal benefit societies:

   1. (A) Domiciled in Arkansas and doing business only in Arkansas; and
   2. (B) Which are domiciled in Arkansas and authorized to reinsure life insurance, annuities, or accident and health insurance business only in this state.
2. (2) The actuarial opinion required by this part shall apply to all business in force of the companies, including but not limited to individual and group life and/or accident and health insurance plans.
3. (3) Actuarial Opinion and Memorandum — Multi-State, 23 CAR pt. 24, applies to life insurance companies and fraternal benefit societies that are licensed in or do business in multiple states including Arkansas, regardless of the company or society’s state of domicile.

(b)

1. (1) Except with respect to companies which are exempt pursuant to Subpart 3 of this part, each company’s statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Subpart 5 of this part, and a memorandum in support thereof in accordance with Subpart 6 of this part, shall be required each year.
2. (2) Exempt companies must file a statement of actuarial opinion pursuant to Subpart 4 of this part.

(c)

1. (1) A company exempt pursuant to Subpart 3 of this part from filing an opinion in accordance to Subpart 5 of this part which has written and/or assumed only life and/or deferred annuity business and/or deposit type funds, has invested assets greater than one hundred ten percent (110%) of the face value of all in-force business, total face value of in-force business is less than five million dollars ($5,000,000), and has written or assumed no new business in the current and preceding two (2) years, may apply in writing to the Insurance Commissioner for an exemption from compliance with this part.
2. (2) At the commissioner’s discretion, an exemption from compliance with this part may be granted after review of the application.

(d)

1. (1) An inactive company with no reserves, no premium written, and no in-force business may, in lieu of the actuarial opinion for the calendar year, submit an affidavit made under oath of an officer of the insurer that specifies such.
2. (2) The affidavit should be included on or attached to Page 1 of the annual statement for each year.