(a)

1. (1) This part shall apply to:

   1. (A) All life insurance companies and fraternal benefit societies licensed in Arkansas and licensed in and/or doing business in at least one (1) other state; and
   2. (B) All life insurance companies and fraternal benefit societies that are:

(i) Authorized to reinsure life insurance, annuities, or accident and health insurance licensed in Arkansas; and

1. (ii) Licensed in and/or doing business in at least one (1) other state.

2. (2)

   1. (A) This part shall be applied in a manner that allows the appointed actuary to utilize his or her professional judgment in performing the asset analysis and developing the actuarial opinion and supporting memoranda, consistent with relevant actuarial standards of practice.
   2. (B) However, the Insurance Commissioner shall have the authority to specify specific methods of actuarial analysis and actuarial assumptions when, in the Insurance Commissioner’s judgment, these specifications are necessary for an acceptable opinion to be rendered relative to the adequacy of reserves and related items.

(b)

1. (1) This part shall be applicable to all annual statements filed with the office of the Insurance Commissioner after the effective date of this part.

2. (2) A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Subpart 3 of this part, and a memorandum in support thereof in accordance with Subpart 4 of this part shall be required each year.

   1. (c)
3. (1) This part applies only to life insurance and/or accident and health insurance companies and fraternal benefit societies that do business in multiple states including Arkansas, regardless of the company or society’s state of domicile.
4. (2) Actuarial Opinion and Memorandum — Single State, 23 CAR pt. 23, applies to life insurance companies and fraternal benefit societies domiciled in Arkansas and doing business only in Arkansas.