The statement of actuarial opinion submitted in accordance with this subpart shall consist of:

1. (1) A paragraph identifying the appointed actuary and his or her qualifications, see 23 CAR § 24-302(b);

2. (2) A scope paragraph identifying the subjects on which an opinion is to be expressed and describing the scope of the appointed actuary’s work, including a tabulation:

   1. (A) Delineating the reserves and related actuarial items that have been analyzed for asset adequacy and the method of analysis, see 23 CAR § 24-302(c); and
   2. (B) Identifying the reserves and related actuarial items covered by the opinion that have not been so analyzed;
3. (3) A reliance paragraph describing those areas, if any, where the appointed actuary has deferred to other experts in developing data, procedures, or assumptions (e.g., anticipated cash flows from currently owned assets, including variation in cash flows according to economic scenarios, see 23 CAR § 24-302(d)), supported by a statement of each such expert in the form prescribed by 23 CAR § 24-305;
4. (4) An opinion paragraph expressing the appointed actuary’s opinion with respect to the adequacy of the supporting assets to mature the liabilities, see 23 CAR § 24-302(g); and

5. (5) One (1) or more additional paragraphs will be needed in individual company cases as follows:

   1. (A) If the appointed actuary considers it necessary to state a qualification of his or her opinion;
   2. (B) If the appointed actuary must disclose an inconsistency in the method of analysis or basis of asset allocation used at the prior opinion date with that used for this opinion;
   3. (C) If the appointed actuary must disclose whether additional reserves as of the prior opinion date are released as of this opinion date, and the extent of the release; or
   4. (D) If the appointed actuary chooses to add a paragraph briefly describing the assumptions that form the basis for the actuarial opinion.