Rule 500.992

Mich. Admin. Code R. 500.992

Purpose.

(By authority conferred on the commissioner of the Office of Financial and Insurance Services by sections 210 and 830a of 1956 PA 218 as amended, 1969 PA 306, as amended, and E.R.O. No. 2003-1, MCL 500.210, MCL 500.830a, MCL 24.231 to MCL 24.233; and MCL 445.2011)Insurance

The purpose of these rules is to prescribe the following:

(a) Requirements for statements of actuarial opinion that are to be submitted in accordance with MCL 500.830a of the Standard Valuation Law, and for memoranda in support thereof.
(b) Rules applicable to the appointment of an appointed actuary.
(c) Guidance as to the meaning of "adequacy of reserves."

History: 2006 AACS.