N.Y. Comp. Codes R. & Regs. tit. 11, § 95.5 – General requirements.

(1) There is to be included on or attached to page 1 of the annual statement for each year beginning with the year in which this Part becomes effective the statement of an appointed actuary, entitled “Statement of Actuarial Opinion” setting forth an opinion relating to reserves and related actuarial items held in support of policies and contracts, in accordance with section 95.8 of this Part; provided, however, that any company exempted pursuant to section 95.6 or section 95.11 of this Part from submitting a statement of actuarial opinion in accordance with section 95.8 of this Part shall include or attach to page 1 of the annual statement a statement of actuarial opinion rendered by an appointed actuary in accordance with section 95.7 or section 95.11 of this Part.
(2) If in the previous year a company provided a statement of actuarial opinion in accordance with section 95.7 of this Part, and in the current year fails the exemption criteria of section 95.6(c)(1), (2) or (5) of this Part (whichever is applicable) and is required to again provide an actuarial opinion in accordance with section 95.8 of this Part, the statement of actuarial opinion in accordance with section 95.8 of this Part shall not be required until August 1st following the date of the annual statement. In this instance, the company shall provide a statement of actuarial opinion in accordance with section 95.7 of this Part with appropriate qualification noting the intent to subsequently provide a statement of actuarial opinion in accordance with section 95.8 of this Part.
(3) In the case of a statement of actuarial opinion required to be submitted by a foreign or alien company, the superintendent may accept the statement of actuarial opinion filed by such company with the insurance supervisory regulator of a state accredited by the NAIC if the superintendent determines that the opinion reasonably meets the requirements applicable to a company domiciled in this State.
(4) Upon written request by the company, the superintendent may grant an extension of the date for submission of the statement of actuarial opinion.
(5) If the superintendent requires more information, the company shall comply with requests for such information. Failure of the appointed actuary to furnish within 30 days of the date of request either:
1. (i) the requested information; or
2. (ii) an explanation of why preparation of such information may take longer, together with the expected date of submission, shall be considered as “lack of cooperation” and may subject the insurer to a penalty.
(6) Any company requesting any exception from or waiver of any of the requirements of this Part, or that is required to file any statement or memorandum pursuant to section 95.9 or 95.11 of this Part, shall submit such request, statement or memorandum to the superintendent on or before the time it files its annual statement with the superintendent pursuant to section 307 of the Insurance Law, attention of:
Life Bureau, Actuarial Valuation Unit
New York State Department of Financial Services
One Commerce Plaza
Albany, NY 12257
(b) Annual submission to Actuarial Valuation Unit.
Each company subject to this Part shall submit to the superintendent, attention of the Life Bureau, Actuarial Valuation Unit, each year on or before it files its annual statement with the superintendent pursuant to section 307 of the Insurance Law:
(1) a copy of the actuarial opinion, clearly noting whether it is in accordance with section 95.7, 95.8 or 95.11 of this Part; and
(2) a copy of the actuarial memorandum for a section 95.8 actuarial opinion; or
(3) if not required to submit the memorandum in accordance with section 95.9(a)(1) of this Part, a statement noting the basis for such exemption along with a copy of a letter of approval for the prior year's memorandum from the regulator of the accredited state; or
(4) a request for a waiver of the filing deadline along with reasons for such request.
(c) An actuarial opinion and memorandum and any supporting documentation will be a record of the superintendent available for public inspection and copying except as provided in section 95.9(d) of this Part. At the time of submission of an actuarial opinion and memorandum or at time of submission of any subsequent supporting documentation, however, a company may, in accordance with section 241.6 of this Title, request the superintendent to except from disclosure any nonpublic information contained in the actuarial memorandum or subsequent supporting documentation respectively in accordance with section 4217(e)(4)(H) of the Insurance Law. Each page covered by such request should be clearly marked “Confidentiality Requested.”
1. (i) is a member in good standing of the American Academy of Actuaries; and
2. (ii) is qualified to sign statements of actuarial opinion for life and health insurance company annual statements in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements; and
3. (iii) is a fellow by examination of either the Society of Actuaries or the Institute of Actuaries and states that he or she is familiar with current valuation guidelines of the American Academy of Actuaries and the current valuation procedures in the State of New York, including those involving cash flow projections of assets and liabilities; and
4. (iv) has not been found by the superintendent (or if so found has subsequently been reinstated as a qualified actuary), following appropriate notice and hearing to have:
  1. (a) violated any provision of, or any obligation imposed by, the Insurance Law of this State or any other state or other law in the course of his or her dealings as a qualified actuary; or
  2. (b) been found guilty of fraudulent or dishonest practices; or
  3. (c) demonstrated his or her incompetency, lack of cooperation, or untrustworthiness to act as a qualified actuary; or
  4. (d) submitted to the superintendent over the past five years, pursuant to this Part, an actuarial opinion or memorandum that the superintendent rejected because it did not meet the provisions of this Part or standards of practice and/or compliance guidelines set by the Actuarial Standards Board; or
  5. (e) resigned or been removed as an actuary within the past five years as a result of acts or omissions indicated in any adverse report on examination or as a result of failure to adhere to generally accepted actuarial standards; and
5. (v) has not failed to notify the superintendent of any action taken by the insurance regulator of any other state similar to that under subparagraph (iv) of this paragraph; or
6. (2) meets the requirements of subparagraphs (1)(i), (ii), (iv) and (v) of this subdivision and is so designated in writing by the superintendent after written application to the superintendent providing evidence of his or her actuarial knowledge and experience in the valuation of life insurance company annual statement liabilities.
  (e) Appointed actuary.
  An appointed actuary is a qualified actuary who is appointed or retained to prepare the statement of actuarial opinion required by this Part; either directly by the board of directors or by the authority of the board of directors through an executive officer of the company.
7. (1) The company shall give the superintendent timely written notice of the name, title (and, in the case of a consulting actuary, the name of the firm) and manner of appointment or retention of each person appointed or retained by the company as an appointed actuary and shall certify in such notice that the person meets the requirements set forth in subdivision (d) of this section.
8. (2) Once notice is furnished, no further notice is required with respect to such person, provided that the company shall give the superintendent timely written notice in the event the actuary ceases to be appointed or retained as an appointed actuary or to meet the requirements set forth in subdivision (d) of this section.
9. (3) If any person appointed or retained as an appointed actuary replaces a previously appointed actuary, the notice shall so state and give the reasons for replacement.
10. (4) The person appointed or retained as an appointed actuary shall consult with the company's previously appointed actuary, if only to determine if there are any reasons not to accept the appointment. If there are any such reasons, either the situation should be rectified to such person's satisfaction or the appointment should not be accepted.
  (f) Standards for asset adequacy analysis.
  The asset adequacy analysis required by this Part:
11. (1) shall conform to section 4217(e)(3) of the Insurance Law and to any additional standards under this Part, which standards are to form the basis of the statement of actuarial opinion in accordance with section 95.8 of this Part;
12. (2) shall be based on such methods of analysis as are deemed appropriate for such purposes by the Actuarial Standards Board; and
13. (3) shall meet the requirements of the Insurance Law.
  (g) Liabilities to be covered.
14. (1) The statement of actuarial opinion shall apply to all in force business on the statement date regardless of when or where issued, e.g., reserves in exhibits 8, 9 and 10, and claim liabilities in exhibit 11, Part 1, and equivalent items in the separate account statement or statements.
15. (2) If the appointed actuary determines, as the result of asset adequacy analysis, that a reserve should be held in addition to the aggregate reserve held by the company and calculated in accordance with methods set forth in section 4217 of the Insurance Law and applicable regulations, the company shall establish such additional reserve.
16. (3) For years ending prior to December 31, 1996, the company may, with respect to products other than annuities or single premium life products, in lieu of establishing the full amount of the additional reserve in the annual statement for that year, set up an additional reserve in an amount not less than the following:
  December 31, 1994: The additional reserve divided by three.
  December 31, 1995: Two times the additional reserve divided by three.
17. (4) Additional reserves established under paragraph (2) or (3) of this subdivision and deemed not necessary in subsequent years may be released. Any amounts released must be disclosed in the actuarial opinion for the applicable year. The release of such reserves shall not be deemed an adoption of a lower standard of valuation.
(d) Qualified actuary.
A qualified actuary is an individual who either:
(1)

(a) Submission of statement of actuarial opinion for page 1 of annual statement.