Each formula or method for calculating the schedule of charges must be accompanied by the certification of a qualified actuary that, based on reasonable assumptions, the formula is appropriate to produce rates that are not excessive, inadequate, or unfairly discriminatory. An actuary is considered qualified if he or she:

1. (1) is a member of the American Academy of Actuaries; or
2. (2) is a fellow of the Society of Actuaries.

Source Note:The provisions of this §11.702 adopted to be effective January 1, 1980, 4 TexReg 4626; amended to be effective December 6, 1984, 9 TexReg 6012; amended to be effective August 17, 1992, 17 TexReg 5359.