Insurance Code § 425.055

Sec. 425.055. SUPPORTING MEMORANDUM FOR ACTUARIAL OPINION. (a) A memorandum shall be prepared to support each actuarial opinion required by Section 425.054 or 425.0545. The form and substance of each supporting memorandum must comply with the commissioner's rules for memorandums subject to Section 425.054, or the valuation manual for memorandums subject to Section 425.0545. (b) The commissioner may engage an actuary or other financial specialist as defined by commissioner rule if: (1) a life insurance company does not provide a supporting memorandum at the request of the commissioner in the time specified by rule; or (2) the company provides a supporting memorandum, but the commissioner determines that the supporting memorandum does not meet the standards prescribed by rule or is otherwise unacceptable to the commissioner. (c) The actuary or other financial specialist under Subsection (b) shall: (1) review the actuarial opinion and the basis for the opinion; and (2) prepare the supporting memorandum. (d) A life insurance company is responsible for the expense of the actuary or other financial specialist under Subsection (b). Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. Amended by: Acts 2015, 84th Leg., R.S., Ch. 313 (S.B. 1654), Sec. 8, eff. September 1, 2015.