Is a member in good standing of the American Academy of Actuaries;
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;
Is familiar with the valuation requirements applicable to life and health insurance companies;
Has not been found by the Director, or if so found has subsequently been reinstated as a qualified actuary, following appropriate notice and hearing to have:
Violated any provision of, or any obligation imposed by, the Insurance Code or other law in the course of the qualified actuary’s dealings as a qualified actuary;
Been found guilty of fraudulent or dishonest practices;
Demonstrated incompetency, lack of cooperation or untrustworthiness to act as a qualified actuary;
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 acceptable actuarial standards; and
Has not failed to notify the Director of any action taken by any insurance regulator of any other state similar to that under subsection (d) of this section.
For purposes of OAR 836-031-0600 (Purpose) to 836-031-0690 (Additional Considerations for Analysis), an “appointed actuary” is a qualified actuary who is appointed or retained to prepare the statement of actuarial opinion required by 836-031-0600 (Purpose) to 836-031-0690 (Additional Considerations for Analysis), either directly by or by the authority of the board of directors through an executive officer of the company other than the qualified actuary. The company shall give the Director 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 state in the notice that the person meets the requirements set forth in section (2) of this rule. Once notice is furnished, no further notice is required with respect to this person if the company gives the Director 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 section (2) of this rule. 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.
Shall be based on methods of analysis as are deemed appropriate for such purposes by the Actuarial Standards Board and acceptable to the Director.
The following apply to liabilities to be covered:
Under authority of ORS 733.304 (Opinion of actuary), the statement of actuarial opinion shall apply to all in force business on the statement date whether directly issued or assumed regardless of when or where issued, e.g., reserves of Exhibits 8, 9, and 10, and claim liabilities in Exhibit 11, Part I and equivalent items in the separate account statement or statements;
Additional reserves established under subsection (b) of this section and deemed not necessary in subsequent years may be released. Any amount released shall be disclosed in the actuarial opinion for the applicable year. The release of such reserves is not to be deemed an adoption of a lower standard of valuation.[ED. NOTE: Exhibits referenced are available from the agency.]