NAC681B.215. Supporting memorandum: Examination by Commissioner; requirements for preparation; review by qualified actuary; regulatory asset adequacy issues summary.

     1. Except as otherwise provided in this section, the supporting memorandum required pursuant to NRS 681B.230 must be made available for examination by the Commissioner upon his or her request. The memorandum will be returned to the insurer after it is examined by the Commissioner and will not be considered a record of the Division or filed with the Commissioner.

     2. In preparing the memorandum, the appointed actuary may rely on, and include as a part of the memorandum, memoranda prepared and signed by other qualified actuaries. Each memorandum prepared and signed by another actuary must contain a statement that the actuary who prepared the memorandum is a qualified actuary.

     3. If the Commissioner engages a qualified actuary to review the opinion of another qualified actuary pursuant to NRS 681B.230, the review will be directed and controlled by the Commissioner. The actuary engaged by the Commissioner will have the authority provided to an examiner pursuant to NRS 679B.230 to 679B.300, inclusive, for the purposes of obtaining data from the insurer. The work papers and documentation of the reviewing actuary will be retained by the Commissioner. All information provided by the insurer to the reviewing actuary and included in the work papers shall be deemed material provided by the insurer to the Commissioner and must be kept confidential in the same manner as material provided by the insurer to the Commissioner pursuant to NRS 679B.230 to 679B.300, inclusive. The reviewing actuary must not be an employee of a consulting firm involved with the preparation of any previous memorandum or opinion for the insurer submitted pursuant to NRS 681B.210, 681B.220 or 681B.230 for the current year or any of the immediately preceding 3 years.

     4. The appointed actuary who prepares the supporting memorandum required pursuant to NRS 681B.230 shall prepare a regulatory asset adequacy issues summary that includes the information required by NAC 681B.221. A domestic insurer shall, unless the Commissioner grants an extension of time, submit the regulatory asset adequacy issues summary to the Commissioner not later than March 15 of the year following the year for which the supporting memorandum is prepared. A foreign insurer shall make the regulatory asset adequacy issues summary available for examination by the Commissioner upon his or her request. Except as otherwise provided in NRS 681B.260, the regulatory asset adequacy issues summary must be kept confidential to the same extent and under the same conditions as the supporting memorandum.

     (Added to NAC by Comm’r of Insurance, eff. 5-23-96; A by R146-12, 10-4-2013)