NAC686A.4772. Illustration actuary: Appointment required; qualifications; notification to Commissioner of certain acts; notification of change in status.

     1. Each insurer that sells policies of life insurance shall appoint at least one illustration actuary.

     2. The illustration actuary must:

     (a) Be a member in good standing of the American Academy of Actuaries;

     (b) Be familiar with the standard of practice regarding illustrations for policies of life insurance; and

     (c) Not have been found by the Commissioner, after notice and a hearing, to have:

          (1) Violated any provision of, or failed to satisfy any obligation imposed by, the laws of this State relating to insurance in the course of his or her dealings as an illustration actuary;

          (2) Been convicted of a crime involving fraud or dishonesty;

          (3) Demonstrated incompetence, lack of cooperation or untrustworthiness to act as an illustration actuary; or

          (4) Resigned or been removed as an illustration actuary within the past 5 years as a result of acts or omissions indicated in any adverse report on an examination or as a result of a failure to adhere to generally acceptable actuarial standards.

     3. An illustration actuary shall notify the Commissioner of any determination made by the regulatory authority of another state that the illustration actuary has engaged in an activity set forth in paragraph (c) of subsection 2.

     4. If an insurer changes the illustration actuary responsible for all or a portion of the insurer’s policy forms, the insurer shall notify the Commissioner of that fact promptly and disclose the reason for the change.

     (Added to NAC by Comm’r of Insurance by R089-97, eff. 1-14-98)