NAC689B.095. Actuarial memorandum: Submission by insurer; contents.

An insurer that offers coverage under a policy of group health insurance to a guaranteed association must submit an actuarial memorandum to the Commissioner which must include, without limitation:

     1. The purpose and scope of the actuarial memorandum;

     2. The numbers of the forms to which the rates will apply;

     3. A description of the benefits included in the coverage;

     4. An explanation of how the base rate was developed;

     5. The methodology used to determine the underwriting rate;

     6. The actuarial assumptions used in establishing the rates;

     7. Exhibits addressing all loads and factors considered in establishing the rates;

     8. The basis used for the rate structure;

     9. An attestation that the actuary has developed the rates in accordance with generally accepted actuarial practices, including that the rates are reasonable in relation to the benefits provided, are not inadequate and are not excessive or unfairly discriminatory; and

     10. An actuarial certification that the actuary is qualified to render the actuarial opinion.

     (Added to NAC by Comm’r of Insurance by R111-07, eff. 1-30-2008)