Texas Insurance Code
§ 425.054 — ACTUARIAL OPINION OF RESERVES ISSUED BEFORE OPERATIVE DATE OF VALUATION MANUAL
IN § 425.054Title 4. REGULATION OF SOLVENCY · Part B. RESERVES AND INVESTMENTS · Ch. 425. RESERVES AND INVESTMENTS FOR LIFE INSURANCE · Art. B. STANDARD VALUATION LAW
Statute text
View on source(a)This section applies only to an actuarial opinion of reserves issued before the operative date of the valuation manual. (a-1) For purposes of this section, "qualified actuary" means:
(1)a qualified actuary, as that term is defined by Section 802.002; or
(2)a person who, before September 1, 1993, satisfied the requirements of the former State Board of Insurance to submit an opinion under former Section 2A(a)(1), Article 3.28.
(b)In conjunction with the annual statement and in addition to other information required by this subchapter, each life insurance company engaged in business in this state shall annually submit to the department the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by commissioner rule:
(1)are computed appropriately;
(2)are based on assumptions that satisfy contractual provisions;
…
Legislative history
Acts 2015, 84th Leg., R.S., Ch. 313 (S.B. 1654), Sec. 5, eff. September 1, 2015. Acts 2015, 84th Leg., R.S., Ch. 313 (S.B. 1654), Sec. 6, eff. September 1, 2015.