{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1315.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1315.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1315.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1315.1.html"}],"law_id":81929,"edition_id":1,"section_id":81929,"structure_id":15039,"section_number":"38.2-1315.1","catch_line":"Actuarial statements of opinion, reports, memoranda, and summaries","history":"2004, c. 315; 2006, c. 320; 2014, c. 571.","full_text":"A\n\nEffective December 31, 2004, and except as otherwise provided by this section or Article 10 (§ 38.2-1365 et seq.) of Chapter 13, every insurer doing business in the Commonwealth shall annually submit an actuarial opinion that has been prepared by an appointed actuary and that satisfies at a minimum the standards set forth in the appropriate National Association of Insurance Commissioners (NAIC) annual statement instructions.B\n\nEvery insurer domiciled in the Commonwealth that is required to submit an actuarial opinion pursuant to subsection A shall annually submit an actuarial opinion summary, also written by the insurer’s appointed actuary. Every insurer domiciled in the Commonwealth that is required to submit an actuarial opinion pursuant to subsection A or § 38.2-1367, at the request of the Commission, shall submit underlying work papers and an actuarial report or memorandum that satisfies the minimum standards set forth in the appropriate NAIC annual statement instructions and complies with all additional standards or requirements established by statute or by the Commission in accordance with the provisions of this section or Article 10 (§ 38.2-1365 et seq.) of Chapter 13. A company licensed but not domiciled in the Commonwealth shall provide such summary, work papers, report, and memorandum upon request of the Commission. Any summary, work papers, report, or memorandum filed in accordance with the appropriate NAIC annual statement 13 instructions shall be considered as a document supporting the actuarial opinion required by subsection A or § 38.2-1367.C\n\nIf the insurer fails to provide supporting work papers or a required report or memorandum at the request of the Commission, or the Commission determines that the work papers or report or memorandum are unacceptable, the Commission may engage a qualified actuary at the expense of the insurer to review the opinion and the basis for the opinion and to prepare supporting work papers, or a report or memorandum.D\n\nThe appointed actuary shall not be liable for damages to any person, other than the insurer and the Commission for any act, error, omission, decision, or conduct with respect to the actuary’s opinion, except in cases of fraud or willful misconduct on the part of the actuary.E\n\nAn actuarial opinion provided with the annual statement in accordance with the appropriate NAIC annual statement instructions shall be open to public inspection in accordance with § 38.2-1306.F\n\nDocuments, materials, or other information in the possession or control of the Commission that are considered an actuarial report, work papers, an actuarial opinion summary, or an actuarial opinion report or memorandum provided in support of the opinion, and any other material provided by the insurer to the Commission in connection with the report, work papers, or summary, shall be confidential by law and privileged, shall not be subject to inspection or review by the general public, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. However, this provision shall not be construed to limit the Commission’s authority to release the documents to any actuarial board established for counseling or discipline so long as the material is required for the purpose of professional disciplinary proceedings and such board establishes procedures satisfactory to the Commission for preserving the confidentiality of the documents. Moreover, the Commission is authorized to use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the Commission’s official duties.1\n\nNeither the Commission nor any person who received documents, materials, or other information while acting under the authority of the Commission shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to this subsection.2\n\nIn order to assist in the performance of the Commission’s duties under this section, the Commission:\n\t\t\t\ta. May share documents, material, or other information, including the confidential and privileged documents, materials, or information subject to this subsection, with other state, federal, and international regulatory agencies, with the NAIC, its affiliates, or subsidiaries, and with state, federal, and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information.\n\t\t\t\tb. May receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the NAIC, its affiliates, or subsidiaries and from regulatory and law-enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information.G\n\nThe Commission may waive or modify submission requirements for a foreign insurer that has been exempted by its domiciliary commissioner from filing an actuarial opinion under a substantially similar law in its state of domicile. The Commission may modify requirements in any year for an insurer that makes application, with good cause shown, for exemption due to the nature of business written or the size and volume of business activity, or because the insurer is under supervision or an order of conservation, or if the imposition of an annual filing requirement would create a financial hardship.","order_by":null,"text":{"0":{"id":293537,"text":"Effective December 31, 2004, and except as otherwise provided by this section or Article 10 (§ 38.2-1365 et seq.) of Chapter 13, every insurer doing business in the Commonwealth shall annually submit an actuarial opinion that has been prepared by an appointed actuary and that satisfies at a minimum the standards set forth in the appropriate National Association of Insurance Commissioners (NAIC) annual statement instructions.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":293538,"text":"Every insurer domiciled in the Commonwealth that is required to submit an actuarial opinion pursuant to subsection A shall annually submit an actuarial opinion summary, also written by the insurer’s appointed actuary. Every insurer domiciled in the Commonwealth that is required to submit an actuarial opinion pursuant to subsection A or § 38.2-1367, at the request of the Commission, shall submit underlying work papers and an actuarial report or memorandum that satisfies the minimum standards set forth in the appropriate NAIC annual statement instructions and complies with all additional standards or requirements established by statute or by the Commission in accordance with the provisions of this section or Article 10 (§ 38.2-1365 et seq.) of Chapter 13. A company licensed but not domiciled in the Commonwealth shall provide such summary, work papers, report, and memorandum upon request of the Commission. Any summary, work papers, report, or memorandum filed in accordance with the appropriate NAIC annual statement 13 instructions shall be considered as a document supporting the actuarial opinion required by subsection A or § 38.2-1367.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":293539,"text":"If the insurer fails to provide supporting work papers or a required report or memorandum at the request of the Commission, or the Commission determines that the work papers or report or memorandum are unacceptable, the Commission may engage a qualified actuary at the expense of the insurer to review the opinion and the basis for the opinion and to prepare supporting work papers, or a report or memorandum.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":293540,"text":"The appointed actuary shall not be liable for damages to any person, other than the insurer and the Commission for any act, error, omission, decision, or conduct with respect to the actuary’s opinion, except in cases of fraud or willful misconduct on the part of the actuary.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":293541,"text":"An actuarial opinion provided with the annual statement in accordance with the appropriate NAIC annual statement instructions shall be open to public inspection in accordance with § 38.2-1306.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":293542,"text":"Documents, materials, or other information in the possession or control of the Commission that are considered an actuarial report, work papers, an actuarial opinion summary, or an actuarial opinion report or memorandum provided in support of the opinion, and any other material provided by the insurer to the Commission in connection with the report, work papers, or summary, shall be confidential by law and privileged, shall not be subject to inspection or review by the general public, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. However, this provision shall not be construed to limit the Commission’s authority to release the documents to any actuarial board established for counseling or discipline so long as the material is required for the purpose of professional disciplinary proceedings and such board establishes procedures satisfactory to the Commission for preserving the confidentiality of the documents. Moreover, the Commission is authorized to use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the Commission’s official duties.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"F1"},"6":{"id":293543,"text":"Neither the Commission nor any person who received documents, materials, or other information while acting under the authority of the Commission shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to this subsection.","type":"section","prefixes":["F","1"],"prefix":"1","entire_prefix":"F1","prefix_anchor":"F1","level":2,"prior_prefix":"F","next_prefix":"F2"},"7":{"id":293544,"text":"In order to assist in the performance of the Commission’s duties under this section, the Commission:\n\t\t\t\ta. May share documents, material, or other information, including the confidential and privileged documents, materials, or information subject to this subsection, with other state, federal, and international regulatory agencies, with the NAIC, its affiliates, or subsidiaries, and with state, federal, and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information.\n\t\t\t\tb. May receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the NAIC, its affiliates, or subsidiaries and from regulatory and law-enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information.","type":"section","prefixes":["F","2"],"prefix":"2","entire_prefix":"F2","prefix_anchor":"F2","level":2,"prior_prefix":"F1","next_prefix":"G"},"8":{"id":293545,"text":"The Commission may waive or modify submission requirements for a foreign insurer that has been exempted by its domiciliary commissioner from filing an actuarial opinion under a substantially similar law in its state of domicile. The Commission may modify requirements in any year for an insurer that makes application, with good cause shown, for exemption due to the nature of business written or the size and volume of business activity, or because the insurer is under supervision or an order of conservation, or if the imposition of an annual filing requirement would create a financial hardship.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F2"}},"ancestry":[{"id":15039,"edition_id":1,"name":"Reserves","identifier":"3","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:51:40","date_modified":"2026-06-26 03:51:40","permalink":{"id":211495,"object_type":"structure","relational_id":15039,"identifier":"3","token":"38.2\/13\/3","url":"\/38.2\/13\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60734,"structure_id":15039,"section_number":"38.2-1311","catch_line":"Valuation reserves","url":"\/38.2-1311\/","token":"38.2\/13\/3\/38.2-1311","metadata":false},{"id":57332,"structure_id":15039,"section_number":"38.2-1312","catch_line":"Unearned premium reserves","url":"\/38.2-1312\/","token":"38.2\/13\/3\/38.2-1312","metadata":false},{"id":83144,"structure_id":15039,"section_number":"38.2-1313","catch_line":"Loss records","url":"\/38.2-1313\/","token":"38.2\/13\/3\/38.2-1313","metadata":false},{"id":58606,"structure_id":15039,"section_number":"38.2-1314","catch_line":"Loss or claim reserves","url":"\/38.2-1314\/","token":"38.2\/13\/3\/38.2-1314","metadata":false},{"id":57402,"structure_id":15039,"section_number":"38.2-1315","catch_line":"Mortgage guaranty insurance contingency reserve","url":"\/38.2-1315\/","token":"38.2\/13\/3\/38.2-1315","metadata":false},{"id":81929,"structure_id":15039,"section_number":"38.2-1315.1","catch_line":"Actuarial statements of opinion, reports, memoranda, and summaries","url":"\/38.2-1315.1\/","token":"38.2\/13\/3\/38.2-1315.1","metadata":false},{"id":71920,"structure_id":15039,"section_number":"38.2-1316","catch_line":"Repealed","url":"\/38.2-1316\/","token":"38.2\/13\/3\/38.2-1316","metadata":false}],"previous_section":{"id":57402,"structure_id":15039,"section_number":"38.2-1315","catch_line":"Mortgage guaranty insurance contingency reserve","url":"\/38.2-1315\/","token":"38.2\/13\/3\/38.2-1315","metadata":false},"next_section":{"id":71920,"structure_id":15039,"section_number":"38.2-1316","catch_line":"Repealed","url":"\/38.2-1316\/","token":"38.2\/13\/3\/38.2-1316","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1315.1\/","history_text":"

This law was first created in 2004. The record of its establishment is cataloged in chapter 315<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2006, chapter 320<\/a>; in 2014, chapter 571<\/a>.<\/p>","references":[{"id":65309,"section_number":"38.2-4123","catch_line":"Exemptions","order_by":null,"url":"\/38.2-4123\/"},{"id":55347,"section_number":"38.2-4214","catch_line":"Application of certain provisions of law","order_by":null,"url":"\/38.2-4214\/"},{"id":67952,"section_number":"38.2-4319","catch_line":"Statutory construction and relationship to other laws","order_by":null,"url":"\/38.2-4319\/"},{"id":62548,"section_number":"38.2-4509","catch_line":"Application of certain laws","order_by":null,"url":"\/38.2-4509\/"}],"refers_to":[{"id":84586,"section_number":"38.2-1365","catch_line":"Definitions","order_by":null,"url":"\/38.2-1365\/"},{"id":70162,"section_number":"38.2-1367","catch_line":"Actuarial opinion of reserves","order_by":null,"url":"\/38.2-1367\/"}],"permalink":{"id":211517,"object_type":"law","relational_id":81929,"identifier":"38.2-1315.1","token":"38.2\/13\/3\/38.2-1315.1","url":"\/38.2-1315.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1315.1\/","token":"38.2\/13\/3\/38.2-1315.1","dublin_core":{"Title":"Actuarial statements of opinion, reports, memoranda, and summaries","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1315.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Effective December 31, 2004, and except as otherwise provided by this section or Article 10 (§ 38.2-1365<\/a> et seq.) of Chapter 13, every insurer<\/span> doing business in the Commonwealth shall annually submit an actuarial opinion<\/span> that has been prepared by an appointed actuary and that satisfies at a minimum the standards set forth in the appropriate National Association of Insurance<\/span> Commissioners<\/span> (NAIC) annual statement instructions. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Every insurer<\/span> domiciled in the Commonwealth that is required to submit an actuarial opinion<\/span> pursuant to subsection A shall annually submit an actuarial opinion<\/span> summary, also written by the insurer<\/span>’s appointed actuary. Every insurer<\/span> domiciled in the Commonwealth that is required to submit an actuarial opinion<\/span> pursuant to subsection A or § 38.2-1367<\/a>, at the request of the Commission<\/span>, shall submit underlying work papers and an actuarial report or memorandum<\/span> that satisfies the minimum standards set forth in the appropriate NAIC annual statement instructions and complies with all additional standards or requirements established by statute<\/span> or by the Commission<\/span> in accordance with the provisions of this section or Article 10 (§ 38.2-1365<\/a> et seq.) of Chapter 13. A company<\/span> licensed but not domiciled in the Commonwealth shall provide such summary, work papers, report, and memorandum<\/span> upon request of the Commission<\/span>. Any summary, work papers, report, or memorandum<\/span> filed in accordance with the appropriate NAIC annual statement 13 instructions shall be considered as a document supporting the actuarial opinion<\/span> required by subsection A or § 38.2-1367<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If the insurer<\/span> fails to provide supporting work papers or a required report or memorandum<\/span> at the request of the Commission<\/span>, or the Commission<\/span> determines that the work papers or report or memorandum<\/span> are unacceptable, the Commission<\/span> may engage a qualified actuary at the expense of the insurer<\/span> to review the opinion<\/span> and the basis for the opinion<\/span> and to prepare supporting work papers, or a report or memorandum<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The appointed actuary shall not be liable for damages<\/span> to any person<\/span>, other than the insurer<\/span> and the Commission<\/span> for any act, error, omission, decision, or conduct with respect to the actuary’s opinion<\/span>, except in cases of fraud<\/span> or willful misconduct on the part of the actuary. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> An actuarial opinion<\/span> provided with the annual statement in accordance with the appropriate NAIC annual statement instructions shall be open to public inspection in accordance with § 38.2-1306<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Documents, materials<\/span>, or other information in the possession<\/span> or control of the Commission<\/span> that are considered an actuarial report, work papers, an actuarial opinion<\/span> summary, or an actuarial opinion<\/span> report or memorandum<\/span> provided in support of the opinion<\/span>, and any other material<\/span> provided by the insurer<\/span> to the Commission<\/span> in connection with the report, work papers, or summary, shall be confidential by law<\/span> and privileged, shall not be subject to inspection or review by the general public, shall not be subject to subpoena<\/span>, and shall not be subject to discovery<\/span> or admissible<\/span> in evidence<\/span> in any private civil action<\/span>. However, this provision shall not be construed to limit the Commission<\/span>’s authority to release the documents to any actuarial board established for counseling or discipline so long as the material<\/span> is required for the purpose of professional disciplinary proceedings and such board establishes procedures satisfactory to the Commission<\/span> for preserving the confidentiality of the documents. Moreover, the Commission<\/span> is authorized to use the documents, materials<\/span>, or other information in furtherance of any regulatory or legal action brought as part of the Commission<\/span>’s official duties. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Neither the Commission<\/span> nor any person<\/span> who received documents, materials<\/span>, or other information while acting under the authority of the Commission<\/span> shall be permitted or required to testify in any private civil action<\/span> concerning any confidential documents, materials<\/span>, or information subject to this subsection. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> In order<\/span> to assist in the performance of the Commission<\/span>’s duties under this section, the Commission<\/span>:\n\t\t\t\ta. May share documents, material<\/span>, or other information, including the confidential and privileged documents, materials<\/span>, or information subject to this subsection, with other state<\/span>, federal, and international regulatory agencies, with the NAIC, its affiliates, or subsidiaries, and with state<\/span>, federal, and international law<\/span> enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material<\/span>, or other information.\n\t\t\t\tb. May receive documents, materials<\/span>, or information, including otherwise confidential and privileged documents, materials<\/span>, or information, from the NAIC, its affiliates, or subsidiaries and from regulatory and law<\/span>-enforcement officials of other foreign or domestic jurisdictions<\/span>, and shall maintain as confidential or privileged any document, material<\/span>, or information received with notice or the understanding that it is confidential or privileged under the laws<\/span> of the jurisdiction<\/span> that is the source of the document, material<\/span>, or information. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The Commission<\/span> may waive<\/span> or modify submission requirements for a foreign insurer<\/span> that has been exempted by its domiciliary commissioner<\/span> from filing an actuarial opinion<\/span> under a substantially similar law<\/span> in its state<\/span> of domicile. The Commission<\/span> may modify requirements in any year for an insurer<\/span> that makes application, with good cause shown, for exemption due to the nature of business written or the size and volume of business activity, or because the insurer<\/span> is under supervision or an order<\/span> of conservation, or if the imposition of an annual filing requirement would create a financial hardship. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACTUARIAL STATEMENTS OF OPINION, REPORTS, MEMORANDA, AND SUMMARIES (\u00a7\n38.2-1315.1)\n\nA. Effective December 31, 2004, and except as otherwise provided by this section\nor Article 10 (§ 38.2-1365 et seq.) of Chapter 13, every insurer doing\nbusiness in the Commonwealth shall annually submit an actuarial opinion that has\nbeen prepared by an appointed actuary and that satisfies at a minimum the\nstandards set forth in the appropriate National Association of Insurance\nCommissioners (NAIC) annual statement instructions.\n\nB. Every insurer domiciled in the Commonwealth that is required to submit an\nactuarial opinion pursuant to subsection A shall annually submit an actuarial\nopinion summary, also written by the insurer’s appointed actuary. Every\ninsurer domiciled in the Commonwealth that is required to submit an actuarial\nopinion pursuant to subsection A or § 38.2-1367, at the request of the\nCommission, shall submit underlying work papers and an actuarial report or\nmemorandum that satisfies the minimum standards set forth in the appropriate\nNAIC annual statement instructions and complies with all additional standards or\nrequirements established by statute or by the Commission in accordance with the\nprovisions of this section or Article 10 (§ 38.2-1365 et seq.) of Chapter\n13. A company licensed but not domiciled in the Commonwealth shall provide such\nsummary, work papers, report, and memorandum upon request of the Commission. Any\nsummary, work papers, report, or memorandum filed in accordance with the\nappropriate NAIC annual statement 13 instructions shall be considered as a\ndocument supporting the actuarial opinion required by subsection A or §\n38.2-1367.\n\nC. If the insurer fails to provide supporting work papers or a required report\nor memorandum at the request of the Commission, or the Commission determines\nthat the work papers or report or memorandum are unacceptable, the Commission\nmay engage a qualified actuary at the expense of the insurer to review the\nopinion and the basis for the opinion and to prepare supporting work papers, or\na report or memorandum.\n\nD. The appointed actuary shall not be liable for damages to any person, other\nthan the insurer and the Commission for any act, error, omission, decision, or\nconduct with respect to the actuary’s opinion, except in cases of fraud or\nwillful misconduct on the part of the actuary.\n\nE. An actuarial opinion provided with the annual statement in accordance with\nthe appropriate NAIC annual statement instructions shall be open to public\ninspection in accordance with § 38.2-1306.\n\nF. Documents, materials, or other information in the possession or control of\nthe Commission that are considered an actuarial report, work papers, an\nactuarial opinion summary, or an actuarial opinion report or memorandum provided\nin support of the opinion, and any other material provided by the insurer to the\nCommission in connection with the report, work papers, or summary, shall be\nconfidential by law and privileged, shall not be subject to inspection or review\nby the general public, shall not be subject to subpoena, and shall not be\nsubject to discovery or admissible in evidence in any private civil action.\nHowever, this provision shall not be construed to limit the Commission’s\nauthority to release the documents to any actuarial board established for\ncounseling or discipline so long as the material is required for the purpose of\nprofessional disciplinary proceedings and such board establishes procedures\nsatisfactory to the Commission for preserving the confidentiality of the\ndocuments. Moreover, the Commission is authorized to use the documents,\nmaterials, or other information in furtherance of any regulatory or legal action\nbrought as part of the Commission’s official duties.\n\n 1. Neither the Commission nor any person who received documents, materials, or\n other information while acting under the authority of the Commission shall be\n permitted or required to testify in any private civil action concerning any\n confidential documents, materials, or information subject to this subsection.\n\n 2. In order to assist in the performance of the Commission’s duties\n under this section, the Commission:\n \t\t\t\ta. May share documents, material, or other information, including the\n confidential and privileged documents, materials, or information subject to\n this subsection, with other state, federal, and international regulatory\n agencies, with the NAIC, its affiliates, or subsidiaries, and with state,\n federal, and international law enforcement authorities, provided that the\n recipient agrees to maintain the confidentiality and privileged status of the\n document, material, or other information.\n \t\t\t\tb. May receive documents, materials, or information, including otherwise\n confidential and privileged documents, materials, or information, from the\n NAIC, its affiliates, or subsidiaries and from regulatory and law-enforcement\n officials of other foreign or domestic jurisdictions, and shall maintain as\n confidential or privileged any document, material, or information received\n with notice or the understanding that it is confidential or privileged under\n the laws of the jurisdiction that is the source of the document, material, or\n information.\n\nG. The Commission may waive or modify submission requirements for a foreign\ninsurer that has been exempted by its domiciliary commissioner from filing an\nactuarial opinion under a substantially similar law in its state of domicile.\nThe Commission may modify requirements in any year for an insurer that makes\napplication, with good cause shown, for exemption due to the nature of business\nwritten or the size and volume of business activity, or because the insurer is\nunder supervision or an order of conservation, or if the imposition of an annual\nfiling requirement would create a financial hardship.\n\nHISTORY: 2004, c. 315; 2006, c. 320; 2014, c. 571.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}