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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2010 ENROLLED
SENATE BILL NO. 674
BY SENATOR HEBERT
AN ACT1
To amend and reenact R.S. 22:771 and R.S. 44:4.1(B)(10), relative to property and casualty2
insurance companies; to provide with respect to the annual filing of actuarial3
opinions; to provide for the filing of actuarial opinion summaries; to provide for the4
filing of actuarial opinion reports and workpapers; to provide for the commissioners5
authority to engage actuaries; to provide for liability with respect to actuarial6
opinions; to provide for the confidentiality of certain documents; and to provide for7
related matters.8
Be it enacted by the Legislature of Louisiana:9
Section 1. R.S. 22:771 is hereby amended and reenacted to read as follows: 10
§771. Statement of Actuarial actuarial opinion certification of loss and loss11
expense reserves12
The loss and loss expense reserves shall be accompanied by a statement of13
the opinion of an associate or fellow of the Casualty Actuarial Society or other14
qualified loss reserve specialist, setting forth his opinion relative to the15
reasonableness and sufficiency of loss and loss expense reserves.16
A. Every property and casualty insurance company doing business in17
this state, unless otherwise exempted by the domiciliary commissioner, shall18
annually submit the opinion of a qualified actuary appointed by the company19
entitled "statement of actuarial opinion". This opinion shall be filed in20
accordance with the appropriate NAIC Property and Casualty Annual21
Statement Instructions.22
B.(1) Every property and casualty insurance company domiciled in this23
state that is required to submit a statement of actuarial opinion shall annually24
submit an actuarial opinion summary, written by the company's appointed25
actuary. This actuarial opinion summary shall be filed in accordance with the26
ACT No. 211 SB NO. 674 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
appropriate NAIC Property and Casualty Annual Statement Instructions and1
shall be considered as a document supporting the actuarial opinion required in2
Subsection A of this Section.3
(2) A company licensed but not domiciled in this state shall provide the4
actuarial opinion summary upon request.5
C.(1) An actuarial report and underlying workpapers as required by the6
appropriate NAIC Property and Casualty Annual Statement Instructions shall7
be prepared to support each actuarial opinion.8
(2) If the insurance company fails to provide a supporting actuarial9
report or workpapers at the request of the commissioner or if the commissioner10
determines that the supporting actuarial report or workpapers provided by the11
insurance company is otherwise unacceptable to the commissioner, the12
commissioner may engage a qualified actuary at the expense of the company to13
review the opinion and the basis for the opinion and prepare the supporting14
actuarial report or workpapers.15
D. Except in cases of fraud or willful misconduct, the appointed actuary16
shall not be liable for damages to any person, other than the insurance company17
and the commissioner, for any act, error, omission, decision, or conduct with18
respect to the actuary's opinion.19
E. The statement of actuarial opinion shall be provided with the annual20
statement in accordance with the appropriate NAIC Property and Casualty21
Annual Statement Instructions and shall be treated as a public document.22
F. All documents, materials or other information in the possession or23
control of the commissioner that are considered an actuarial report,24
workpapers or actuarial opinion summary provided in support of the opinion,25
and any other material provided by the company to the commissioner in26
connection with the actuarial report, workpapers or actuarial opinion27
summary, shall be given confidential treatment and are not subject to subpoena28
and may not be made public by the commissioner or any other person, except29
that any access may be granted to the National Association of Insurance30 SB NO. 674 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Commissioners, insurance departments of other states, international, federal or1
state law enforcement agencies or international, federal or state regulatory2
agencies with statutory oversight over the financial services industry, if the3
recipient agrees to maintain the confidentiality of those documents which are4
confidential under the laws of this state. Nothing contained in this Subsection5
shall be construed to limit the commissioner's authority to use any document,6
material or other information in the furtherance of any legal or regulatory7
action which the commissioner may, in his sole discretion, deem appropriate.8
Section 2. R.S. 44:4.1(B)(10) is hereby amended and reenacted to read as follows:9
§4.1. Exceptions10
* * *11
B. The legislature further recognizes that there exist exceptions, exemptions,12
and limitations to the laws pertaining to public records throughout the revised13
statutes and codes of this state. Therefore, the following exceptions, exemptions, and14
limitations are hereby continued in effect by incorporation into this Chapter by15
citation:16
* * *17
(10) R.S. 22:2, 14, 42.1, 88, 244, 461, 572, 574, 618, 706, 732, 752, 771,18
1203, 1460, 1466, 1546, 1644, 1656, 1723, 1929, 1983, 2036, 230319
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: