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TITLE 28INSURANCE
PART 1TEXAS DEPARTMENT OF INSURANCE
CHAPTER 7CORPORATE AND FINANCIAL REGULATION
SUBCHAPTER AEXAMINATION AND FINANCIAL ANALYSIS
RULE §7.69Requirements for Filing the 2006 Quarterly and 2006 Annual Statements, Other Reporting Forms, and Electronic Data Filings with the Texas Department of Insurance and the NAIC

      (i) The Statement of Actuarial Opinion must include assurance that an actuarial report and underlying actuarial work papers supporting the actuarial opinion will be maintained at the company and available for examination for seven years. The foregoing must be available by May 1 of the year following the year-end for which the opinion was rendered or within two weeks after a request from the commissioner. The suggested wording used will depend on whether the actuary is employed by the company or is a consulting actuary. The wording for an actuary employed by the company should be similar to the following: "An actuarial report and any underlying actuarial work papers supporting the findings expressed in this Statement of Actuarial Opinion will be retained for a period of seven years in the administrative offices of the company and available for regulatory examination." The wording for a consulting actuary retained by the company should be similar to the following: "An actuarial report and any underlying actuarial work papers supporting the findings expressed in this Statement of Actuarial Opinion have been provided to the company to be retained for a period of seven years in the administrative offices of the company and available for regulatory examination."

      (ii) Under the scope paragraph requirements of section 5 of the "2006 Annual Statement Instructions, Health," relating to the Actuarial Certification, the department requires that the actuarial opinion specifically list the premium deficiency reserve as an item and disclose the amount of such reserve.

  (2) Domestic insurer paper copy and Texas specific filings and reports to be filed with the department:

    (A) Supplemental Compensation Exhibit, due on or before March 1, 2007;

    (B) Texas HMO Supplement (Texas Edition), due on or before May 15, August 15, and November 15, 2006, and March 1, 2007;

    (C) Electronic filings with the department containing annual statement data, to be completed according to the instructions provided by the department, due on or before March 1, 2007;

    (D) Electronic filings with the department containing quarterly statement data, to be completed according to the instructions provided by the department, due on or before May 15, August 15, and November 15, 2006; and

    (E) Texas Overhead Assessment Exemption Form (Texas Edition), due on or before March 1, 2007. This form is to be filed only by domestic insurance companies that have qualified pension contracts under the Insurance Code Article 1.16(b) (revised as §401.151 effective April 1, 2007); otherwise, this form should not be filed.

  (3) Electronic filings with the NAIC by domestic and foreign insurers.

    (A) Annual statement electronic filing, and PDF filing, due on or before March 1, 2007;

    (B) Quarterly statement electronic filing and PDF filing, due on or before May 15, August 15, and November 15, 2006;

    (C) All annual and quarterly supplemental electronic filings together with the related PDF filings (except for Schedule SIS and Supplemental Compensation Exhibit which are only filed by domestic insurers with the department in paper copy) due on the dates specified in the forms and instructions;

    (D) Statement of Actuarial Opinion, due on or before March 1, 2007; and

    (E) Management Discussion and Analysis, due on or before April 1, 2007.

(i) Requirements for farm mutual insurers not subject to the provisions of subsection (e) of this section. Farm mutual insurance companies not subject to subsection (e) of this section shall file the following blanks and forms for the 2006 calendar year with the department only, on or before March 1, 2007:

  (1) Annual Statement (Texas Edition);

  (2) Texas Overhead Assessment Exemption Form (Texas Edition). This form is to be filed only by domestic insurance companies that have qualified pension contracts under the Insurance Code Article 1.16(b) (revised as §401.151 effective April 1, 2007); otherwise, this form should not be filed; and

  (3) Electronic filings with the NAIC by domestic and foreign insurers; and

  (4) Statement of Actuarial Opinion, unless exempted under §7.31 (relating to Annual Statement Instructions for Farm Mutual Insurance Companies).

(j) Requirements for statewide mutual assessment associations, local mutual aid associations, mutual burial associations and exempt associations. Each statewide mutual assessment association, local mutual aid association, mutual burial association and exempt association shall complete and file the following blanks and forms for the 2006 calendar year with the department only, on or before April 1, 2007:

  (1) Annual Statement (Texas Edition) (exempt companies are required to complete all pages except lines 22, 23, 24, 25, and 26 on page 3, the special instructions at the bottom of page 3, and pages 4 - 7);

  (2) Texas Overhead Assessment Exemption Form (Texas Edition). This form is to be filed only by domestic insurance companies that have qualified pension contracts under the Insurance Code Article 1.16(b) (revised as §401.151 effective April 1, 2007); otherwise, this form should not be filed;

  (3) Release of Contributions Form (Texas Edition);

  (4) 3 1/2 % Chamberlain Reserve Table (Reserve Valuation) (Texas Edition);

  (5) Reserve Summary (1956 Chamberlain Table 3 1/2 %) (Texas Edition);

  (6) Inventory of Insurance in Force by Age of Issue or Reserving Year (Texas Edition); and

  (7) Summary of Inventory of Insurance in Force by Age and Calculation of Net Premiums (Texas Edition).

(k) Requirements for nonprofit legal service corporations. Each nonprofit legal service corporation doing business as authorized by a certificate of authority issued under the Insurance Code Chapter 961 shall complete and file the following blanks and forms for the 2006 calendar year with the department only. An actuarial opinion is not required. The following forms are to be filed on or before March 1, 2007:

  (1) Annual Statement (Texas Edition); and

  (2) Texas Overhead Assessment Exemption Form (Texas Edition). This form is to be filed only by domestic insurance companies that have qualified pension contracts under the Insurance Code Article 1.16(b) (revised as §401.151 effective April 1, 2007); otherwise, this form should not be filed.

(l) Requirements for Mexican casualty companies. Each Mexican casualty company doing business as authorized by a certificate of authority issued under the Insurance Code Chapter 984, shall complete and file the following blanks and forms for the 2006 calendar year with the department only. All submissions shall be printed or typed in English and all monetary values shall be clearly designated in United States dollars. The form identified in paragraph (1) of this subsection shall be completed in to the extent specified in paragraph (1) of this subsection and in accordance with the "2006 Annual Statement Instructions, Property and Casualty." An actuarial opinion is not required. It is the express intent of this subsection that it shall not repeal or otherwise modify or amend any department rule or the Insurance Code. The following blanks or forms are to be filed on or before March 1, 2007:

  (1) 2006 Property and Casualty Annual Statement; provided, however, only pages 1 - 4, and 104 (Schedule T) are required to be completed;

  (2) A copy of the balance sheet and the statement of profit and loss from the Mexican financial statement (printed or typed in English);

  (3) A copy of the official documents issued by the Comision Nacional De Seguros Y Fianzas approving the 2006 annual statement; and

  (4) A copy of the current license to operate in the Republic of Mexico.

(m) Other financial reports. Nothing in this section prohibits the department from requiring any insurer or other regulated entity from filing other financial reports with the department.


Source Note: The provisions of this §7.69 adopted to be effective July 1, 2007, 32 TexReg 3848

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