This chapter applies to all life insurance companies and fraternal benefit societies that are authorized to: Do business in this State; or Reinsure life insurance, annuities, or accident and health business in this State. This chapter shall be applied in a manner that allows the appointed actuary to utilize his or her professional judgment in performing the asset analysis and in developing the actuarial opinion and supporting memoranda, consistent with relevant actuarial standards of practice. However, the Commissioner has the authority to specify specific methods of actuarial analysis and actuarial assumptions when, in the Commissioner's judgment, these specifications are necessary for an acceptable opinion to be rendered relative to the adequacy of reserves and related items. This chapter is applicable to all annual statements filed with the Insurance Commissioner after the effective date of this chapter in accordance with Insurance Article, §§4-116 and 8-444, Annotated Code of Maryland.