Chapter 12. Property and Casualty Actuarial Opinion

This chapter applies to property and casualty insurance companies:

Property and casualty insurance companies include:

A property and casualty insurance company doing business in this State, unless otherwise exempted by the company's domiciliary Commissioner, shall annually submit the opinion of the company's appointed actuary entitled “Statement of Actuarial Opinion”.

The Statement of Actuarial Opinion required by §A of this regulation shall be filed in accordance with the appropriate National Association of Insurance Commissioners' (NAIC) Property and Casualty Annual Statement Instructions.

Actuarial Opinion Summary.

Actuarial Report and Workpapers.

The Statement of Actuarial Opinion shall be provided with the Annual Statement in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions, and shall be treated as a public document.

Documents, materials, or other information in the possession or control of the Maryland Insurance Administration that are considered an Actuarial Report, workpapers underlying the Actuarial Report, or an Actuarial Opinion Summary provided pursuant to Regulation .02 of this chapter, and any other material provided by the property and casualty insurance company to the Commissioner in connection with the Actuarial Report, workpapers underlying the Actuarial Report, or Actuarial Opinion Summary, shall be considered to have been generated pursuant to an analysis or examination conducted under Insurance Article, §2-205, Annotated Code of Maryland, and shall be confidential and privileged pursuant to Insurance Article, §2-209, Annotated Code of Maryland.

Documents, materials, or other information in the possession or control of the Maryland Insurance Administration pursuant to §B this regulation, and any other material provided by the company to the Commissioner in connection with the Actuarial Report, workpapers underlying the Actuarial Report, or Actuarial Opinion Summary are not subject to:

The provisions of §§B and C of this regulation may not be construed to limit the Commissioner's authority to release the documents to the Actuarial Board for Counseling and Discipline (ABCD) so long as the material is required for the purpose of professional disciplinary proceedings, and the ABCD establishes procedures satisfactory to the Commissioner for preserving the confidentiality of the documents.

The provisions of §§B and C of this regulation may not be construed to limit the Commissioner's authority to use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the Commissioner's official duties.

The Commissioner or any person who received documents, materials, or other information while acting under the authority of the Commissioner may not be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to this regulation.

In order to assist in the performance of the Commissioner's duties, the Commissioner may:

As a result of disclosure to the Commissioner or of sharing by the Commissioner of documents, materials, or other information under this regulation, no waiver of an applicable privilege or claim of confidentiality in the documents, materials, or other information occurs.

All documents, materials, or other information that are considered an Actuarial Report, workpapers underlying the Actuarial Report, or an Actuarial Opinion Summary provided to the Commissioner by a property and casualty insurance company, and any other material provided by a company to the Commissioner in connection with the Actuarial Report, workpapers underlying the Actuarial Report or Actuarial Opinion Summary, shall be marked “Confidential”.