Common use of Actuarial Examinations Clause in Contracts

Actuarial Examinations. If awarded the actuarial examination (project) assignment, Contractor must carry out this project under the direction and control of the Captive Unit, and must: a. Perform specific examination tests identified in the initial examination plan and other examination tests as deemed necessary throughout the course of the examination to determine solvency and compliance with Michigan captive insurance laws, regulations, administrative rules and bulletins. The Contractor must review the tests performed and the results found with a Captive Unit EIC on request. b. Document all work performed and examination findings in actuarial examination work papers, ensuring all work papers generated during the examination meet its firm’s work paper quality standards, and Captive Unit work paper standards (all work papers will be reviewed and must be approved by the EIC. Note that TeamMate file repository software use is preferred. These work papers shall become the property of the Captive Unit after the examination and must be provided in electronic format. c. Be responsible for bringing their own supplies and equipment. d. Not contact the company prior to the actuarial examination without written authorization from the Captive Unit, even though it is the Captive Unit’s practice to give captive insurance companies at least 30 days’ notice prior to beginning an actuarial examination. e. Assign staff who are qualified and familiar with Michigan captive insurance laws, regulations, administrative rules and bulletins.