Actuarial Opinion Clause Samples
An Actuarial Opinion clause requires a qualified actuary to provide a professional assessment regarding the adequacy of reserves or the financial soundness of an insurance program. Typically, this involves the actuary reviewing relevant data, applying actuarial methods, and issuing a formal statement that the reserves are sufficient to meet future obligations. The core function of this clause is to ensure independent, expert validation of financial assumptions, thereby providing assurance to stakeholders and regulatory bodies about the reliability of the insurer’s financial position.
Actuarial Opinion. On an annual basis, and no later than five (5) Business Days prior to the date Company is required to file its statutory annual financial statement with the Insurance Department of its State of domicile, Administrator shall provide to Company an actuarial opinion of an independent actuary reasonably acceptable to Company, with respect to the liabilities of the Reinsured Contracts, including the Reinsured Liabilities, which Reinsured Liabilities shall be identified on a separate schedule to the actuarial opinion, in form and substance as required by the Insurance Department of Company’s state of domicile in connection with such financial statements. The Administrator shall use commercially reasonable efforts to discuss with the Company the estimated loss reserves for the Reinsured Liabilities prior to the delivery of the actuarial opinion.
Actuarial Opinion. The Reinsurer hereby agrees that the actuarial opinion of the Company’s internal actuary shall be controlling, in its sole discretion, as to the timing and determination of the adequacy of loss reserves established for losses incurred and outstanding on business produced under this Agreement and the Agency Agreement for the purposes of posting collateral hereunder. However, the Reinsurer shall have the right to have the Company engage on a semi-annual basis, at the expense of the Reinsurer an independent actuarial opinion, performed by MILLIMAN USA’s Dallas office, attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced under this Agreement and the Agency Agreement. If the Reinsurer requests hereunder the actuarial opinion of MILLIMAN USA’s Dallas office, the Reinsurer hereby agrees to post the collateral required hereunder in accordance with the actuarial analysis of the Company’s internal actuary until an analysis is completed by MILLIMAN USA’s Dallas office. At such time, the Reinsurer shall post the collateral required hereunder in accordance with the actuarial analysis of MILLIMAN USA’s Dallas office. If MILLIMAN USA’s Dallas office is unable to perform the actuarial analysis, the analysis of the Company’s internal actuary shall be controlling for the purpose of determining the ultimate loss ratio and loss adjustment expense ratio picks required for posting collateral under the Agreements. If subsequent to the receipt of the applicable independent actuarial opinion, the Company determines in its sole discretion that there has been a significant change in the loss reserves as compared to the applicable independent actuarial opinion, the Company’s internal actuary shall again be controlling, in its sole discretion, as to the timing and determination of the adequacy of loss reserves established for losses incurred and outstanding on business produced under this Agreement and the Agency Agreement until the Company again engages, at the expense of the Reinsurer, an independent actuarial opinion, performed by MILLIMAN USA’s Dallas office, attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced under this Agreement and the Agency Agreement. Additionally, if the actuarial opinion of the Company’s internal actuary is not available, for any reason, the Company shall engage semi-annually, at the expense of the Reinsurer, an independent actuarial opinio...
Actuarial Opinion. Schedule 4.26 is a true, correct and complete copy of the actuarial opinion of ▇▇▇▇▇▇ dated February 14, 2000 regarding the adequacy of the insurance reserves of the Company and its Subsidiaries as of December 31, 1999 which has been prepared in accordance with Section 7 of NAIC Model Actuarial Opinion and Memorandum (the “ 25 ▇▇▇▇▇▇ Opinion”). The factual information supplied by the Company and the Subsidiaries to ▇▇▇▇▇▇ for the purpose of preparation of the ▇▇▇▇▇▇ Opinion was true, accurate, correct and complete at the time such factual information was furnished. The Company has no reason to believe that the assumptions upon which the ▇▇▇▇▇▇ Opinion is based are invalid, inaccurate or unreasonable.
Actuarial Opinion. No later than April 1, 2000, if the Second Closing shall not have occurred before such date, PMH and PGH shall deliver to GEFA the actuarial opinion memorandum as of December 31, 1999 required by Law to be prepared on behalf of PAL by its appointed actuary. 104 112
Actuarial Opinion. Within 120 days after the close of each fiscal year of each of the Company and any of its Subsidiaries, as applicable, a copy of the "Statement of Actuarial Opinion" for each of the Company and any such Subsidiaries which is provided to the applicable state or local insurance department or regulatory authority as to the adequacy of loss reserves of the Company and any such Subsidiaries. Such opinion shall be in the format prescribed by the Insurance Code or other applicable laws;
Actuarial Opinion. Within 120 days after the close of each fiscal year of each of the Borrower and any of its Subsidiaries, as applicable, a copy of the "Statement of Actuarial Opinion" for each of the Borrower and any such Subsidiaries which is provided to the applicable state or local insurance department or regulatory authority as to the adequacy of loss reserves of the Borrower and any such Subsidiaries. Such opinion shall be in the format prescribed by the Insurance Code or other applicable laws;