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§ 20-696 Scope of article

AZ Rev Stat § 20-696 (2019) (N/A)
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20-696. Scope of article

A. This article applies to all life insurance companies and fraternal benefit societies that are doing business in this state or that are authorized to reinsure life insurance, annuities or accident and health insurance business in this state.

B. This article applies to all annual statements that are filed with the director after the effective date of this article. All insurers shall file the following with the director each year:

1. A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis that is conducted pursuant to section 20-696.03.

2. A memorandum in support of the opinion pursuant to section 20-696.04.

C. If a foreign company is required to submit a statement of actuarial opinion, the director may accept the statement of actuarial opinion that is filed by the company with the insurance supervisory regulator of another state if the director determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state.

D. The director, by order, may adopt methods of actuarial analysis and actuarial assumptions that are necessary for an acceptable opinion and memorandum consistent with this article.

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