Oklahoma HB3561 mandates property and casualty insurance companies to submit an independent actuary's opinion annually.
Oklahoma HB3561 amends existing law to require property and casualty insurance companies operating in the state to annually submit an opinion from an appointed independent actuary. This opinion must be filed according to NAIC Property and Casualty Annual Statement Instructions. If the company fails to provide a supporting actuarial report or workpapers, the Insurance Commissioner can engage a qualified actuary at the company's expense. The bill also stipulates that independent actuaries are not liable for damages to anyone other than the insurance company and the Commissioner.
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