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Oregon Bulletin

November 1, 2011

 

Department of Consumer and Business Services,
Insurance Division
Chapter 836

Rule Caption: Correction of Self-Insured Reporting Rules to Add Definition of Qualified Actuary for Health Insurance.

Adm. Order No.: ID 13-2011

Filed with Sec. of State: 9-21-2011

Certified to be Effective: 9-21-11

Notice Publication Date: 8-1-2011

Rules Amended: 836-011-0255

Subject: This rulemaking corrects an oversight in a rule adopted on February 4, 2011 in a rulemaking to address annual financial statements required for self-insured groups established by three or more public bodies. The rules apply to self-insurance programs that are exempt from the Insurance Code under ORS 30.282 and 731.036.

      In order to be exempt, the self-insurance program must meet certain financial requirements related to reserve adequacy provisions. To demonstrate compliance with those requirements, a qualified actuary must submit a written actuarial report. Under the rules as originally adopted, “qualified actuary” defines the qualifications for an actuary submitting a report for property or casualty self-insurance exempt under ORS 30.282(6)(d) and 731.036(4) and (5). However, the rules failed to define “qualified actuary” for purposes of self-insured health coverage exempt under ORS 731.036 (6). This is in error as it would be inappropriate for a property or casualty actuary to submit the report for health insurance. This rulemaking adds a definition for a qualified actuary submitting the report for health insurance.

Rules Coordinator: Sue Munson—(503) 947-7272

836-011-0255

Reserve Adequacy

In order to demonstrate that a self-insurance program complies with the reserve adequacy provisions contained in ORS 30.282(6)(d) or 731.036(4), (5) or (6), the demonstration of compliance must be accompanied and supported by the written actuarial report issued by a qualified actuary. As used in this rule, “qualified actuary” means:

(1) For property or casualty insurance, a person who is either:

(a) A member in good standing of the Casualty Actuarial Society; or

(b) A member in good standing of the American Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries.

(2) For health insurance, a person who is a member in good standing of the American Academy of Actuaries, or a person recognized by the American Academy of Actuaries as qualified for such actuarial valuation.

Stat. Auth.: ORS 731.244

Stats. Implemented: ORS 30.282, 731.036

Hist.: ID 1-2011, f. & cert. ef. 2-4-11; ID 13-2011, f. & cert. ef. 9-21-11

Notes
1.) This online version of the OREGON BULLETIN is provided for convenience of reference and enhanced access. The official, record copy of this publication is contained in the original Administrative Orders and Rulemaking Notices filed with the Secretary of State, Archives Division. Discrepancies, if any, are satisfied in favor of the original versions. Use the OAR Revision Cumulative Index found in the Oregon Bulletin to access a numerical list of rulemaking actions after November 15, 2010.

2.) Copyright 2011 Oregon Secretary of State: Terms and Conditions of Use

Oregon Secretary of State • 136 State Capitol • Salem, OR 97310-0722
Phone: (503) 986-1523 • Fax: (503) 986-1616 • oregon.sos@state.or.us

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