Oregon Bulletin
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.
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