Administrative Rule Review Report  #AR10-079

Legislative Service Office

17-Nov-10

AGENCY: Insurance Department.

DATE SUBMITTED: November 17, 2010.

SUBJECT: Chapter 53, Actuarial Opinion and Memorandum; and Chapter 59, Permitting the Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities.

NATURE OF RULES:                     Legislative and procedural.

STATUTORY AUTHORITY:         W.S. 26-6-208(b) and 26-6-205.

DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION SUBMITTED BY THE AGENCY TO LSO:   Apparently complete to date.

SUMMARY OF RULES:   The rules update the actuarial opinion and memorandum requirements that every life insurer doing business in Wyoming must annually submit to the insurance department.

The rules also recognize the use of specific mortality tables when establishing reserves of life insurance providers.  The new tables which may be used may reflect the differences between standard and preferred lives.

FINDINGS:  The rules appear to be within the scope of authority and legislative intent.

STAFF RECOMMENDATION:  That the rules be placed on the Consent List and be approved by the Council as submitted by the agency.

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Lynda Cook

Staff Attorney

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David K. Gruver

Assistant Director

LGC/