Supplement No. 7 to Insurance Circular Letter No. 22 (2005)
February 12, 2015
All Property/Casualty Insurers Domiciled in New York State
|RE:||Filing of Actuarial Opinion Summary ("AOS")|
STATUTORY AND REGULATORY REFERENCES: Insurance Law §§ 307(a)(1) and (2) and 4117; Public Officers Law §§ 87(2)(d) and 89(5)(a)(1) and Article 6.
The purpose of this Circular Letter is to advise all domestic property/casualty insurers required to file a Statement of Actuarial Opinion with the National Association of Insurance Commissioners ("NAIC") property/casualty statement (i.e., "yellow blank") in accordance with Insurance Law § 307(a)(1) and (2) that they also should file an AOS with the New York State Department of Financial Services ("Department"). The instructions regarding this filing are set forth in the NAIC"s 2014 Property/Casualty Annual Statement Instructions.
An insurer that believes its records contain "trade secrets . . . or if disclosed would cause substantial injury to the competitive position of the subject enterprise" may request, pursuant to New York Public Officers Law § 87(2)(d), that the Department except such documents from disclosure pursuant to Public Officers Law § 89(5)(a)(1). Should the Department receive a request for records for which an insurer requested an exception from disclosure, the Department will notify the insurer and give the insurer an opportunity to respond in accordance with Article 6 of the Public Officers Law.
Every insurer should file the AOS with the Department by March 15 of each year.
Please direct any questions regarding this circular letter to Gloria Huberman, Deputy Chief Actuary, at [email protected] or (212) 480-5134.
Very truly yours,
Mark G. Wade
Property and Casualty Insurance