PLEASE NOTE: This practice note was superceded by the 2005 practice note on individual major medical insurance.
Practice Note developed by a work group of the State Health Committee that addresses questions and issues regarding the valuation actuary's responsibility for compliance with the model Standard Valuation Law (SVL), the NAIC model Actuarial Opinion and Memorandum Regulation (hereafter the Model Regulation), and the Actuarial Standards Board's actuarial standards of practice as related to preparing a statutory statement of opinion on major medical insurance individually solicited, sold, purchased, and underwritten, whether done through the traditional individual contract, or through group trust or group association contracts. ( )
Practice Note developed by a work group of the State Health Committee that addresses questions and issues regarding the valuation actuary's responsibility for compliance with the model Standard Valuation Law (SVL), the NAIC model Actuarial Opinion and Memorandum Regulation (hereafter the Model Regulation), and the Actuarial Standards Board's actuarial standards of practice as related to preparing a statutory statement of opinion on major medical insurance individually solicited, sold, purchased, and underwritten, whether done through the traditional individual contract, or through group trust or group association contracts. ( )
