11 NCAC 22 .0115. CERTIFICATION OF RESERVES FILING

Every year each PEO shall file the following actuarial certifications executed by a qualified actuary in the following manner:

"I (Name of Qualified Actuary) am a qualified actuary as defined by 11 NCAC 22 .0115 and I have reviewed:"

(1)           11 NCAC 22 .0111 titled, "Minimum Reserve Standards," and I certify that if the adequacy of the trust reserves requires reserves in excess of the minimum standards described in 11 NCAC 22 .0112 and 11 NCAC 22 .0113, then such increased reserves will be held and considered the minimum reserves for (Name of PEO) trust.

(2)           11 NCAC 22 .0112 titled, "Claim Reserves," and I certify that the trust claim reserves are being calculated in an actuarially sound manner that produces reserves at least as great as those prescribed in 11 NCAC 22 .0112.

(3)           11 NCAC 22 .0113 titled, "Premium Reserves," and I certify that the trust premium reserves are being calculated in an actuarially sound manner that produces reserves at least as great as those prescribed in 11 NCAC 22 .0113.

(4)           11 NCAC 22 .0114 titled, "Maximum Net Retention Standard," and I certify that the trust maximum net retention limits are being calculated in an actuarially sound manner that produces maximum net retention limits no greater than those prescribed in 11 NCAC 22 .0114, unless the Commissioner has approved such higher limits as described in 11 NCAC 22 .0114(d).

 

History Note:        Authority G.S. 58‑2‑40; 58‑89A‑15; 58-89A-105; 58‑89A-106;

Eff. April 1, 2010.