Section 21.76.040. Financial provisions of agreements.

Latest version.

   (a) A cooperative agreement must include a provision requiring an annual determination by a casualty actuary who is a member of the American Academy of Actuaries that procedures for establishing reserves for losses of the joint insurance arrangement are actuarially sound.
   (b) A joint insurance arrangement shall be subject to an annual independent audit.  The audit shall be conducted in accordance with generally accepted auditing standards and must include a review of the actuarial assumptions used for establishing the reserves under (a) of this section.  The audit report must include certification from a casualty actuary who is a member of the American Academy of Actuaries that the actuarial assumptions continue to be sound and the level of the reserves are adequate.

Notes

History

(Sec. 1 ch 136 SLA 1986)

                    
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