Ch. 36

1995 LAWS OF MARYLAND

(4) THE COMMISSIONER MAY ENGAGE A QUALIFIED ACTUARY AT THE
EXPENSE OF THE LIFE INSURER, NONPROFIT HEALTH SERVICE PLAN, OR
FRATERNAL BENEFIT SOCIETY TO REVIEW EACH OPINION AND PREPARE A
SUPPORTING MEMORANDUM IF:

(I)      THE LIFE INSURER, NONPROFIT HEALTH SERVICE PLAN, OR
FRATERNAL BENEFIT SOCIETY FAILS TO PROVIDE A SUPPORTING MEMORANDUM
WITHIN THE PERIOD SPECIFIED BY REGULATION; OR

(II)     THE COMMISSIONER DETERMINES THAT THE SUPPORTING
MEMORANDUM THAT THE LIFE INSURER, NONPROFIT HEALTH SERVICE PLAN, OR
FRATERNAL BENEFIT SOCIETY PROVIDES FAILS TO MEET NECESSARY STANDARDS
OR IS UNACCEPTABLE.

(F)      SAME — REQUIREMENTS.

(1)      EACH OPINION REQUIRED BY THIS SECTION SHALL:

(I)       BE SUBMITTED WITH THE ANNUAL STATEMENT REQUIRED BY
THIS ARTICLE AND REFLECT THE VALUATION OF THE RESERVE LIABILITIES OF THE
LIFE. INSURER, NONPROFIT HEALTH SERVICE PLAN, OR FRATERNAL BENEFIT
SOCIETY;

(II)     APPLY TO ALL BUSINESS IN FORCE, INCLUDING INDIVIDUAL
AND GROUP HEALTH INSURANCE PLANS; AND                                                       

(HI) BE BASED ON STANDARDS ADOPTED BY THE ACTUARIAL
STANDARDS BOARD.

(2)      THE COMMISSIONER MAY ADOPT REGULATIONS TO ESTABLISH
ADDITIONAL REQUIREMENTS FOR AN OPINION.

(3)      FOR A FOREIGN INSURER OR ALIEN INSURER, THE COMMISSIONER
MAY ACCEPT AN OPINION THAT THE FOREIGN INSURER OR ALIEN INSURER- FILES
WITH THE INSURANCE SUPERVISORY OFFICIAL OF ANOTHER STATE IF THE
COMMISSIONER DETERMINES THAT THE OPINION REASONABLY MEETS THE
REQUIREMENTS APPLICABLE TO A LIFE INSURER, NONPROFIT HEALTH SERVICE
PLAN, OR FRATERNAL BENEFIT SOCIETY DOMICILED IN THIS STATE.

(G)     SAME — CONFIDENTIALITY.

(1)      EXCEPT AS PROVIDED IN SUBSECTION (H) OF THIS SECTION, THE
COMMISSIONER SHALL KEEP CONFIDENTIAL AND MAY NOT MAKE PUBLIC ANY
MEMORANDUM OR OTHER MATERIAL THAT THE LIFE INSURER, NONPROFIT
HEALTH SERVICE PLAN, OR FRATERNAL BENEFIT SOCIETY PROVIDES IN
CONNECTION WITH AN OPINION ISSUED UNDER THIS SECTION.

(2)      A MEMORANDUM OR OTHER MATERIAL PROVIDED TO THE
COMMISSIONER IS NOT SUBJECT TO A SUBPOENA EXCEPT FOR DEFENDING IN A SUIT
THAT:

(I) SEEKS DAMAGES FROM ANY PERSON; AND
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