505.15 Actuarial, professional, and specialist staff.
162 words·~1 min read·
/ia/chapter-505-insurance-division/505-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The commissioner may appoint a staff of actuaries as necessary to carry out the duties of the division. The actuarial staff shall do all of the following:
a. Perform analyses of rate filings.
b. Perform audits of submitted loss data.
c. Conduct rate hearings and serve as expert witnesses.
d. Prepare, review, and dispense data on the insurance business.
e. Assist in public education concerning the insurance business.
f. Identify any impending problem areas in the insurance business.
g. Assist in examinations of insurance companies.
2. The commissioner may retain, or the commissioner’s designee may request that the commissioner retain, attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals or specialists to assist the division or the consumer advocate bureau in carrying out its duties in regard to rate filing reviews. The reasonable cost of retaining such professionals and specialists shall be borne by the insurer which is the subject of the rate filing review.
Referred to in §505.8