Section 39Sec./Art. 39

Required Actuarial Reports. - The following documents which are from time to time submitted to the Commission by a pre-need company shall be duly certified by an Insurance Commission accredited actuary:

(a) Actuarial valuation of all Iiabilities pertaining to pre-need contracts;

(b) Asset share studies when applying for approval of new products or enhancement or repricing of existing products;

(c) Accounts in the financial statement of the pre-need company pertaining to actuarial reserve liabilities and other actuarial reserve items;

(d) Financial projections showing the probable income and reserve requirements, enumerating the actuarial assumptions and bases of projections; and

(e) Such other reports as may be required by the Commission.

It shall be the duty of an actuary to immediately report to the Commission any matter contained in arising out of or in relation to the above reports requiring intervention of the Commission to protect the interests of planholders: Provided, That the actuary shall not be liable to the pre-need company for any acts done under this paragraph, unless there is a clear showing of bad faith, malice or gross negligence.