Each formula or method for calculating the schedule of charges must be accompanied by the certification of a qualified actuary that, based on reasonable assumptions, the formula is appropriate to produce rates that are not excessive, inadequate, or unfairly discriminatory. An actuary is considered qualified if he or she is a member in good standing of both the American Academy of Actuaries and the Society of Actuaries.

Source Note: The provisions of this §11.702 adopted to be effective August 1, 2017, 42 TexReg 2169