(1) The annual audit report must include an opinion of the adequacy of the company's loss reserves and loss expense reserves. The individual who certifies the adequacy of the reserves must be approved by the commissioner and shall be a fellow of the casualty actuarial society, a member in good standing of the American academy of actuaries, or an individual who has demonstrated competence in loss reserve evaluation to the commissioner.

(2) The certification must be in a form which the commissioner deems appropriate.