Discounting authorized -- Requirements -- Approval by commissioner

(1) In the computation of the retained liabilities of the self-insured group, reserves for claims or projected reserves for claims may be discounted for their present value if: (a) The discounting is based upon the computation of a qualified actuary; and (b) The computations and supporting documentation are filed annually in writing with the commissioner. (2) Discounting shall be approved by the commissioner unless: (a) The actuary is found to be unqualified by the commissioner; or (b) The computations and supporting documentation presented by the actuary are rejected based on the opinion of the commissioner's qualified actuary.