Ala. Admin. Code r. 482-1-112-.04

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-112-.04 - Definitions

The following definitions shall apply for purposes of this chapter:

(a) ACTUARIAL OPINION. The opinion of an Appointed Actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Rule 482-1-112-.06 and with applicable Actuarial Standards of Practice.

(b) ACTUARIAL STANDARDS BOARD. The board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.

(c) ANNUAL STATEMENT. The statement required by Section 27-3-26, Code of Ala. 1975, to be filed by the company with the office of the Commissioner annually.

(d) APPOINTED ACTUARY. An individual who is appointed or retained in accordance with the requirements set forth in paragraph (3) of Rule 482-1-112-.05 to provide the actuarial opinion and supporting memorandum as required by Section 27-36A-4, Code of Ala. 1975.

(e) ASSET ADEQUACY ANALYSIS. An analysis that meets the standards and other requirements referred to in paragraph (4) of Rule 482-1-112-.05.

(f) COMMISSIONER. The Alabama Commissioner of Insurance.

(g) COMPANY. A life insurance company, fraternal benefit society, or reinsurer subject to the provisions of this chapter.

(h) QUALIFIED ACTUARY. An individual who meets the requirements set forth in paragraph (2) of Rule 482-1-112-.05.

Ala. Admin. Code r. 482-1-112-.04

New: September 23, 1996; effective October 3, 1996. Revised: November 25, 2003; effective January 1, 2004. Filed with LRS November 25, 2003. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XLII, Issue No. 09, June 28, 2024, eff. 7/1/2024.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17 and 27-36A-1 to 27-36A-20.