N.M. Admin. Code § 13.2.6.7

Current through Register Vol. 35, No. 24, December 23, 2024

Section 13.2.6.7 - DEFINITIONS

For the purpose of this rule:

A. "actuarial opinion" means 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 13.2.6.9 NMAC and with applicable actuarial standards of practice.

B. "actuarial standards board" means the board established by the American academy of actuaries to develop and promulgate standards of actuarial practice.

C. "annual statement" means that statement required by Section 59A-5-29 NMSA 1978 to be filed by the company with the office of the superintendent annually.

D. "appointed actuary" means an individual who is appointed or retained in accordance with the requirements set forth in Subsection C of 13.2.6.8 NMAC to provide the actuarial opinion and supporting memorandum as required by Section 59A-8-7 NMSA 1978.

E. "asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in Subsection D of 13.2.6.8 NMAC.

F. "company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this rule.

G. "qualified actuary" means an individual who meets the requirements set forth in Subsection B of 13.2.6.8 NMAC.

N.M. Admin. Code § 13.2.6.7

13.2.6.7 NMAC - Rp 13 NMAC 2.6.7, 10-1-03