W. Va. Code R. § 114-41-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-41-3 - Definitions

3.1. "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 Section 6 of this rule and with applicable Actuarial Standards of Practice.

3.2. "Actuarial Standards Board" means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.

3.3. "Annual Statement" means that statement required by W. Va. Code § 33-4-14 to be filed annually by the company with the office of the Commissioner.

3.4. "Appointed Actuary" means any individual who is appointed or retained in accordance with the requirements set forth in subsection 4.3 of this rule to provide the actuarial opinion and supporting memorandum as required by the Standard Valuation Law, W. Va. Code § 33-7-9(c).

3.5. "Asset Adequacy Analysis" means an analysis that meets the standards and other requirements referred to in subsection 4.4 of this rule.

3.6. "Commissioner" means the Insurance Commissioner of West Virginia.

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

3.8. "Qualified Actuary" means any individual who meets the requirements set forth in subsection 4.2 of this rule.

W. Va. Code R. § 114-41-3