Sec. 21.18.900. Definitions.

517 words·~2 min read·/ak/title-21/chapter-18/21-18-900

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this chapter,

(1)“accident and health insurance” means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or a medical condition or a contract as may be specified in the valuation manual;

(2)“admitted asset” means an asset allowed by AS 21.18.010 to be included in the determination of the financial condition of a domestic or foreign insurer or the United States branch of an alien insurer;

(3)“affiliate” has the meaning given in AS 21.22.200 ;

(4)“appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in AS 21.18.112 ;

(5)“controlling” or “controlled” has the meaning given in AS 21.22.200 and includes a person that individually, or in combination with other persons, owes to the insurer an amount that exceeds 50 percent of the insurer's total premiums in the course of collection as stated on the insurer's financial statement;

(6)“deposit-type contract” means a contract that does not incorporate mortality or morbidity risks or a contract specified in the valuation manual;

(7)“insurer” means an entity that has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in

(A)this state and has at least one of those policies in force or on claim; or

(B)another state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state;

(8)“ledger asset” means an asset recorded on the general ledger of an insurer;

(9)“life insurance” means a contract that incorporates mortality risk, including an annuity and pure endowment contract, or a contract specified in the valuation manual;

(10)“nonadmitted assets” means an asset recorded on the insurer's ledger that is not allowed by AS 21.18.010 to be included in the determination of the financial condition of a domestic or foreign insurer or the United States branch of an alien insurer;

(11)“nonledger asset” means an asset not recorded on the general ledger of an insurer;

(12)“policyholder behavior” means an action of a policyholder, contract holder, or another person with the right to elect options;

(13)“principle-based valuation” means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer under AS 21.18.112 (e), as specified in the valuation manual;

(14)“qualified actuary” means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the qualification standards of the American Academy of Actuaries and who meets the requirements specified in the valuation manual;

(15)“solvent” means able to satisfy all current and future obligations and operate as an ongoing entity;

(16)“tail risk” means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or when there are observed events of very significant size or magnitude;

(17)“valuation manual” means the manual of valuation instructions adopted by the National Association of Insurance Commissioners as specified in AS 21.18.112 (d).