20-696.01. Definitions

184 words·~1 min read·/az/title-20/20-696-01

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

In this article, unless the context otherwise requires:

1. "Actuarial opinion" means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items that is based on an asset adequacy analysis conducted pursuant to section 20-696.03 and that is based on presently accepted actuarial standards of practice.

2. "Actuarial standards board" means the board that is established by the American academy of actuaries to develop and promulgate actuarial standards of practice.

3. "Annual statement" means the statement that an insurer annually files with the director pursuant to section 20-223.

4. "Appointed actuary" means an individual who is appointed or retained pursuant to section 20-696.02, subsection D to provide the actuarial opinion and supporting memorandum prescribed by section 20-510, subsection E or F.

5. "Asset adequacy analysis" means an analysis that meets the standards and other requirements prescribed pursuant to section 20-696.02, subsection E.

6. "Company" means an insurer, fraternal benefit society or reinsurer that is subject to this article pursuant to section 20-696.

7. "Qualified actuary" means any individual who meets the requirements prescribed in section 20-696.02, subsection B.