In this chapter,

1. (1) “allowable benefit” means a benefit for medical care;
2. (2) “bona fide association” has the meaning given in AS 21.54.500;
3. (3) “claims liability” means the total of all incurred and unpaid claims for allowable benefits under a self-funded multiple employer welfare arrangement that are not reimbursed or reimbursable by stop-loss insurance, subrogation, or other sources;
4. (4) “health benefit plan” has the meaning given in AS 21.54.500;
5. (5) “multiple employer welfare arrangement” has the meaning given in 29 U.S.C. 1002;

6. (6) “qualified actuary” means an individual who

   1. (A) is a member in good standing of the American Academy of Actuaries;
   2. (B) meets the qualification standards of the American Academy of Actuaries to sign statements of actuarial opinion;
   3. (C) is familiar with the valuation requirements under AS 21.18; and

   4. (D) has not been disqualified by the director, after notice and hearing under AS 21.06.180, for

      1. (i) a violation of this title or other law pertinent to the duties or responsibilities of a qualified actuary;
      2. (ii) conviction of a fraudulent act;
      3. (iii) conduct considered by the director to reflect incompetence or untrustworthiness;
      4. (iv) resignation or removal as an actuary with a company or a consulting firm within the past five years due to acts or omissions indicated in a report of examination or due to failure to adhere to generally accepted actuarial standards; or
      5. (v) failure to notify the director of an action taken against the actuary by an insurance regulator of another state for grounds that are substantially the same as a provision under this paragraph;
7. (7) “reserves” means the excess of assets of a self-funded multiple employer welfare arrangement minus the liabilities of the arrangement;
8. (8) “self-funded multiple employer welfare arrangement” or “arrangement” means a multiple employer welfare arrangement that does not provide for payment of benefits under the arrangement solely through a policy of insurance issued by one or more authorized insurance companies.