The following definitions shall apply for purposes of this chapter:
- (a) ACTUARIAL OPINION. 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 Rule 482-1-112-.06 and with applicable Actuarial Standards of Practice.
- (b) ACTUARIAL STANDARDS BOARD. The board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.
- (c) ANNUAL STATEMENT. The statement required by Section 27-3-26, Code of Ala. 1975, to be filed by the company with the office of the Commissioner annually.
- (d) APPOINTED ACTUARY. An individual who is appointed or retained in accordance with the requirements set forth in paragraph (3) of Rule 482-1-112-.05 to provide the actuarial opinion and supporting memorandum as required by Section 27-36A-4, Code of Ala. 1975.
- (e) ASSET ADEQUACY ANALYSIS. An analysis that meets the standards and other requirements referred to in paragraph (4) of Rule 482-1-112-.05.
- (f) COMMISSIONER. The Alabama Commissioner of Insurance.
- (g) COMPANY. A life insurance company, fraternal benefit society, or reinsurer subject to the provisions of this chapter.
- (h) QUALIFIED ACTUARY. An individual who meets the requirements set forth in paragraph (2) of Rule 482-1-112-.05.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §§27-2-17; 27-36A-1 - 27-36A-20.
History: New: September 23, 1996; effective October 3, 1996. Revised: November 25, 2003; effective January 1, 2004. Filed with LRS November 25, 2003. Rule is not subject to the Alabama Administrative Procedure Act. Amended: Published June 28, 2024; effective July 1, 2024. Published with LSA June 28, 2024. This rule is not subject to the Alabama Administrative Procedure Act.