Rule 120-2-74-.04. Definitions
- (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 120-2-74-.06 of this regulation and with applicable Actuarial Standards of Practice.
- (2) "Actuarial Standards Board" means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.
- (3) "Annual statement" means that statement required by O.C.G.A. § 33-3-21 to be filed by the company with the office of the Commissioner annually.
- (4) "Appointed actuary" means an individual who is appointed or retained in accordance with the requirements set forth in 120-2-74-.05(3) of this regulation to provide the actuarial opinion and supporting memorandum as required by O.C.G.A. § 33-10-13(b.1).
- (5) "Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in 120-2-74-.05(4) of this regulation.
- (6) "Commissioner" means the Insurance Commissioner of this State.
- (7) "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this regulation.
- (8) "Qualified actuary" means an individual who meets the requirements set forth in 120-2-74-.05 B of this regulation.
Authority: O.C.G.A. Secs. 33-2-9, 33-10-13.
History. Original Rule entitled "Definitions" adopted. F. Jul. 9, 1997; eff. July 29, 1997.
Repealed: New Rule of the same title adopted. F. Dec. 17, 2010; eff. Jan. 6, 2011.