Mich. Admin. Code R. 500.991 - Definitions

Current through Vol. 22-05, April 1, 2022

Rule 1. As used in these rules:

(a) "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 R 500.995 and with applicable Actuarial Standards of Practice.
(b) "Actuarial Standards Board" means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.
(c) "Annual statement" means that statement required by section 438 of 1956 PA 218, as amended, MCL 500.438, to be filed by the company with the Office of Financial and Insurance Services annually.
(d) "Appointed actuary" means an individual who is appointed or retained under R 500.994(3) to provide the actuarial opinion and supporting memorandum as required by section 830a of 1956 PA 218, MCL 500.830a, of the Standard Valuation Law.
(e) "Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in R 500.994(4).
(f) "Commissioner" means the commissioner of the Office of Financial and Insurance Services.
(g) "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this rule.
(h) "Qualified actuary" means an individual who meets the requirements in R 500.994(2).

Notes

Mich. Admin. Code R. 500.991
2006 AACS

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