Utah Admin. Code R590-162-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1)
"Actuarial opinion" means an opinion of an appointed actuary regarding the
adequacy of reserves and related actuarial items based on an asset adequacy
test under Section
R590-162-5
and 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 a statement
required under Section
31A-4-113.
(4) "Appointed actuary" means an individual
who is appointed or retained in accordance with the requirements in Subsection
R590-162-4(2)
to provide the actuarial opinion and supporting memorandum required under
Section
31A-17-503.
(5)
(a)
"Asset adequacy analysis" means an analysis that meets the standards of
practice of the Actuarial Standards Board and this rule and that forms the
basis of the statement of actuarial opinion.
(b) An asset adequacy analysis may take the
form of:
(i) cash flow testing;
(ii) sensitivity testing; or
(iii) an application of risk theory.
(6)
"Company" means a life insurance company, a fraternal benefit society, or a
reinsurer.
(7)
(a) "Qualified actuary" means an individual
who:
(i) is a member in good standing of the
American Academy of Actuaries;
(ii)
is qualified to sign a statement of actuarial opinion for a life and health
insurance company annual statement in accordance with the American Academy of
Actuaries qualification standards for actuaries signing an annual statement;
and
(iii) is familiar with the
valuation requirements applicable to a life and health insurance
company.
(b) "Qualified
actuary" does not include an individual who:
(i) has been found by the commissioner,
following notice and hearing, to have:
(A)
violated a provision of Utah law in the course of a person's dealings as a
qualified actuary;
(B) been guilty
of fraudulent or dishonest practices;
(C) demonstrated incompetency, lack of
cooperation, or untrustworthiness to act as a qualified actuary;
(D) submitted to the commissioner, during the
past five years, an actuarial opinion or memorandum that the commissioner
rejected because it did not meet the provisions of this rule or the standards
set by the Actuarial Standards Board; or
(E) resigned or been removed as an actuary
within the past five years because of acts or omissions indicated in any
adverse report on examination or because of a failure to adhere to generally
acceptable actuarial standards; or
(ii) failed to notify the commissioner of any
action taken by a commissioner of another state similar to that in this
Subsection (7)(b).
(c)
Notwithstanding Subsection (7)(b), an individual may be reinstated as a
qualified actuary by the commissioner.
Notes
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