Utah Admin. Code R590-264-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1) "Appointed
actuary" means a qualified actuary appointed by the insurer's board of
directors or its equivalent, or by a committee of the board, to provide the
actuarial opinion to be filed with the insurer's annual statement.
(2) "Qualified actuary" means a person who:
(a)
(i)
meets the basic education, experience, and continuing education requirements of
the American Academy of Actuaries;
(ii) has obtained and maintains an accepted
actuarial designation specified by the NAIC Property and Casualty Annual
Statement Instructions; and
(iii)
is a member of a professional actuarial association that:
(A) requires adherence to the same code of
professional conduct and U.S. qualification standards of the American Academy
of Actuaries; and
(B) participates
in the Actuarial Board for Counseling and Discipline when its association
members are practicing in the U.S.; or
(b) is a member of the American Academy of
Actuaries approved as qualified to sign casualty loss reserves opinions by the
Casualty Practice Council of the American Academy of
Actuaries.
(3) "Statement
of actuarial opinion" means a statement prepared by the appointed actuary that:
(a) sets forth the actuary's opinion of the
insurer's reserves; and
(b) is
prepared in accordance with the NAIC Property and Casualty Annual Statement
Instructions.
Notes
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