Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM
Section 482-1-112-.04 - Definitions

(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 subsection (c) of Section 27-36-7, 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