California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 17 - Actuarial Opinion and Memorandum Regulation
Section 2580.3 - Definitions

(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 test in accordance with Section 2580.5 of this regulation and with applicable Actuarial Standards of Practice.

(b) "Actuarial Standards Board" is 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 900 of the Insurance Code to be filed by the Company with the office of the Commissioner annually.

(d) "Appointed Actuary" means any individual who is appointed or retained in accordance with the requirements set forth in Subsection 2580.4(c) of this regulation to provide the Actuarial Opinion and supporting memorandum as required by Section 10489.15 of the Insurance Code.

(e) "Asset Adequacy Analysis" means an analysis that meets the standards and other requirements referred to in Subsection 2580.4(d) of this regulation.

(f) "Commissioner" means the Insurance Commissioner of the State of California.

(g) "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this regulation.

(h) "Qualified Actuary" means any individual who meets the requirements set forth in Subsection 2580.4(b) of this regulation.