Connecticut Administrative Code
Title 38a - Insurance Department
53 - Statement of Actuarial Opinion
Section 38a-53-1 - Definitions

Universal Citation: CT Reg of State Agencies 38a-53-1

Current through September 9, 2024

As used in Sections 38a-53-1 to 38a-53-4, inclusive of the Regulations of Connecticut State Agencies:

(a) "Qualified Actuary" and "Qualified Loss Reserve Specialist" means a person who is either:

(1) A member in good standing of the Casualty Actuarial Society; or

(2) A member in good standing of the American Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries; or

(3) A member in good standing of the Society of Actuaries; or

(4) In the case of a health care center or life and health insurance company, an actuary who is qualified to submit an actuarial opinion regarding a life insurance company's accident and health reserves in accordance with Section 38a-78 of the General Statutes.

(b) "Annual Statement" means the annual financial statement required to be filed by insurers with the Commissioner pursuant to Section 38a-53 of the General Statutes.

(c) "Appointed Actuary" means a Qualified Actuary who is appointed by the Board of Directors, or its equivalent, of an insurer or health care center, or by a committee of the Board.

(d) "Commissioner" means the Insurance Commissioner of the State of Connecticut.

(e) "Workpapers" means the records which support the conclusions reached by the Qualified Actuary or Qualified Reserve Specialist as to the adequacy of the company's reserves.

(f) "Insurer", "Insurance Company", or "Company" means a health care center or an insurance company (other than a life insurance company) licensed by the Commissioner to do business in this state.

(g) "NAIC" means the National Association of Insurance Commissioners.

Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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