Connecticut Administrative Code
Title 38a - Insurance Department
78 - Connecticut Standard Valuation Law Actuarial Opinion and Memorandum
Section 38a-78-4 - Definitions
Current through March 14, 2024
As used in sections 38a-78-1 to 38a-78-9, inclusive of the Regulations of Connecticut State Agencies:
(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 in accordance with Section 38a-78-7 of these regulations and with applicable Actuarial Standards of Practice.
(b) "Actuarial Standards Board" means 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 38a-53 of the Connecticut General Statutes to be filed by the company with the commissioner annually.
(d) "Appointed Actuary" means any individual who is appointed or retained in accordance with the requirements set forth in subsection (c) of section 38a-78-5 of the Regulations of Connecticut State Agencies to provide the actuarial opinion and supporting memorandum as required by subsection (b) of section 38a-78 of the Standard Valuation Law.
(e) "Asset Adequacy Analysis" means an analysis that meets the standards and other requirements referred to in subsection (d) of section 38a-78-5 of the Regulations of Connecticut State Agencies.
(f) "Commissioner" means the insurance commissioner of the State of Connecticut.
(g) "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of these regulations.
(h) "NAIC" means the National Association of Insurance Commissioners.
(i) "Qualified Actuary" means any individual who meets the requirements set forth in subsection (b) of section 38a-78-5 of the Regulations of Connecticut State Agencies.
(j) "Standard Valuation Law" means sections 38a-77 and 38a-78 of the Connecticut General Statutes.
