Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS
Section 69O-138.042 - Definitions
Current through Reg. 50, No. 187; September 24, 2024
(1) "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 Rule 69O-138.046, F.A.C., and with applicable actuarial standards of practice.
(2) "Actuarial Standards Board" means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.
(3) "Annual Statement" means that statement required by Section 624.424, F.S., to be filed by the company with the Office annually.
(4) An "Appointed Actuary" is a qualified actuary who is appointed or retained, either directly by or by the authority of the board of directors through an executive officer of the company other than an officer who is the qualified actuary, to prepare the statement of actuarial opinion as required by subsection (3), of the Standard Valuation Law.
(5) "Asset Adequacy Analysis" means an analysis that meets the standards and other requirements referred to in subsection 69O-138.043(3), F.A.C., of this part.
(6) "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this part.
(7) "Office" means the Office of Insurance Regulation.
(8) "NAIC" means the National Association of Insurance Commissioners.
(9) "NAIC Actuarial Opinion and Memorandum Regulation" means this part.
(10) "Qualified Actuary" means any individual who meets the criteria specified in paragraph 69O-138.043(2)(b), F.A.C.
(11) "Standard Valuation Law" means that defined in Section 625.121, F.S.
Rulemaking Authority 625.121(3)(a) FS. Law Implemented 625.121(3) FS.
New 5-18-93, Amended 1-23-03, Formerly 4-138.042.
