Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION
Rule 120-2-74-.04 - Definitions
Current through Rules and Regulations filed through September 23, 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 120-2-74-.06 of this regulation 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 O.C.G.A. § 33-3-21 to be filed by the company with the office of the Commissioner annually.
(4) "Appointed actuary" means an individual who is appointed or retained in accordance with the requirements set forth in 120-2-74-.05(3) of this regulation to provide the actuarial opinion and supporting memorandum as required by O.C.G.A. § 33-10-13(b.1).
(5) "Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in 120-2-74-.05(4) of this regulation.
(6) "Commissioner" means the Insurance Commissioner of this State.
(7) "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this regulation.
(8) "Qualified actuary" means an individual who meets the requirements set forth in 120-2-74-.05 B of this regulation.
O.C.G.A. Secs. 33-2-9, 33-10-13.
