Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 169 - ACTUARIAL OPINION AND MEMORANDUM
Subchapter 1 - INSURANCE COMPANIES, MUTUAL BENEFIT SOCIETIES, AND FRATERNAL BENEFIT SOCIETIES AUTHORIZED AS LIFE INSURERS
Section 16-169-3 - Definitions

As used in this chapter:

"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 16-169-7 and with applicable Actuarial Standards of Practice.

"Actuarial Standards Board" is the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.

"Annual statement" means that statement required by section 431:3-301, HRS, to be filed by the company with the commissioner annually.

"Appointed actuary" means any individual who is appointed or retained in accordance with the requirements set forth in section 16-169-4(c) to provide the actuarial opinion and supporting memorandum as required by section 431:5-307(j), HRS.

"Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in section 16-169-4(d).

"Commissioner" means the insurance commissioner of this State as defined in 431:2-102, HRS.

"Company" means an insurance company, mutual benefit society, fraternal benefit society, or reinsurer subject to the provisions of this chapter.

"NAIC" means the National Association of Insurance Commissioners.

"Non-investment grade bonds" are those designated as classes 3, 4, 5, or 6 by the NAIC Securities Valuation Office.

"Qualified actuary" means any individual who meets the requirements set forth in section 16-169-4(b).