Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 780 - ACTUARIAL OPINION AND MEMORANDUM
Section 031-780-4 - Definitions

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 6 of this rule 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 Title 24-A M.R.S.A. Section423 to be filed by the company with the Superintendent annually.

D. "Appointed actuary" means an individual who is appointed or retained in accordance with the requirements set forth in Section 5(C) of this rule to provide the actuarial opinion and supporting memorandum as required by Title 24-A M.R.S.A. Section952-A.

E. "Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in Section 5(D) of this rule.

F. "Commissioner" means the insurance supervisory regulator of another state.

G. "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this rule.

H. "NAIC" means the National Association of Insurance Commissioners.

I. "Qualified actuary" means an individual who meets the requirements set forth in Section5(B) of this rule.

J. "Superintendent" means the Maine Superintendent of Insurance.