New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 21A - ACTUARIAL OPINION AND MEMORANDUM FOR LIFE/HEALTH INSURERS
Section 11:1-21A.2 - Definitions

Universal Citation: NJ Admin Code 11:1-21A.2
Current through Register Vol. 56, No. 18, September 16, 2024

The following words and terms, as used in this subchapter, shall have the following meanings, except where the context clearly indicates otherwise.

"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 both with 11:1-21A.4 and with actuarial standards applicable at the time of rendering the opinion;

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

"Alien company" means a company formed under the laws of any country other than the United States, its states, districts, territories, commonwealths, and possessions.

"Annual Statement" means that statement required by 17:23-1, 17B:21-1 and 17:44B-25, as applicable, to be filed by the company with the Commissioner annually.

"Appointed actuary" means an individual who is appointed or retained in accordance with the requirements set forth in 11:1-21A.3(d) to provide the actuarial opinion and supporting memorandum as required by this subchapter.

"Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in 11:1-21A.3(e).

"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.

"Company" means an insurer, fraternal benefit society or reinsurer subject to the provisions of this subchapter.

"Foreign company" means a company formed under the laws of a jurisdiction of the United States, other than this State.

"Fraternal benefit society" is as defined at 17:44B-2.

"Insurer" means any person or entity authorized to transact life, accident or health, or annuities business in this State or authorized to reinsure such business in this State in accordance with Title 17 or 17B of the New Jersey Statutes.

"NAIC" means the National Association of Insurance Commissioners.

"Qualified actuary" means any individual who meets the requirements set forth in 11:1-21A.3(c).

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