New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM
Section 95.4 - Definitions

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 95.4

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Actuarial opinion.

Actuarial opinion means:

(1) with respect to sections 95.8, 95.9 and 95.10 of this Part, 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 95.8 of this Part and presently accepted actuarial standards to the extent not inconsistent with this Part; and

(2) with respect to section 95.7 of this Part, the opinion of an appointed actuary regarding the calculation of reserves and related items, in accordance with section 95.7 of this Part and with those presently accepted actuarial standards of practice and actuarial compliance guidelines to the extent not inconsistent with this Part which specifically relate to such opinion.

(b) Actuarial Standards Board.

Actuarial Standards Board is the board established by the American Association of Actuaries to develop and promulgate standards of actuarial practice and actuarial compliance guidelines.

(c) Adequate provision.

Adequate provision means that the assets supporting the reserves are adequate to cover obligations under moderately adverse, but not all, conditions.

(d) Annual statement.

Annual statement means the statement required by section 4233 of the Insurance Law to be filed by the company with the superintendent annually.

(e) Appointed actuary.

Appointed actuary means any individual who is appointed or retained in accordance with the requirements set forth in section 95.5(d) and (e) of this Part to provide actuarial opinion and supporting memorandum.

(f) Asset adequacy analysis.

Asset adequacy analysis means an analysis that meets the standards and other requirements referred to in section 95.5(f) of this Part. It may take many forms, such as cash flow testing, sensitivity testing or applications of risk theory.

(g) Capital and surplus.

Capital and surplus means:

(1) In the case of a domestic company, the amount of capital and surplus reported on page 3 of the annual statement filed with the superintendent; or

(2) In the case of a foreign or alien company or an accredited life reinsurer, the capital and surplus on a New York basis reported on page 2 of the New York supplement to the annual statement and filed with the annual statement with the superintendent.

(h) Company.

Company means any life insurance company, fraternal benefit society or reinsurer as defined in section 95.3 of this Part.

(i) Line of business.

Line of business means the:

(1) life insurance;

(2) annuity; or

(3) accident and health insurance kind of business as defined in section 1113 (a)(1) (2) and (3) of the Insurance Law. Funding agreements are to be included in the annuity line of business.

(j) Noninvestment grade bonds.

Noninvestment grade bonds are those designated as class 3, 4, 5 or 6 by the National Association of Insurance Commissioners (NAIC) Securities Valuation Office.

(k) Qualified actuary.

Qualified actuary means any individual who meets the requirements set forth in section 95.5(d) of this Part.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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