Pennsylvania Code
Title 31 - INSURANCE
Part VII - Property, Fire and Casualty Insurance
Chapter 118a - PROPERTY AND CASUALTY ACTUARIAL OPINION
Section 118a.2 - Definitions

Universal Citation: 31 PA Code ยง 118a.2

Current through Register Vol. 54, No. 44, November 2, 2024

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Appointed actuary-A qualified actuary appointed by an insurer in accordance with the property and casualty annual statement instructions relating to actuarial opinions prescribed by the NAIC.

Commissioner-The Insurance Commissioner of the Commonwealth.

Department-The Insurance Department of the Commonwealth.

Domestic insurer-An insurer incorporated or organized under the laws of the Commonwealth.

Insurer-The term includes the following entities licensed to transact property or casualty insurance, or both, in this Commonwealth:

(i) An insurance company, association or exchange.

(ii) A reciprocal or interinsurance exchange.

(iii) An employers' mutual liability insurance association.

(iv) The Industry Placement Facility under The Pennsylvania Fair Plan Act (40 P. S. §§ 1600.101-1600.502).

(v) The Pennsylvania Professional Liability Joint Underwriting Association under section 731 of the Medical Care Availability and Reduction of Error (MCARE) Act (40 P. S. § 1303.731).

Foreign insurer-An insurer not incorporated or organized under the laws of the Commonwealth.

NAIC-The National Association of Insurance Commissioners, or successor organization.

Qualified actuary-An individual who meets the following requirements:

(i) Is one or more of the following:

(A) A member in good standing of the Casualty Actuarial Society.

(B) A member in good standing of the American Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries.

(C) Approved by the Commissioner as otherwise having demonstrated competency in loss reserve evaluation for property or casualty insurance, or both, to the Commissioner's satisfaction under § 118a.4(a) (relating to general requirements for domestic insurers).

(ii) Has not been found by the Commissioner, following appropriate notice and hearing, to have done one or more of the following:

(A) Violated any provision of, or any obligation imposed by, this chapter or other laws or regulations in the course of the individual's dealings as a qualified actuary.

(B) Been found guilty of fraudulent or dishonest practices.

(C) Demonstrated incompetence, lack of cooperation or untrustworthiness to act as a qualified actuary.

(D) Prepared a statement of actuarial opinion or actuarial opinion summary that was submitted to the Commissioner during the past 5 years and rejected for failure to adhere to provisions of this chapter, including acceptable actuarial standards.

(E) Resigned or been removed as an actuary within the past 5 years as a result of acts or omissions identified in a report by the Department or other regulatory or law enforcement official of this Commonwealth or other jurisdiction pursuant to an investigation or examination, or as a result of failure to adhere to generally acceptable actuarial standards.

(iii) Has not failed to notify the Department of any action taken against the individual by a regulatory or law enforcement official of this Commonwealth or other jurisdiction relating to activities similar to those described in subparagraph (ii).

This section cited in 31 Pa. Code § 118a.4 (relating to general requirements for domestic insurers).

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