Section 210-47-003 - Definitions003.01 For the purposes of this rule, in addition to the definitions in Neb.Rev.Stat. § 44-4303 and in Neb.Rev.Stat. § 44-103:003.02 Administrator means an individual, partnership, corporation, unincorporated association, limited liability company, or other entity, engaged by a risk management pool to provide services in connection with the management or operation of the pool.003.03 Dividend means a share of earned surplus allocated to each member participating in the pool.003.04 Hazardous to the public shall mean that, based on its present or reasonably anticipated financial condition, a group self-insurance pool, although it may not yet be financially impaired or insolvent, is unlikely to be able to (a) meet obligations to policyholders with respect to known claims and reasonably anticipated claims or (b) pay other obligations in the normal course of business.003.05 Qualified Actuary shall mean a person: 003.05A(1) Who provides services to a pool described in Neb.Rev.Stat. § 44-4304(1), is a fellow or associate of the Casualty Actuarial Society, a member of the American Academy of Actuaries and independent of the insurance company electing to discount its reserves; or003.05A(2) Who provides services to a pool described in Neb.Rev.Stat. § 44-4304(2), is a fellow or associate of the Society of Actuaries, a member of the American Academy of Actuaries, independent of the pool and its members, and independent of any insurance company electing to discount its reserves, and independent of any reinsurance company contracted with the pool; or003.Q5B Who meets all the following requirements: 003.05B(1) Has demonstrated to the director that he or she is possessed of the educational background and experience necessary for the practice of actuarial science;003,05B(2) Is independent of the insurance company electing to discount its reserves, the pool and its members, and any reinsurance company contracted with the pool; and003.05B(3) Has the prior written approval of the director to sign claim or loss reserve opinions required by this rule.003.10 Service company means a person or entity which provides services not provided by the administrator, including (a) claims adjustment, (b) loss control - safety management, (c) compilation of statistics and the preparation of premium and loss reports, (d) preparation of other required self-insurance reports, (e) development of members' assessments and fees, and (f) administration of a claim fund.003.11 Surplus shall mean the amount obtained by subtracting, from the admitted assets, actual liabilities, including any reserves which by law must be maintained.210 Neb. Admin. Code, ch. 47, § 003
Amended effective 11/19/2022