Okla. Admin. Code § 365:10-5-172

Current through Vol. 42, No. 7, December 16, 2024
Section 365:10-5-172 - Definitions

The following words or terms, when used in this Part shall have the following meaning unless 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 with Rule 10-5-176 of this regulation and with applicable Actuarial Standards of Practice.

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

"Annual Statement" means that statement required by Section 311 of the Oklahoma Insurance Code to be filed by the company with the office of the Commissioner annually.

"Appointed Actuary" means any individual who is appointed or retained in accordance with the requirements set forth in Rule 365:10-5-173(c) of this regulation to provide the actuarial opinion and supporting memorandum as required by Section 4061 of Oklahoma Insurance Code.

"Asset Adequacy Analysis" means an analysis that meets the standards and other requirements referred to in Rule 365:10-5-173(d).

"Commissioner" means the Insurance Commissioner of this State.

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

"Qualified Actuary" means any individual who meets the requirements set forth in Rule 365:10-5-173(b).

Okla. Admin. Code § 365:10-5-172

Added at 15 Ok Reg 435, eff 10-9-97 (emergency); Added at 15 Ok Reg 1384, eff 7-1-98; Amended at 23 Ok Reg 2672, eff 7-14-06