Or. Admin. Code § 836-031-0630

Current through Register Vol. 63, No. 11, November 1, 2024

Section 836-031-0630 - Definitions

As used in OAR 836-031-0600 to 836-031-0690:

(1) "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 836-031-0670 and with currently accepted actuarial standards;

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

(3) "Annual Statement" means that statement required by ORS 731.574 of the Insurance Code to be filed by the company with the Director annually.

(4) "Appointed Actuary" means any individual who is appointed or retained in accordance with the requirements set forth in OAR 836-031-0640(3) to provide the actuarial opinion and supporting memorandum as required by ORS 733.304.

(5) "Asset Adequacy Analysis" means an analysis that meets the standards and other requirements referred to in OAR 836-031-0640(4).

(6) "Company" means a life insurance company or reinsurer subject to the provisions of OAR 836-031-0600 to 836-031-0690.

(7) "Qualified Actuary" means any individual who meets the requirements set forth in OAR 836-031-0640(2).

Or. Admin. Code § 836-031-0630

ID 10-1992, f. & cert. ef. 5-27-92; ID 1-1993(Temp), f. & cert. ef. 2-4-93; ID 4-1993, f. 7-27-93, cert. ef. 7-30-93; ID 5-2011, f. & cert. ef. 2-23-11

Stat. Auth.: ORS 731.244

Stats. Implemented: ORS 733.304