Section 26-A2999. DEFINITIONS

 

"Act" means section 2 of the Life Insurance Actuarial Opinion of Reserves Act of 1993, effective October 21, 1993 (D.C. Law 10-50; D.C. Official Code § 31-4901 et seq.) (2001).

 

"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 section 2902 of this chapter 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 the Act, which is to be filed by the company with the Commissioner annually.

 

"Appointed actuary" means an individual who is appointed or retained in accordance with the requirements set forth in subsection 2901.3 of this chapter to provide the actuarial opinion and supporting memorandum as required by the Act.

 

"Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in subsection 2901.5 of this chapter.

 

"Commissioner" means the District of Columbia Department of Insurance, Securities, and Banking Commissioner.

 

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

 

"Department" means the District of Columbia Department of Insurance, Securities and Banking.

 

"Qualified actuary" means an individual who meets the requirements set forth in subsection 2901.3 of this chapter.

 

"Standard Valuation Law" means section 31-4701 of the D.C. Official Code (2001).

 

source

Final Rulemaking published at 52 DCR 2438 (March 11, 2005).