Section 760 IAC 1-57-4 - DefinitionsAuthority: IC 27-1-12.8-21
Affected: IC 27-1-20-21
Sec. 4.
The following definitions apply throughout this rule, IC 27-1-12-10[IC 27-1-12-10 was repealed by P.L. 276-2013, SECTION 5, effective July 1, 2013.], and IC 27-1-12-10.1[IC 27-1-12-10.1 was repealed by P.L. 276-2013, SECTION 6, effective July 1, 2013.]:
(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 test in accordance with section 8 of this rule and with presently accepted actuarial standards.(2) "Actuarial Standards Board" means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.(3) "Annual statement" means the statement required by IC 27-1-20-21 to be filed by the company with the department annually.(4) "Appointed actuary" means any individual who meets the requirements of section 5(c) of this rule.(5) "Asset adequacy analysis" means an analysis that meets the requirements of section 5(d) of this rule. The term includes cash flow testing, sensitivity testing, or applications of risk theory.(6) "Commissioner" means the commissioner of the department of insurance.(7) "Company" means a life insurance company, fraternal benefit society, or reinsurer subject to this rule.(8) "Department" means the department of insurance.(9) "NAIC" means the National Association of Insurance Commissioners.(10) "Noninvestment grade bonds" means bonds designated as Class 3, 4, 5, or 6 by the NAIC securities valuation office.(11) "Qualified actuary" means any individual who meets the requirements of section 5(b) of this rule.Department of Insurance; 760 IAC 1-57-4; filed May 16, 1997, 9:30 a.m.: 20 IR 2778; filed Oct 6, 2003, 5:15 p.m.: 27 IR 506, eff Dec 31, 2003; readopted filed Nov 24, 2009, 9:35 a.m.: 20091223-IR-760090791RFAReadopted filed 11/20/2015, 9:25 a.m.: 20151216-IR-760150341RFAReadopted filed 11/15/2021, 8:32 a.m.: 20211215-IR-760210419RFA