§ 84b.4. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Act—The Insurance Department Act of 1921 (40 P. S. § § 1—297.4).
Actuarial opinion— 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 § 84b.8 (relating to statement of actuarial opinion based on an asset adequacy analysis) and with applicable actuarial standards.
Actuarial Standards Board—The board established by the American Academy of Actuaries, or a successor thereto, to develop and promulgate standards of actuarial practice.
Annual statement—The statement required by section 320 of the Insurance Company Law of 1921 (40 P. S. § 443) to be filed by a life insurance company with the Commissioner annually and the statement required by section 602 of The Fraternal Benefit Societies Code (40 P. S. § 1142-602) to be filed by a fraternal benefit society with the Commissioner annually.
Appointed actuary—A qualified actuary who is appointed or retained either directly by the board of directors or by the authority of the board of directors through an executive officer of the company, provided that the executive officer is not the qualified actuary of the company, to prepare the statement of actuarial opinion and supporting memorandum as required by 301(g) of the act (40 P. S. § 71(g)).
Asset adequacy analysis—An analysis that meets the standards and other requirements referred to in § 84b.5(d) (relating to general requirements).
Commissioner—The Insurance Commissioner of the Commonwealth.
Company—A life insurance company or fraternal benefit society subject to this chapter.
Department—The Insurance Department of the Commonwealth.
NAIC—National Association of Insurance Commissioners, or a successor thereto.
Policy—When used with respect to a fraternal benefit society, a certificate.
Qualified actuary—An individual who meets the requirements in § 84b.5(b).
Source The provisions of this § 84b.4 amended October 24, 2008, effective January 1, 2009, 38 Pa.B. 5855. Immediately preceding text appears at serial pages (323710) and (266389).
Cross References This section cited in 31 Pa. Code § 84c.3 (relating to definitions).
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