2005 Arizona Revised Statutes - Revised Statutes §20-696.01  Definitions

In this article, unless the context otherwise requires:

1. "Actuarial opinion" means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on 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 an insurer annually files with the director pursuant to section 20-223.

4. "Appointed actuary" means any individual who is appointed or retained pursuant to section 20-696.02, subsection D to provide the actuarial opinion and supporting memorandum as required by section 20-510, subsection C.

5. "Asset adequacy analysis" means an analysis that meets the standards and other requirements under section 20-696.02, subsection E and includes cash flow testing, sensitivity testing or applications of risk theory.

6. "Company" means an insurer, fraternal benefit society or reinsurer that is subject to this article pursuant to section 20-696.

7. "Noninvestment grade bonds" means bonds that are designated as class 3, 4, 5 or 6 by the national association of insurance commissioners' securities valuation office.

8. "Qualified actuary" means any individual who meets the requirements set forth in section 20-696.02.