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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69O. OIR – Insurance Regulation |
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69O-138. Financial Examinations And Requirements |
1(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 Rule 3169O-138.046, 32F.A.C., and with applicable actuarial standards of practice.
40(2) “Actuarial Standards Board” means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.
62(3) “Annual Statement” means that statement required by Section 71624.424, 72Florida Statutes, to be filed by the company with the Office annually.
84(4) An “Appointed Actuary” is a qualified actuary who is appointed or retained, either directly by or by the authority of the board of directors through an executive officer of the company other than an officer who is the qualified actuary, to prepare the statement of actuarial opinion as required by subsection (3) of the Standard Valuation Law.
142(5) “Asset Adequacy Analysis” means an analysis that meets the standards and other requirements referred to in subsection 16069O-138.043(3), 161F.A.C., of this part.
165(6) “Company” means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this part.
184(7) “Office” means the Office of Insurance Regulation.
192(8) “NAIC” means the National Association of Insurance Commissioners.
201(9) “NAIC Actuarial Opinion and Memorandum Regulation” means this part.
211(10) “Qualified Actuary” means any individual who meets the criteria specified in paragraph 22469O-138.043(2)(b), 225F.A.C.
226(11) “Standard Valuation Law” means that defined in Section 235625.121, 236Florida Statutes.
238Specific Authority 240625.121(3)(a) FS. 242Law Implemented 244625.121(3) FS. 246History–New 5-18-93, Amended 1-23-03, Formerly 4-138.042.
