DEPARTMENT OF FINANCIAL SERVICES
RULE NO.:RULE TITLE:
69O-154.202Definitions
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 45 No. 56, March 21, 2019 issue of the Florida Administrative Register.
The changes are in response to written comments received from the Joint Administrative Procedures Committee.
69O-154.202 Definitions.
As used in this rule chapter, the following terms have the following meaning:
(1) through (27) No change.
(28) Commonly Accepted Actuarial Practice.
(a) Practices consistent with standards of practice established by the Actuarial Standards Board.
(b) The following standards of practice are hereby adopted and incorporated by reference:
1. Actuarial Standard of Practice No. 1 Introductory Actuarial Standard of Practice, effective 03/13, available at www.flrules.org/XXXXX;
2. Actuarial Standard of Practice No. 2 Nonguaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts, effective 05/11, available at www.flrules.org/XXXXX;
3. Actuarial Standard of Practice No. 3 Continuing Care Retirement Communities, effective 05/11, available at www.flrules.org/XXXXX;
4. Actuarial Standard of Practice No. 4 Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, effective 12/13, available at www.flrules.org/XXXXX;
5. Actuarial Standard of Practice No. 5 Incurred Health and Disability Claims, effective 03/17, available at www.flrules.org/XXXXX;
6. Actuarial Standard of Practice No. 6 Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions, effective 05/14, available at www.flrules.org/XXXXX;
7. Actuarial Standard of Practice No. 7 Analysis of Life, Health, or Property/Casualty Insurer Cash Flows, effective 05/11, available at www.flrules.org/XXXXX;
8. Actuarial Standard of Practice No. 8 Regulatory Filings for Health Benefits, Accident and Health Insurance, and Entities Providing Health Benefits, effective 03/14, available at www.flrules.org/XXXXX;
9. Actuarial Standard of Practice No. 9 Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations, effective 03/11, available at www.flrules.org/XXXXX;
10. Actuarial Standard of Practice No. 10 Methods and Assumptions for Use in Life Insurance Company Financial Statements Prepared in Accordance with U.S. GAAP, effective 01/11, available at www.flrules.org/XXXXX;
11. Actuarial Standard of Practice No. 11 Financial Statement Treatment of Reinsurance Transactions Involving Life or Health Insurance, effective 05/11, available at www.flrules.org/XXXXX;
12. Actuarial Standard of Practice No. 12 Risk Classification (for All Practice Areas), effective 05/11, available at www.flrules.org/XXXXX;
13. Actuarial Standard of Practice No. 13 Trending Procedures in Property/Casualty Insurance, effective 05/11, available at www.flrules.org/XXXXX;
14. Actuarial Standard of Practice No. 14 When to Do Cash Flow Testing for Life and Health Insurance Companies, effective 09/01, available at www.flrules.org/XXXXX;
15. Actuarial Standard of Practice No. 15 Dividends for Individual Participating Life Insurance, Annuities, and Disability Insurance, effective 05/11, available at www.flrules.org/XXXXX;
16. Actuarial Standard of Practice No. 16 Actuarial Practice Concerning Health Maintenance Organizations and Other Managed-Care Health Plans, effective 04/07, available at www.flrules.org/XXXXX;
17. Actuarial Standard of Practice No. 17 Expert Testimony by Actuaries, effective 06/18, available at www.flrules.org/XXXXX;
18. Actuarial Standard of Practice No. 18 Long-Term Care Insurance, effective 05/11, available at www.flrules.org/XXXXX;
19. Actuarial Standard of Practice No. 19 Appraisals of Casualty, Health, and Life Insurance Businesses, effective 05/11, available at www.flrules.org/XXXXX;
20. Actuarial Standard of Practice No. 20 Discounting of Property/Casualty Unpaid Claim Estimates, effective 09/11, available at www.flrules.org/XXXXX;
21. Actuarial Standard of Practice No. 21 Responding to or Assisting Auditors or Examiners in Connection with Financial Audits, Financial Reviews, and Financial Examination, effective 09/16, available at www.flrules.org/XXXXX;
22. Actuarial Standard of Practice No. 22 Statements of Opinion Based on Asset Adequacy Analysis by Actuaries for Life or Health Insurers, effective 12/12, available at www.flrules.org/XXXXX;
23. Actuarial Standard of Practice No. 23 Data Quality, effective 12/16, available at www.flrules.org/XXXXX;
24. Actuarial Standard of Practice No. 24 Compliance with the NAIC Life Insurance Illustrations Model Regulation, effective 12/16, available at www.flrules.org/XXXXX;
25. Actuarial Standard of Practice No. 25 Credibility Procedures, effective 12/13, available at www.flrules.org/XXXXX;
26. Actuarial Standard of Practice No. 26 Compliance with Statutory and Regulatory Requirements for the Actuarial Certification of Small Employer Health Benefit Plans, effective 05/11, available at www.flrules.org/XXXXX;
27. Actuarial Standard of Practice No. 27 Selection of Economic Assumptions for Measuring Pension Obligations, effective 09/13, available at www.flrules.org/XXXXX;
28. Actuarial Standard of Practice No. 28 Statements of Actuarial Opinion Regarding Health Insurance Liabilities and Assets, effective 12/12, available at www.flrules.org/XXXXX;
29. Actuarial Standard of Practice No. 29 Expense Provisions in Property/Casualty Insurance Ratemaking, effective 05/11, available at www.flrules.org/XXXXX;
30. Actuarial Standard of Practice No. 30 Treatment of Profit and Contingency Provisions and the Cost of Capital in Property/Casualty Insurance Ratemaking, effective 05/11, available at www.flrules.org/XXXXX;
31. Actuarial Standard of Practice No. 31 Documentation in Health Benefit Plan Ratemaking, effective 06/09, available at www.flrules.org/XXXXX;
32. Actuarial Standard of Practice No. 32 Social Insurance, effective 05/11, available at www.flrules.org/XXXXX;
33. Actuarial Standard of Practice No. 33 Actuarial Responsibilities with Respect to Closed Blocks in Mutual Life Insurance Company Conversions, effective 05/11, available at www.flrules.org/XXXXX;
34. Actuarial Standard of Practice No. 34 Actuarial Practice Concerning Retirement Plan Benefits in Domestic Relations Actions, effective 06/15, available at www.flrules.org/XXXXX;
35. Actuarial Standard of Practice No. 35 Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations, effective 09/14, available at www.flrules.org/XXXXX;
36. Actuarial Standard of Practice No. 36 Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves, effective 05/11, available at www.flrules.org/XXXXX;
37. Actuarial Standard of Practice No. 37 Allocation of Policyholder Consideration in Mutual Life Insurance Company Demutualizations, effective 05/11, available at www.flrules.org/XXXXX;
38. Actuarial Standard of Practice No. 38 Using Models Outside the Actuary’s Area of Expertise (Property and Casualty), effective 05/11, available at www.flrules.org/XXXXX;
39. Actuarial Standard of Practice No. 39 Treatment of Catastrophe Losses in Property/Casualty Insurance Ratemaking, effective 05/11, available at www.flrules.org/XXXXX;
40. Actuarial Standard of Practice No. 40 Compliance with the NAIC Valuation of Life Insurance Policies Model Regulation with Respect to Deficiency Reserve Mortality, effective 05/11, available at www.flrules.org/XXXXX;
41. Actuarial Standard of Practice No. 41 Actuarial Communications, effective 12/10, available at www.flrules.org/XXXXX;
42. Actuarial Standard of Practice No. 42 Health and Disability Actuarial Assets and Liabilities Other Than Liabilities for Incurred Claims, effective 03/18, available at www.flrules.org/XXXXX;
43. Actuarial Standard of Practice No. 43 Property/Casualty Unpaid Claim Estimates, effective 05/11, available at www.flrules.org/XXXXX;
44. Actuarial Standard of Practice No. 44 Selection of Asset Valuation Methods for Pension Valuations, effective 05/11, available at www.flrules.org/XXXXX;
45. Actuarial Standard of Practice No. 45 The Use of Health Status Based Risk Adjustment Methodologies, effective 01/12, available at www.flrules.org/XXXXX;
46. Actuarial Standard of Practice No. 46 Risk Evaluation in Enterprise Risk Management, effective 09/12, available at www.flrules.org/XXXXX;
47. Actuarial Standard of Practice No. 47 Risk Treatment in Enterprise Risk Management, effective 12/12, available at www.flrules.org/XXXXX;
48. Actuarial Standard of Practice No. 48 Life Settlements Mortality, effective 12/13, available at www.flrules.org/XXXXX;
49. Actuarial Standard of Practice No. 49 Medicaid Managed Care Capitation Rate Development and Certification, effective 03/15, available at www.flrules.org/XXXXX;
50. Actuarial Standard of Practice No. 50 Determining Minimum Value and Actuarial Value under the Affordable Care Act, effective 09/15, available at www.flrules.org/XXXXX;
51. Actuarial Standard of Practice No. 51 Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions, effective 09/17, available at www.flrules.org/XXXXX;
52. Actuarial Standard of Practice No. 52 Principle-Based Reserves for Life Products under the NAIC Valuation Manual, effective 09/17, available at www.flrules.org/XXXXX;
53. Actuarial Standard of Practice No. 53 Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Retention, effective 12/17, available at www.flrules.org/XXXXX; and
54. Actuarial Standard of Practice No. 54 Pricing of Life Insurance and Annuity Products, effective 06/18, available at www.flrules.org/XXXXX.
(c) A copy of the standards of practice may be obtained from the Actuarial Standards Board at http://www.actuarialstandardsboard.org/standards-of-practice/.
(29) through (33) No change.
Rulemaking Authority 624.308(1), 625.121(14), 625.081 FS. Law Implemented 624.307(1), 625.081, 625.121 FS. History–New 4-14-99, Formerly 4-154.202, Amended 3-1-04, 1-25-16,______.
