Nev. Admin. Code § 681B.155

Current through October 11, 2024

Section 681B.155 - "Qualified actuary" defined

"Qualified actuary" means a person who:

1. Is a member in good standing of the American Academy of Actuaries;

2. Is qualified to sign a statement of actuarial opinion for annual statements of life and health insurers in accordance with the qualification standards set by the American Academy of Actuaries for an actuary signing such a statement;

3. Is familiar with the valuation requirements applicable to life and health insurers;

4. Has not been found by the Commissioner to have:

(a) In the course of the person's dealings as a qualified actuary, violated any provision of, or any obligation imposed by, the Nevada Insurance Code or any other law;

(b) Been guilty of fraudulent or dishonest practices;

(c) Demonstrated his or her incompetency, lack of cooperation or untrustworthiness to act as a qualified actuary;

(d) Submitted to the Commissioner during the past 5 years an opinion of a qualified actuary or a supporting memorandum that the Commissioner rejected because it did not meet the standards set forth in NAC 681B.100 to 681B.245, inclusive, or the "Actuarial Standards of Practice" adopted by the Actuarial Standards Board; or

(e) Resigned or been removed as an actuary within the past 5 years as a result of acts or omissions indicated in any adverse report on examination or because the person failed to adhere to generally acceptable actuarial standards; and

5. Has not failed to notify the Commissioner of the rejection by the insurance regulatory authority of any other state of a submitted opinion or supporting memorandum on grounds similar to those described in paragraph (d) of subsection 4.

The term includes a person who has been found by the Commissioner to have committed one or more of the actions described in subsection 4 and has subsequently been reinstated as a qualified actuary by the Commissioner, unless the person otherwise does not meet the definition of the term.

Nev. Admin. Code § 681B.155

Added to NAC by Comm'r of Insurance, eff. 5-23-96; A by R146-12, 10-4-2013

NRS 679B.130, 681B.210, 681B.220