Section R590-264-3 - DefinitionsTerms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1) "Appointed actuary" means a qualified actuary appointed by the insurer's board of directors or its equivalent, or by a committee of the board, to provide the actuarial opinion to be filed with the insurer's annual statement.(2) "Qualified actuary" means a person who: (a)(i) meets the basic education, experience, and continuing education requirements of the American Academy of Actuaries;(ii) has obtained and maintains an accepted actuarial designation specified by the NAIC Property and Casualty Annual Statement Instructions; and(iii) is a member of a professional actuarial association that: (A) requires adherence to the same code of professional conduct and U.S. qualification standards of the American Academy of Actuaries; and(B) participates in the Actuarial Board for Counseling and Discipline when its association members are practicing in the U.S.; or(b) is a member of the American Academy of Actuaries approved as qualified to sign casualty loss reserves opinions by the Casualty Practice Council of the American Academy of Actuaries.(3) "Statement of actuarial opinion" means a statement prepared by the appointed actuary that: (a) sets forth the actuary's opinion of the insurer's reserves; and(b) is prepared in accordance with the NAIC Property and Casualty Annual Statement Instructions.Utah Admin. Code R590-264-3
Amended by Utah State Bulletin Number 2023-12, effective 6/9/2023