Section 50.73. Definitions.

  In this subchapter:

(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 s. Ins 50.78 and with applicable actuarial standards of practice.

(2)  "Actuarial standards board" is the board established by the american academy of actuaries to develop and promulgate standards of actuarial practice.

(3)  "Annual statement" means that statement required by s. Ins 50.20 to be filed by the company annually.

(4)  "Appointed actuary" means any individual who is appointed or retained in accordance with the requirements set forth in s. Ins 50.75 (3) to provide the actuarial opinion and supporting memorandum as required by subch. IV and ch. 623 , Stats.

(5)  "Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in s. Ins 50.75 (4) . It may take many forms, including, but not limited to, cash flow testing, sensitivity testing or applications of risk theory.

(6)  "AVR" means asset valuation reserve.

(7)  "Commissioner" means the commissioner of insurance of this state.

(8)  "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of [this] subchapter.

(9)  "Qualified Actuary" means any individual who meets the requirements set forth in s. Ins 50.75 (2) .

History: Cr. Register, December, 1995, No. 480 , eff. 1-1-96; CR 04-071 : cr. (intro.) and (6), am. (1), renum. (6) and (7) to be (7) and (8), r. (8) Register December 2004 No. 588 , eff. 12-31-05.