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(a) A "qualified actuary" is an individual who
(1) is a member in good standing of the American Academy of Actuaries;
(2) meets the qualification standards of the American Academy of Actuaries to sign statements of actuarial opinion for an annual statement of a company;
(3) is familiar with the valuation requirements under AS 21.18.080 - 21.18.086 and AS 21.18.110 ; and
(4) has not been disqualified by the director, after notice and hearing under AS 21.06.180 , for
(A) a violation of AS 21, an insurance law of any state, or other law pertinent to the duties or responsibilities of a qualified actuary;
(B) conviction of a fraudulent act;
(C) conduct considered by the director to reflect incompetence or untrustworthiness;
(D) the submission to the director within the past five years of an actuarial opinion or memorandum that the director rejected because it failed to meet the requirements of 3 AAC 21.800 - 3 AAC 21.845 or the actuarial practice standards adopted by the Actuarial Standards Board required by AS 21.18.110 (n);
(E) resignation or removal as an actuary with a company or a consulting firm within the past five years due to acts or omissions indicated in a report of examination or due to failure to adhere to generally accepted actuarial standards; or
(F) failure to notify the director of an action taken against the actuary by an insurance regulator of another state for grounds that are substantially the same as a provision under this paragraph.
(b) Repealed 1/1/2005.
(c) A qualified actuary who prepares the statement of actuarial opinion required under AS 21.18.110 (m) shall be appointed or retained either directly by the board of directors of the company or by delegation of authority of the board of directors through an executive officer other than the qualified actuary. The company shall give the director written notice of the name, title, and manner of appointment or retention of each qualified actuary appointed or retained by the company before December 31 of the calendar year for which the opinion is rendered, and shall state in the notice that the individual meets the requirements for a qualified actuary. In the case of a consulting actuary, the company shall also provide the name of the consulting firm. Once notice of an appointment or retention is furnished to the director, further notice is not required, but the company shall give the director written notice within 30 days after board action if the actuary ceases to be appointed or retained by the company or fails to meet the requirements for a qualified actuary. If a company appoints or retains a qualified actuary to replace a previous appointment or retention, the company shall state this fact in a notice to the director and give the reason for replacement.
History: Eff. 9/1/96, Register 139; am 1/1/2005, Register 172
Authority: AS 21.06.090
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Last modified 7/05/2006