Arizona Revised Statutes Title 20. Insurance § 20-696.01. Definitions

1. “Actuarial opinion” means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items that is based on an asset adequacy analysis conducted pursuant to § 20-696.03 and that is based on presently accepted actuarial standards of practice.

2. “Actuarial standards board” means the board that is established by the American academy of actuaries to develop and promulgate actuarial standards of practice.

3. “Annual statement” means the statement that an insurer annually files with the director pursuant to § 20-223.

4. “Appointed actuary” means an individual who is appointed or retained pursuant to § 20-696.02, subsection D to provide the actuarial opinion and supporting memorandum prescribed by § 20-510, subsection E or F.

5. “Asset adequacy analysis” means an analysis that meets the standards and other requirements prescribed pursuant to § 20-696.02, subsection E.

6. “Company” means an insurer, fraternal benefit society or reinsurer that is subject to this article pursuant to § 20-696.

7. “Qualified actuary” means any individual who meets the requirements prescribed in § 20-696.02, subsection B.