Maine § 24-A §951-A Definitions

Maine Statutes

§ 24-A §951-A — Definitions

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 11 ASSETS AND LIABILITIES

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.

1.Appointed actuary. "Appointed actuary" means the actuary appointed by an insurer pursuant to section 952‑A, subsection 1.

2.NAIC.

3.Operative date. "Operative date," with respect to the initial adoption of the valuation manual, means January 1st of the first calendar year beginning at least 6 months after all of the following events have occurred:

4.Policyholder behavior. "Policyholder behavior" means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this subchapter, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payme

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As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
1.
Appointed actuary.
"Appointed actuary" means the actuary appointed by an insurer pursuant to section 952‑A, subsection 1.
2.
NAIC.
3.
Operative date.
"Operative date," with respect to the initial adoption of the valuation manual, means January 1st of the first calendar year beginning at least 6 months after all of the following events have occurred:
4.
Policyholder behavior.
"Policyholder behavior" means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this subchapter, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization or benefit elections prescribed by the policy or contract, but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract.
5.
Principle-based valuation.
"Principle-based valuation" means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is subject to section 960.
6.
Qualified actuary.
"Qualified actuary" means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets all applicable requirements specified in the valuation manual or by rule adopted by the superintendent.
7.
Subject lines of insurance.
"Subject lines of insurance" means life insurance, accident and health insurance and deposit-type contracts, as those terms are defined in the valuation manual.
8.
Tail risk.
"Tail risk" means a risk for which the frequency of low-probability events is higher than expected under a normal probability distribution or the risk of events of very significant magnitude.
9.
Valuation manual.
"Valuation manual" means the manual of valuation instructions adopted by the NAIC as specified in section 959.