(a)This article is known as the Standard Valuation Law.
(b)For the purposes of this article the following
definitions shall apply on or after the operative date of the
valuation manual. To the extent a definition which follows is
inconsistent or different from a definition elsewhere in this
code, the definition in this section shall be applicable for the
purposes of this article:
(i)"Accident and health insurance" means contracts
that incorporate morbidity risk and provide protection against
economic loss resulting from accident, sickness or medical
conditions and as may be specified in the valuation manual;
(ii)"Appointed actuary" means a qualified actuary
who is appointed in accordance with the valuation manual to
prepare the actuarial opinion required in W.S. 26-6-208(h);
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(a) This article is known as the Standard Valuation Law.
(b) For the purposes of this article the following
definitions shall apply on or after the operative date of the
valuation manual. To the extent a definition which follows is
inconsistent or different from a definition elsewhere in this
code, the definition in this section shall be applicable for the
purposes of this article:
(i) "Accident and health insurance" means contracts
that incorporate morbidity risk and provide protection against
economic loss resulting from accident, sickness or medical
conditions and as may be specified in the valuation manual;
(ii) "Appointed actuary" means a qualified actuary
who is appointed in accordance with the valuation manual to
prepare the actuarial opinion required in W.S. 26-6-208(h);
(iii) "Deposit type contract" means contracts that do
not incorporate mortality or morbidity risks and as may be
specified in the valuation manual;
(iv) "Insurer" means an entity which:
(A) Has written, issued or reinsured life
insurance contracts, accident and health insurance contracts or
deposit type contracts in this state and has at least one (1) of
the contracts or policies in force or on claim; or
(B) Has written, issued or reinsured life
insurance contracts, accident and health insurance contracts or
deposit type contracts in any state and is required to hold a
certificate of authority to write life insurance, accident and
health insurance or deposit type contracts in this state.
(v) "Life insurance" means contracts that incorporate
mortality risk, including annuity and pure endowment contracts,
and as may be specified in the valuation manual;
(vi) "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 article including 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;
(vii) "Principle based valuation" means a reserve
valuation that uses one (1) or more methods or one (1) or more
assumptions determined by the insurer and that complies with
W.S. 26-6-210 as specified in the valuation manual;
(viii) Except as provided in W.S. 26-6-208(g),
"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 the statements and who meets the requirements
specified in the valuation manual;
(ix) "Tail risk" means a risk that occurs where the
frequency of low probability events is higher than expected
under a normal probability distribution or where there are
observed events of very significant size or magnitude;
(x) "Valuation manual" means the manual of valuation
instructions adopted by the NAIC as specified in this article
and as subsequently amended.