24-A §992. Definitions - Maine Statutes

Title 24-A: MAINE INSURANCE CODE

Chapter 11: ASSETS AND LIABILITIES

Subchapter 5: PROPERTY AND CASUALTY ACTUARIAL OPINION

§992. Definitions

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [2007, c. 281, §2 (NEW); 2007, c. 281, §3 (AFF).]

1. Covered kinds of insurance. "Covered kinds of insurance" include:

A. Casualty insurance as defined in section 707; and [2007, c. 281, §2 (NEW); 2007, c. 281, §3 (AFF).]

B. Property insurance as defined in section 705. Property insurance written by domestic mutual assessment insurers pursuant to chapter 51 is not subject to the requirements of this subchapter. [2007, c. 281, §2 (NEW); 2007, c. 281, §3 (AFF).]

[ 2007, c. 281, §2 (NEW); 2007, c. 281, §3 (AFF) .]

2. NAIC. "NAIC" means the National Association of Insurance Commissioners.

[ 2007, c. 281, §2 (NEW); 2007, c. 281, §3 (AFF) .]

3. Qualified actuary. "Qualified actuary" means a person who is a member of the American Academy of Actuaries who has obtained a designation either as a fellow or an associate in the Casualty Actuarial Society and, if an associate, has at least 5 years' experience in actuarial practice obtained in the covered kinds of insurance.

[ 2007, c. 281, §2 (NEW); 2007, c. 281, §3 (AFF) .]

SECTION HISTORY

2007, c. 281, §2 (NEW). 2007, c. 281, §3 (AFF).