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Title 3 . Commerce, Community, and Economic Development
Chapter 21 . Miscellaneous
Section 695. Definitions

3 AAC 21.695. Definitions

In 3 AAC 21.600 - 3 AAC 21.695, unless the context requires otherwise,

(1) "as of date" means a specific measurement date for a set of statutory financial statements;

(2) "authorized assuming insurer" means an assuming insurer that meets the requirements of AS 21.12.020 (a);

(3) "beneficiary" means a ceding insurer for whose sole benefit a trust or letter of credit has been established or a successor in interest of the ceding insurer by operation of law, including, without limitation, a liquidator, rehabilitator, receiver, or conservator of the ceding insurer;

(4) "deficiency reserves" means a supplemental reserve that a life insurer is required to show in the life insurer's balance sheet if the gross premium charged on a class of those insured is less than the net level premium reserve or modified reserve;

(5) "excess interest reserve" means a supplemental reserve for interest credited to an insured's contract in excess of the amount guaranteed by the terms of the contract;

(6) "grantor" means an assuming insurer that has established a trust for the sole benefit of a beneficiary;

(7) "negative experience" means the condition that results from a contract of reinsurance before its termination date when, considering only the cash flows under that contract adjusted for the time value of money using the discount factor inherent in the contract, the total amount paid out by the reinsurer in losses, commission, and expense allowance exceeds the amount the reinsurer has received in premiums from the ceding company;

(8) "obligation" means

(A) a reinsured loss or allocated loss expense paid by the ceding company, but not recovered from the assuming insurer;

(B) a reserve for a reinsured loss reported and outstanding;

(C) a reserve for a reinsured loss incurred but not reported; or

(D) a reserve for an allocated reinsured loss expense or unearned premium;

(9) "unauthorized assuming insurer" means an assuming insurer that does not meet the requirements of AS 21.12.020 (a).

(10) "high grade investments" has the meaning given in 3 AAC 21.399;

(11) "qualified United States financial institution" means an institution that meets the requirements of AS 21.12.020 (f);

(12) "securities valuation office" has the meaning given in 3 AAC 21.399.

History: Eff. 10/21/92, Register 124; am 11/25/94, Register 132; am 11/21/2004, Register 172

Authority: AS 21.06.090

AS 21.12.020

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Last modified 7/05/2006