Title 20 Insurance 20-510. Standard valuation law; operative date; definitions, A.R.S. § 20-510

Summary

A. This section may be cited as the standard valuation law.

B. For the purposes of this section, the following definitions apply on or after the operative date of the valuation manual:

1. “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.

2. “Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in subsection F of this section.

3. “Company” means an entity that either:

(a) Has written, issued or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in this state and that has at least one such policy in force or on claim.

(b) Has written, issued or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in any state and that is required to ...