§ 21-85-500

In this chapter, (1) 'allowable benefit' means a benefit for medical care; (2) 'bona fide association' has the meaning given in AS 21.54.500; (3) 'claims liability' means the total of all incurred and unpaid claims for allowable benefits under a self-funded multiple employer welfare arrangement that are not reimbursed or reimbursable by stop-loss insurance, subrogation, or other sources; (4) 'health benefit plan' has the meaning given in AS 21.54.500; (5) 'multiple employer welfare arrangement' has the meaning given in 29 U.S.C. 1002; (6) 'qualified actuary' means an individual who (A) is a member in good standing of the American Academy of Actuaries; (B) meets the qualification standards of the American Academy of Actuaries to sign statements of actuarial opinion; (C) is familiar with the valuation requirements under AS 21.18; and (D) has not been disqualified by the director, after notice and hearing under AS 21.06.180, for (i) a violation of this title or other law pertinent to the duties or responsibilities of a qualified actuary; (ii) conviction of a fraudulent act; (iii) conduct considered by the director to reflect incompetence or untrustworthiness; (iv) resignation or

the duties or responsibilities of a qualified actuary; (ii) conviction of a fraudulent act; (iii) conduct considered by the director to reflect incompetence or untrustworthiness; (iv) resignation or removal as an actuary with a company or a consulting firm within the past five years due to acts or omissions indicated in a report of examination or due to failure to adhere to generally accepted actuarial standards; or (v) failure to notify the director of an action taken against the actuary by an insurance regulator of another state for grounds that are substantially the same as a provision under this paragraph; (7) 'reserves' means the excess of assets of a self-funded multiple employer welfare arrangement minus the liabilities of the arrangement; (8) 'self-funded multiple employer welfare arrangement' or 'arrangement' means a multiple employer welfare arrangement that does not provide for payment of benefits under the arrangement solely through a policy of insurance issued by one or more authorized insurance companies.