Business Glossary

actuary , appointed by the life insurance company, required by the National Association of Insurance Commissioners (NAIC) under the NAIC: standard valuation law to provide an opinion as to the compliance of the insurance company's statutory statement with the law and the level of assets needed to support the statement of liabilities of the insurance company. In essence, this actuary is responsible for documenting the adequacy of the liability reserves according to the reserve liabilities regulation as established by the NAIC.