Appointed Actuary

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Appointed Actuary

An actuary employed by an insurance company to ensure compliance with all required reserve statutes. In the United States, insurance companies are required to have a certain percentage of their assets set aside to pay claims should the need arise. The NAIC requires insurance companies to employ appointed actuaries to make certain they are able to pay unexpected liabilities.
References in periodicals archive ?
u Appointed Actuaries - board members supposedly looking after policyholders interests - to lose some powers after the Equitable catastrophe.
It added that appointed actuaries who have the final say on bonus rates should be barred from holding senior positions on insurance firms' boards, in order to avoid possible conflicts of interest.
As part of this process, the Committee obtained reports from an independent actuary and the appointed actuaries of GWL&A and GWL.