Section 21.85.500. Definitions.

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 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.

Notes

Recent Bills that will modify this

HB 372 OMNIBUS INSURANCE

History

(Sec. 57 ch 38 SLA 2002; am Sec. 60 ch 41 SLA 2016)