11 NCAC 22 .0114. "QUALIFIED ACTUARY"; MAXIMUM NET RETENTION FILING

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(a) As used in this Rule and in 11 NCAC 22 .0116 and 11 NCAC 22 .0117, "qualified actuary" means an individual who is either an Associate or Fellow of the Society of Actuaries or a Member of the American Academy of Actuaries.

(b) Every year each PEO shall calculate its trust's maximum net retention limit in accordance with 11 NCAC 22 .0114. This calculation must be performed before the anniversary date of the PEO's stop‑loss insurance contract and shall be filed, no later than 30 days before the anniversary date of the stop‑loss insurance contract, with the Actuarial Services Division of the Department. This calculation shall include the numerical results of all steps in 11 NCAC 22 .0114 and shall be performed by a qualified actuary.

History Note: Authority G.S. 58‑2‑40; 58‑89A‑15; 58-89A-105; 58‑89A-106;

Eff. April 1, 2010.

                    
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