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.
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