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• The demonstration by an insurer that the premiums collected are reasonable, given the benefits provided under the plan or that the distribution of premiums among policyholders are proportional to the distribution of their expected costs, subject to limitations of state and federal law. Minn. Stat. 62A.02 requires companies to file rates for individual health insurance products and provide certain actuarial justification. The actuarial justification is reviewed before rates are approved.

  Minnesota Department of Commerce, Insurance - Cite This Source - This Definition
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  Cite Definition for Actuarial justification

  American Psychological Association (APA)

  Actuarial justification. (n.d.). Glossary of Health Insurance Terms. Retrieved June 5, 2023, from website: http://www.expertglossary.com/definition/actuarial-justification.

  Chicago Manual of Style (CMS)

  Actuarial justification. mn.gov. Glossary of Health Insurance Terms. Minnesota Department of Commerce, Insurance. http://www.expertglossary.com/definition/actuarial-justification (accessed: June 5, 2023).

  Modern Language Association (MLA)

  "Actuarial justification." Glossary of Health Insurance Terms. Minnesota Department of Commerce, Insurance. 5 June. 2023 http://www.expertglossary.com/definition/actuarial-justification.

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