As used in this part:

1. (1) “Actuarial opinion” means:

   1. (A) With respect to Subparts 5, 6, and 7 of this part, the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy test in accordance with Subpart 4 of this part and with presently accepted Actuarial Standards of Practice; and
   2. (B) With respect to Subpart 4 of this part, the opinion of an appointed actuary regarding the calculation of reserves and related items in accordance with Subpart 4 of this part and with those presently accepted Actuarial Standards of Practice which specifically relate to this opinion;
2. (2) “Actuarial Standards Board” is the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice;
3. (3) “Annual statement” means that statement required by Arkansas Code § 23-63-216 of the Arkansas Insurance Code to be filed by the company with the office of the Insurance Commissioner annually;
4. (4) “Appointed actuary” means any individual who is appointed or retained in accordance with the requirements set forth in 23 CAR § 23-203 to provide the actuarial opinion and supporting memorandum as required by Arkansas Code § 23-84-112(b);
5. (5) “Asset adequacy analysis” means an analysis that meets the standards and other requirements referred to in 23 CAR § 23-204;
6. (6) “Commissioner” means the Insurance Commissioner of this state;
7. (7) “Company” means a life and/or accident and health insurance company, fraternal benefit society, or reinsurer that is domiciled in Arkansas and does business only in Arkansas;
8. (8) “NAIC” means the National Association of Insurance Commissioners;
9. (9) “Non-investment grade bonds” means those designated as Classes 3, 4, 5, or 6 by the NAIC Securities Valuation Office;

10. (10)

    1. (A) “Qualified actuary” means any individual who meets the requirements set forth in 23 CAR § 23-202.
    2. (B) Due to the provisions of Arkansas Code § 23-84-112(d)(5), the term “qualified actuaries” as defined in Actuaries, 23 CAR pt. 10, shall not be deemed to be applicable to and shall not apply to “qualified actuaries”, as defined herein, for purposes of complying with the provisions of this part; and
11. (11) “Standard Valuation Law for Life Insurance and Annuities” means the law codified at Arkansas Code § 23-84-101 et seq.