A “qualified actuary” is an individual who:

1. (1) Is a member in good standing of the American Academy of Actuaries;
2. (2) Is qualified to sign statements of actuarial opinion for life and health insurance company annual statements in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements;
3. (3) Is familiar with the valuation requirements applicable to life and health insurance companies;

4. (4) Has not been found by the Insurance Commissioner, or if so found has subsequently been reinstated as a qualified actuary following appropriate notice and hearing, to have:

   1. (A) Violated any provision of, or any obligation imposed by, the Arkansas Insurance Code or other law in the course of his or her dealings as a qualified actuary;
   2. (B) Been found guilty of fraudulent or dishonest practices;
   3. (C) Demonstrated his or her incompetence, lack of cooperation, or untrustworthiness to act as a qualified actuary;
   4. (D) Submitted to the commissioner during the past five (5) years pursuant to this part an actuarial opinion or memorandum that the commissioner rejected because it did not meet the provisions of this part, including standards set by the Actuarial Standards Board; or

   5. (E) Resigned or been removed as an actuary within the past five (5) years as a result of:

      1. (i) Acts or omissions indicated in any adverse report on examination; or
      2. (ii) Failure to adhere to generally acceptable actuarial standards; and
5. (5) Has not failed to notify the commissioner of any action taken by any regulatory authority of any other state similar to that under subdivision (4) of this section.