As used in this part:

1. (1) “Actuarial opinion” means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Subpart 3 of this part and with applicable Actuarial Standards of Practice;
2. (2) “Actuarial Standards Board” means 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 to be filed by the company with the office of the Insurance Commissioner annually;
4. (4) “Appointed actuary” means an individual who is appointed or retained in accordance with the requirements set forth in 23 CAR § 24-203 to provide the actuarial opinion and supporting memorandum as required by Arkansas Code § 23-84-112;
5. (5) “Asset adequacy analysis” means an analysis that meets the standards and other requirements referred to in 23 CAR § 24-204;
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 subject to the provisions of this part; and

8. (8)

   1. (A) “Qualified actuary” means an individual who meets the requirements set forth in 23 CAR § 24-202.
   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.