1. (a) As used in this part:

   1. (1) “Commissioner” means the Insurance Commissioner;
   2. (2) “Enterprise risk” means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, is likely to have a material adverse effect on the financial condition or liquidity of the insurer or the insurer’s insurance holding company as a whole, including any action that may cause an insurer’s risk-based capital to fall into company action level or cause an insurer to be in hazardous financial condition;

   3. (3) “Executive officer” means:

      1. (A) Chief executive officer;
      2. (B) Chief operating officer;
      3. (C) Chief financial officer;
      4. (D) Treasurer;
      5. (E) Secretary;
      6. (F) Controller; and
      7. (G) Any other individual performing functions corresponding to those performed by the foregoing officers under whatever title; and
   4. (4) “Ultimate controlling person” means that person which is not controlled by any other person.

2. (b)

   1. (1) Unless the context otherwise requires, other terms found in this rule and in Arkansas Code § 23-63-503 are used as defined in the Insurance Holding Company Regulatory Act, Arkansas Code § 23-63-501 et seq., if not defined herein.
   2. (2) Other nomenclature or terminology is in accordance with the Arkansas Insurance Code or industry usage if not defined by the Arkansas Insurance Code.

Codification Notes: Arkansas Insurance Code was enacted by Acts 1959, No. 148.