As used in this part, the following terms and phrases shall mean:

1. (1) "Commissioner" means the Insurance Commissioner of the State of Arkansas;
2. (2) "Interest credits" means all interest that is credited to the contract;

3. (3)

   1. (A) "Modified guaranteed annuity" means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods.
   2. (B) It contains nonforfeiture values that are based upon a market-value adjustment formula if held for shorter periods.
   3. (C) The assets underlying the contract must be in a separate account during the period or periods when the contract holder can surrender the contract; and

4. (4) "Separate account" means a separate account established pursuant to:

   1. (A) Arkansas Code § 23-81-402; or
   2. (B) The corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer authorized to sell variable products in this state.