As used in this part:

1. (1) "Agent" means any person, corporation, partnership, or other legal entity which under the laws of this state is licensed as a life insurance agent or broker;

2. (2) "Securities examination" as used in 23 CAR § 81-108(c) and § 81-108(e) means any one (1) of the following examinations:

   1. (A) Any state securities sales examination accepted by the United States Securities and Exchange Commission;
   2. (B) The National Association of Securities Dealers Examination for Principals or Examination for Qualification as a Registered Representative;

   3. (C) The various securities examinations required by:

      1. (i) The New York Stock Exchange;
      2. (ii) The NYSE American;
      3. (iii) The Pacific Stock Exchange; or
      4. (iv) Any other registered national securities exchange;
   4. (D) The United States Securities and Exchange Commission test given pursuant to Section 15(b)(8) of the Securities Exchange Act of 1934; or
   5. (E) Part I of the examination recommended for the testing of variable annuity agents by the National Association of Insurance Commissioners, which was adopted by the insurance department of any state or territory of the United States and which was approved for use by such department by the United States Securities and Exchange Commission, if such examination was successfully completed prior to July 1, 1970;
3. (3) "Variable contract" means any policy or contract that provides for life insurance or annuity benefits that vary according to the investment experience of any separate account or accounts maintained by the insurer as to such policy or contract, as provided for in Arkansas Statutes §§ 66-2633 and 66-3523; and
4. (4) "Variable contract agent" means an agent who shall sell or offer to sell any variable contract.