As used in this part:

1. (1) Terms shall have the meaning set out in the Arkansas Tax Procedure Act, Arkansas Code § 26-18-101 et seq.;
2. (2) "Bond" means any corporate surety bond, certificate of deposit, or letter of credit given for the purpose of guaranteeing payment;

3. (3) "Excise tax" means any state tax except the:

   1. (A) Tax levied on the income of corporations and individuals by Acts 1929, No. 118, as amended;
   2. (B) Arkansas corporate franchise tax levied by Acts 1979, No. 889, as amended; and
   3. (C) Arkansas real property transfer tax levied by Acts 1971, No. 2785, as amended; and
4. (4) "Insurer" means any person with a valid certificate of authority, issued by the Insurance Commissioner, which certificate grants the authority to become surety on contracts in the State of Arkansas, or any other guarantor approved by the Commissioner of Revenues.