(a) With respect to all classes of insurance (1) to (20), inclusive, as defined in Sections 101 to 120, inclusive, “actuary,” for the purposes of this section, means either of the following:

1. (1) A member of the American Academy of Actuaries.
2. (2) An individual who has demonstrated by training and experience actuarial competence to the satisfaction of the Insurance Commissioner.

(b) The commissioner shall, after notice and hearing, pursuant to Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code, promulgate reasonable rules and regulations which do all of the following:

1. (1) Describe the documents which must be signed by an actuary when the documents are filed with the commissioner.
2. (2) Implement paragraph (2) of subdivision (a).