A. “Actuarial Opinion” means the opinion of an Appointed Actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Section 6 of this Rule and with applicable Actuarial Standards of Practice.

B. “Actuarial Standards Board” means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.

C. “Annual statement” means that statement required by Ark. Code Ann. § 23-63-216 to be filed by the company with the office of the Commissioner annually.

D. “Appointed Actuary” means an individual who is appointed or retained in accordance with the requirements set forth in Section 5(C) of this Rule to provide the actuarial opinion and supporting memorandum as required by Ark. Code Ann. § 23-84-112.

E. “Asset adequacy analysis” means an analysis that meets the standards and other requirements referred to in Section 5(D) of this Rule.

F. “Commissioner” means the Insurance Commissioner of this State.

G. “Company” means a life and/or accident and health insurance company, fraternal benefit society or reinsurer subject to the provisions of this Rule.

H. “Qualified Actuary” means an individual who meets the requirements set forth in Section 5B of this Rule. Due to the provisions of Ark. Code Ann. § 23-84-112(d)(5), the term “qualified actuaries” as defined in Rule 16, “Actuaries,” shall not be deemed to be applicable to and shall not apply to “Qualified Actuaries,” as defined herein, for purposes of complying with the provisions of this Rule.