(1) "Actuarial opinion" means:

(a) With respect to ARM 6.6.6508, 6.6.6509 or 6.6.6510, the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy test in accordance with ARM 6.6.6508 and with presently accepted actuarial standards;

(b) With respect to ARM 6.6.6507, the opinion of an appointed actuary regarding the calculation of reserves and related items, in accordance with ARM 6.6.6507 and with those presently accepted actuarial standards which specifically relate to this opinion.

(2) "Actuarial standards board" is the board established by the American academy of actuaries to develop and promulgate standards of actuarial practice.

(3) "Annual statement" means that statement required by 33-2-701 and 33-7-118, MCA of the insurance law to be filed by the company with the office of the commissioner annually.

(4) "Appointed actuary" means any individual who is appointed or retained in accordance with the requirements set forth in ARM 6.6 6505(3) to provide the actuarial opinion and supporting memorandum as required by 33-2-521(4) , (5) and 33-7-18(2) , MCA.

(5) "Asset adequacy analysis" means an analysis that meets the standards and other requirements referred to in ARM 6.6.6505(4) . It may take many forms, including, but not limited to, cash flow testing, sensitivity testing or applications of risk theory.

(6) "Commissioner" means the insurance commissioner of this state.

(7) "Company" means a life insurance company, fraternal benefit society or reinsurer subject to the provisions of this rule.

(8) "Non-investment grade bonds" are those designated as classes 3, 4, 5 or 6 by the national association of insurance commissioners (NAIC) securities valuation office.

(9) "Qualified actuary" means any individual who meets the requirements set forth in ARM 6.6.6505(2) .