As used in chapters 34-37 of this title, “actuary” means:
(1) A member of the American Academy of Actuaries;
(2) An individual who has demonstrated to the satisfaction of the commissioner of commerce and insurance that such person has the educational background necessary for the practice of actuarial science and has had at least seven (7) years of actuarial experience; or
(3) A firm, partnership or corporation, of which one (1) or more members or employees meets the requirements of subdivision (1) or (2).