(1) For companies issuing face-amount certificates subsequent to December 31, 1940 under the provisions of section 28 of the Investment Company Act of 1940, the term qualified assets means qualified investments as that term is defined in section 28(b) of the Act. A statement to that effect shall be made in the balance sheet.
17 CFR § 210.6-02
The following terms shall have the meaning indicated in this rule unless the context otherwise requires. (Also see 210.1-02 of this part.)