Rule 20:06:22:03 Rate filings.
20:06:22:03. Rate filings. Every
policy form affecting benefits which is submitted for approval must be
accompanied by a rate filing unless the form does not require a change in the
rate. Any subsequent addition to or change in rates applicable to the policy
must also be filed.
The rate filing shall include the following:
(1) An actuarial memorandum describing
the basis on which rates were determined;
(2) An indication and description of
the calculation of the anticipated loss ratio over the entire period for which
rates are computed to provide coverage;
(3) A certification by an actuary that,
to the best of the actuary's knowledge and judgment, the entire rate filing is
in compliance with the applicable laws and rules of South Dakota and that the
benefits are reasonable in relation to premiums;
(4) A rate schedule based on the rates
to be used from the effective date of the rate filing.
Source: 16 SDR 208, effective June 3, 1990;
39 SDR 219, effective June 26, 2013.
General Authority: SDCL 58-17-87(5), 58-18B-18.
Law Implemented: SDCL 58-11-76, 58-17-4.1, 58-17-4.2, 58-18B-3.1.
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