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          20:06:22:05.  Requirements for history of experience. The history of experience required by ยง 20:06:22:04 shall include earned premium and incurred benefit information for each calendar year for each policy form, including data for rider and endorsement forms which are used with the policy form, on the same basis, including reserves. Subject to the approval of the director, an insurer may combine the premium and incurred benefit information on similar coverages. Separate data may be maintained for each rider or endorsement form to the extent appropriate.


          Subject to approval of the director, experience under forms which provide substantially similar coverage and provisions and which are issued to substantially similar risk classes may be combined for purposes of evaluating experience data in relation to premium rates and rate revisions, particularly if statistical credibility would be materially improved by the combination. Once the insurer has combined forms, the insurer may not thereafter separate the experience, except with the approval of the director.


          The history may also include, if available and appropriate, the ratios of actual claims to the claims expected according to the assumptions underlying the existing rates.


          The data shall be presented using the following format:


          (1)  For all years of issue combined;

          (2)  For each calendar year of experience used in the rate determination process;

          (3)  For the last five years;

          (4)  The date and magnitude of each previous rate change, if any;

          (5)  The number of South Dakota policies affected by the rate revision.


          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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