<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s9eaba742-66c7-499e-8275-54ebcc7663b6P0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.s9eaba742-66c7-499e-8275-54ebcc7663b6C0 { background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001 { background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9eaba742-66c7-499e-8275-54ebcc7663b6000002 { background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000003 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9eaba742-66c7-499e-8275-54ebcc7663b6C2 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; text-decoration: underline; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s9eaba742-66c7-499e-8275-54ebcc7663b6P0-000004 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: left; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } </style></head><body><div><p dir="ltr" class="s9eaba742-66c7-499e-8275-54ebcc7663b6P0"><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=20:06:26:01"><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000000">20:06:26:01</span></a><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001">.  Standards for rating and valuation of investments.</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> The </span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">division's </span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">standards for rating and valuing investments are set forth </span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">in the Purposes and Procedures Manual of the NAIC Investment Analysis Office,</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> 20</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">24</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> edition.</span></p><p dir="ltr" class="s9eaba742-66c7-499e-8275-54ebcc7663b6P0"><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6000002"> </span></p><p dir="ltr" class="s9eaba742-66c7-499e-8275-54ebcc7663b6P0"><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">    </span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001">Source:</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> 21 SDR 144, effective February 19, 1995; 22 SDR 110, effective March 1, 1996; 23 SDR 202, effective June 1, 1997; 25 SDR 13, effective August 9, 1998; 26 SDR 26, effective September 1, 1999; 27 SDR 54, effective December 4, 2000; 30 SDR 39, effective September 28, 2003; 31 SDR 21, effective August 23, 2004; 33 SDR 59, effective October 5, 2006; 34 SDR 271, effective May 6, 2008; 35 SDR 165, effective December 22, 2008; 36 SDR 209, effective July 1, 2010; 37 SDR 241, effective July 1, 2011; 38 SDR 219, effective June 25, 2012; 39 SDR 219, effective June 26, 2013; 41 SDR 41, effective September 17, 2014; 42 SDR 52, effective October 13, 2015</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">; 42 SDR 177, effective June 28, 2016</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">; 43 SDR 181, effective July 7, 2017; 45 SDR 10, effective August 2, 2018; 46 SDR 26, effective September 4, 2019; 46 SDR 147, effective July 2, 2020</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">; 47 SDR 137, effective June 28, 2021; 49 SDR 9, effective August 9, 2022; 50 SDR 13, effective August 10, 2023; 50 SDR 157, effective July 1, 2024; 51 SDR 142, effective July 3, 2025</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">.</span></p><p dir="ltr" class="s9eaba742-66c7-499e-8275-54ebcc7663b6P0"><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">    </span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001">General Authority:</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=58-27-108"><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000003">58-27-108</span></a><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">.</span></p><p dir="ltr" class="s9eaba742-66c7-499e-8275-54ebcc7663b6P0"><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">    </span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001">Law Implemented:</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=58-27-108"><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000003">58-27-108</span></a><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">.</span></p><p dir="ltr" class="s9eaba742-66c7-499e-8275-54ebcc7663b6P0"><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6000002"> </span></p><p dir="ltr" class="s9eaba742-66c7-499e-8275-54ebcc7663b6P0"><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">    </span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001">Reference:</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> </span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001">Purposes and Procedures Manual of the </span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001">NAIC </span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0-000001">Investment Analysis Office</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">, 20</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">24</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> edition, National Association of Insurance Commissioners</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0"> (NAIC)</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">. Copies may be obtained from the NAIC, 1100 Walnut Street, Ste. 1500, Kansas City, MO 64106-2197, (816) 783-8300</span><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">; </span><a href="https://content.naic.org/"><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C2">http://www.naic.org</span></a><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">. Cost: </span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">$0</span><span class="s9eaba742-66c7-499e-8275-54ebcc7663b6C0">.</span></p><p dir="ltr" class="s9eaba742-66c7-499e-8275-54ebcc7663b6P0-000004"><span xml:space="preserve" class="s9eaba742-66c7-499e-8275-54ebcc7663b6000002"> </span></p></div></body></html>