<HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES 58-26 VALUATION OF ASSETS, LIABILITIES AND RESERVES </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-26 VALUATION OF ASSETS, LIABILITIES AND RESERVES "> <META NAME="Description" Content="South Dakota Codified Laws 58-26"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 58-26 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> VALUATION OF ASSETS, LIABILITIES AND RESERVES <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-1">58-26-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Assets allowed in determination of financial condition. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-2">58-26-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Valuation of bonds or other evidences of debt--Method of calculation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-3">58-26-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Valuation of securities other than evidences of debt. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-4">58-26-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Preferred or guaranteed stocks--Method of computing value approved by director. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-5">58-26-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-6">58-26-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Purchase money mortgage on real property--Restriction as to valuation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-7">58-26-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Appraisal for valuation of other real property. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-8">58-26-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Personal property acquired pursuant to chattel mortgage--Restriction as to valuation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-9">58-26-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Valuation not to be inconsistent with approved method. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-10">58-26-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Assets not allowed in determining financial condition. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-10.1">58-26-10.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Radio and television facilities allowable as assets. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-11">58-26-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Capital stock and liabilities chargeable against assets. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-12">58-26-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Assets allowed as deductions from corresponding liabilities. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-13">58-26-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-13.1">58-26-13.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Actuarial opinion of property, casualty, and health insurers. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-13.2">58-26-13.2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Time limit for compliance with actuary opinion requirements. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-14">58-26-14</A> to 58-26-29. <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-30">58-26-30</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Reserve requirements for health insurance. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-31">58-26-31</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Reserve for outstanding losses under liability insurance and workers' compensation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-32">58-26-32</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Reserve for workers' compensation claims under policies written in three years preceding. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-33">58-26-33</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Reserve for workers' compensation claims under policies written more than three years preceding. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-34">58-26-34</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Reserve for liability policies written during three years preceding. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-35">58-26-35</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Maintaining a reserve for outstanding losses under credit insurance policies. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-36">58-26-36</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Unearned premium reserve--Insurers required to maintain. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-37">58-26-37</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Unearned premium reserve--Computation--Use of table. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-38">58-26-38</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Unearned premium reserve--Computation on a prorata basis. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-39">58-26-39</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Change in method of computation of unearned premium reserve--Approval of director required. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-40">58-26-40</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Unearned premium reserve provisions inapplicable to title insurance. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-41">58-26-41</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Unearned premium reserve on marine and transportation insurance. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-42">58-26-42</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-43">58-26-43</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Increase of inadequate reserves. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-44">58-26-44</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Application of chapter. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-44.1">58-26-44.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Definition of terms in &#167;&#167;&nbsp;58-26-45 to 58-26-105. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-45">58-26-45</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Valuation of reserve liabilities for policies and contracts issued before operative date of valuation manual--Calculating reserves. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-45.1">58-26-45.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Adoption of NAIC valuation manual of instruction--Valuation of reserve liabilities for contracts issued after operative date of valuation manual. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-46">58-26-46</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Annual opinion of qualified actuary required--Promulgation of rules. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-47">58-26-47</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Opinion required as to adequacy of reserves to provide for company's obligations. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <hr> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-48">58-26-48</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Promulgation of rules for establishing higher reserves. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-49">58-26-49</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Form and substance of actuary's opinion. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-50">58-26-50</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Provisions governing submission of actuary's opinion. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-51">58-26-51</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Opinion submitted by foreign or alien company. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-52">58-26-52</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Qualified actuary defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-53">58-26-53</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability of qualified actuary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-54">58-26-54</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Promulgation of rules defining disciplinary action against company or qualified actuary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-55">58-26-55</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Confidentiality of material supporting opinion of qualified actuary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-55.1">58-26-55.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Opinion of actuary on reserves and related actuarial items to be in accordance with valuation manual. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-56">58-26-56</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Minimum standard for valuation of policies and contracts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-57">58-26-57</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Mortality tables used for ordinary life insurance policies. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-58">58-26-58</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Mortality tables used for industrial life insurance policies. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-59">58-26-59</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Mortality tables used for individual annuity and pure endowment contracts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-60">58-26-60</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Mortality tables used for group annuity and pure endowment contracts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-61">58-26-61</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Disability tables used for total and permanent disability. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-62">58-26-62</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tables used for accidental death benefits. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-63">58-26-63</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tables to be approved by director. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-64">58-26-64</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Minimum standard of valuation for individual annuity and pure endowment contracts and group annuity and pure endowment contracts on or after July 1, 1995. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-65">58-26-65</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tables used for individual annuity and pure endowment contracts issued prior to July 1, 1978--Interest. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-66">58-26-66</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tables used for individual single premium immediate annuity contracts issued on or after July 1, 1978--Interest. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-67">58-26-67</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tables used for individual annuity and pure endowment contracts issued on or after July 1, 1978--Interest. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-68">58-26-68</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tables used for annuities and pure endowments purchased under group contracts prior to July 1, 1978--Interest. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-69">58-26-69</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tables used for annuities and pure endowments purchased under group contracts after July 1, 1978--Interest. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-70">58-26-70</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Written notice of election to comply with provisions of &#167;&#167;&nbsp;58-26-64 to 58-26-69, inclusive--Operative date. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-71">58-26-71</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Calendar year statutory valuation interest rates defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-72">58-26-72</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Weighting factors. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-73">58-26-73</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Reference interest rate defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-74">58-26-74</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Alternative method for determination of reference interest rate. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-75">58-26-75</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Valuation of reserves--Policies providing for uniform amount of insurance and requiring payment of uniform premiums--Policies providing varying amounts of insurance or varying premiums--Certain group annuity and pure endowment contracts maintained by employers--Disability and accidental death benefits--Other benefits. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-76">58-26-76</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Valuation of reserves for certain annuity or pure endowment contracts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-77">58-26-77</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Minimum aggregate reserves for life insurance policies. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-78">58-26-78</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Standards for calculating reserves for policies and contracts issued prior to July 1, 1995. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-79">58-26-79</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Standards for calculating reserves for policies, contracts or benefits issued on or after July 1, 1995. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-80">58-26-80</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Company's greater standard of valuation may be lowered with director approval. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-81">58-26-81</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Determining minimum reserve when gross premium charged is less than the valuation net premium. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-82">58-26-82</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Application of &#167;&#167;&nbsp;58-26-75 and 58-26-81 to certain life insurance policies issued on or after January 1, 1986. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-83">58-26-83</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Requirements for reserves for life insurance providing for future premium determination or for reserves undeterminable under methods in &#167;&nbsp;58-26-75, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-76">58-26-76</A>, 58-26-81, or 58-26-82. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-84">58-26-84</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Promulgation of rules for minimum standards applicable to health plans issued on or after July 1, 1995 and before operative date of valuation manual. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-85">58-26-85</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-86">58-26-86</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Actuarial opinion summary to be filed with property, casualty, and health insurers' annual statement. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-87">58-26-87</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Actuarial report and workpapers to support actuarial opinion. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-88">58-26-88</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Preparation of supporting actuarial report or workpapers upon insurer's failure to provide acceptable supporting documents. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-89">58-26-89</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Statement of actuarial opinion to be filed with annual statement--Public document. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-90">58-26-90</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Confidentiality of actuarial report, workpapers, or actuarial opinion summary provided in support of opinion. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-91">58-26-91</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Minimum standard of valuation for policies issued on or after operative date of valuation manual. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-92">58-26-92</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Prerequisites for adoption of NAIC valuation manual of instruction. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-93">58-26-93</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Adoption of change to valuation manual. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-94">58-26-94</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Specifications required for adoption of valuation manual. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-95">58-26-95</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Exceptions to valuation manual requirements. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-96">58-26-96</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Qualified actuary engaged by director or by official of another state. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-97">58-26-97</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Required change in assumption or method and adjustment of reserves. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-98">58-26-98</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Reserves to be established using principle-based valuation--Conditions. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-99">58-26-99</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Procedures, controls and report regarding principle-based valuation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-100">58-26-100</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Prescribed formulaic reserve component. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-101">58-26-101</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Data to be submitted as prescribed in valuation manual. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-102">58-26-102</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Confidential information defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-103">58-26-103</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Confidential information privileged--Use and sharing. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-104">58-26-104</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Exceptions to confidentiality of information. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-26-105">58-26-105</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Exemption of certain forms or product lines of domestic insurer. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075810Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075810SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075810CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075810Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075810DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075810Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075810Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075810000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075810SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075810SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075810Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-1"><span class="s2075810SENU">58-26-1</span></a><span xml:space="preserve" class="s2075810SENU">. </span><span class="s2075810CL">Assets allowed in determination of financial condition.</span></p><p dir="ltr" class="s2075810Normal-000000"><span class="s2075810DefaultParagraphFont">In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of:</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(1)    Cash in the possession of the insurer, or in transit under its control, and including the true balance of any deposit in a solvent bank or trust company;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(2)    Investments, securities, properties, and loans acquired or held in accordance with this title and in connection therewith the following items:</span></p><p dir="ltr" class="s2075810Normal-000002"><span class="s2075810DefaultParagraphFont">(a)    Interest due or accrued on any bond or evidence of indebtedness which is not in default and which is not valued on a basis including accrued interest;</span></p><p dir="ltr" class="s2075810Normal-000002"><span class="s2075810DefaultParagraphFont">(b)    Declared and unpaid dividends on shares of stock, unless such amount has otherwise been allowed as an asset;</span></p><p dir="ltr" class="s2075810Normal-000002"><span class="s2075810DefaultParagraphFont">(c)    Interest due or accrued upon a collateral loan in an amount not to exceed one year's interest thereon;</span></p><p dir="ltr" class="s2075810Normal-000002"><span class="s2075810DefaultParagraphFont">(d)    Interest due or accrued on deposits in solvent banks and trust companies, and interest due or accrued on other assets, if such interest is in the judgment of the director a collectible asset;</span></p><p dir="ltr" class="s2075810Normal-000002"><span class="s2075810DefaultParagraphFont">(e)    Interest due or accrued on a mortgage loan, in an amount not exceeding in any event the amount, if any, of the excess of the value of the property less delinquent taxes thereon over the unpaid principal; but in no event may interest accrued for a period in excess of eighteen months be allowed as an asset;</span></p><p dir="ltr" class="s2075810Normal-000002"><span class="s2075810DefaultParagraphFont">(f)    Rent due or accrued on real property if such rent is not in arrears for more than three months, and rent more than three months in arrears if the payment of such rent be adequately secured by property held in the name of the tenant and conveyed to the insurer as collateral;</span></p><p dir="ltr" class="s2075810Normal-000002"><span class="s2075810DefaultParagraphFont">(g)    The unaccrued portion of taxes paid prior to the due date on real property;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(3)    Premium notes, policy loans, and other policy assets and liens on policies and certificates of life insurance and annuity contracts and accrued interest thereon, in an amount not exceeding the legal reserve and other policy liabilities carried on each individual policy;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(4)    The net amount of uncollected and deferred premiums and annuity considerations in the case of a life insurer;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(5)    Premiums in the course of collection, other than for life insurance, not more than three months past due, less commissions payable thereon. The foregoing limitation does not apply to premiums payable directly or indirectly by the United States government or by any of its instrumentalities;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(6)    Installment premiums other than life insurance premiums to the extent of the unearned premium reserve carried on the policy to which premiums apply;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(7)    Notes and like written obligations not past due, taken for premiums other than life insurance premiums, on policies permitted to be issued on such basis, to the extent of the unearned premium reserves carried thereon;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(8)    The full amount of reinsurance recoverable by a ceding insurer from a solvent reinsurer and which reinsurance is authorized under this title;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(9)    Amounts receivable by an assuming insurer representing funds withheld by a solvent ceding insurer under a reinsurance treaty;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(10)    Deposits or equities recoverable from underwriting associations, syndicates, and reinsurance funds, or from any suspended banking institution, to the extent deemed by the director available for the payment of losses and claims and at values to be determined by the director;</span></p><p dir="ltr" class="s2075810Normal-000001"><span xml:space="preserve" class="s2075810000003"> </span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(11)    Data and word processing machines used in the insurer's business. However, the original cost of the system shall be at least one thousand dollars but may not be more than three percent of the admitted assets of the insurer. Such cost shall be amortized over a period not to exceed five years;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(12)    All assets, whether or not consistent with the provisions of this section, as may be allowed pursuant to the annual statement form approved by the director for the kinds of insurance to be reported upon therein;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(13)    Goodwill arising from acquisitions and mergers occurring after January 1, 2001;</span></p><p dir="ltr" class="s2075810Normal-000001"><span class="s2075810DefaultParagraphFont">(14)    Other assets, not inconsistent with the provisions of this section, deemed by the director to be available for the payment of losses and claims at values to be determined by the director.</span></p><p dir="ltr" class="s2075810Normal"><span xml:space="preserve" class="s2075810000003"> </span></p><p dir="ltr" class="s2075810Normal"><span class="s2075810SCL">Source:</span><span xml:space="preserve" class="s2075810SCL-000004"> SL 1966, ch 111, ch 5, § 1; SL 1978, ch 364; SL 1983, ch 376, § 1; SL 2001, ch 283, § 1; SL 2004, ch 308, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075811Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075811SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075811CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075811Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075811DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075811Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075811Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075811000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075811SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075811SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075811Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-2"><span class="s2075811SENU">58-26-2</span></a><span xml:space="preserve" class="s2075811SENU">. </span><span class="s2075811CL">Valuation of bonds or other evidences of debt--Method of calculation.</span></p><p dir="ltr" class="s2075811Normal-000000"><span class="s2075811DefaultParagraphFont">All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows:</span></p><p dir="ltr" class="s2075811Normal-000001"><span class="s2075811DefaultParagraphFont">(1)    If purchased at par, at the par value;</span></p><p dir="ltr" class="s2075811Normal-000001"><span class="s2075811DefaultParagraphFont">(2)    If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, or in lieu of such method, according to such accepted method of valuation as is approved by the director;</span></p><p dir="ltr" class="s2075811Normal-000001"><span class="s2075811DefaultParagraphFont">(3)    Purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage, or express charges paid in the acquisition of such securities;</span></p><p dir="ltr" class="s2075811Normal-000001"><span class="s2075811DefaultParagraphFont">(4)    Unless otherwise provided by valuation established or approved by the director, no such security shall be carried at above the call price for the entire issue during any period within which the security may be so called.</span></p><p dir="ltr" class="s2075811Normal-000002"><span class="s2075811DefaultParagraphFont">The director shall have full discretion in determining the method of calculating values according to the rules set forth in this section.</span></p><p dir="ltr" class="s2075811Normal"><span xml:space="preserve" class="s2075811000003"> </span></p><p dir="ltr" class="s2075811Normal"><span class="s2075811SCL">Source:</span><span xml:space="preserve" class="s2075811SCL-000004"> SL 1966, ch 111, ch 5, § 12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075812Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075812SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075812CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075812Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075812DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075812000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075812SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075812SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075812Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-3"><span class="s2075812SENU">58-26-3</span></a><span xml:space="preserve" class="s2075812SENU">. </span><span class="s2075812CL">Valuation of securities other than evidences of debt.</span></p><p dir="ltr" class="s2075812Normal-000000"><span xml:space="preserve" class="s2075812DefaultParagraphFont">Securities, other than those referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-2"><span class="s2075812DefaultParagraphFont">58-26-2</span></a><span class="s2075812DefaultParagraphFont">, held by an insurer, shall be valued, in the discretion of the director, at their market value, or at their appraised value, or at prices determined by him as representing their fair market value.</span></p><p dir="ltr" class="s2075812Normal"><span xml:space="preserve" class="s2075812000001"> </span></p><p dir="ltr" class="s2075812Normal"><span class="s2075812SCL">Source:</span><span xml:space="preserve" class="s2075812SCL-000002"> SL 1966, ch 111, ch 5, § 13 (1).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075813Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075813SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075813CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075813Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075813DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075813000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075813SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075813SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075813Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-4"><span class="s2075813SENU">58-26-4</span></a><span xml:space="preserve" class="s2075813SENU">. </span><span class="s2075813CL">Preferred or guaranteed stocks--Method of computing value approved by director.</span></p><p dir="ltr" class="s2075813Normal-000000"><span class="s2075813DefaultParagraphFont">Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the director and in accordance with such method of computation as he may approve.</span></p><p dir="ltr" class="s2075813Normal"><span xml:space="preserve" class="s2075813000001"> </span></p><p dir="ltr" class="s2075813Normal"><span class="s2075813SCL">Source:</span><span xml:space="preserve" class="s2075813SCL-000002"> SL 1966, ch 111, ch 5, § 13 (2).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075814Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075814SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075814CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075814Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075814DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075814000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075814SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075814SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075814Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-5"><span class="s2075814SENU">58-26-5</span></a><span xml:space="preserve" class="s2075814SENU">. </span><span class="s2075814CL">Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation.</span></p><p dir="ltr" class="s2075814Normal-000000"><span class="s2075814DefaultParagraphFont">Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the director to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.</span></p><p dir="ltr" class="s2075814Normal"><span xml:space="preserve" class="s2075814000001"> </span></p><p dir="ltr" class="s2075814Normal"><span class="s2075814SCL">Source:</span><span xml:space="preserve" class="s2075814SCL-000002"> SL 1966, ch 111, ch 5, § 14 (1).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075815Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075815SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075815CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075815Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075815DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075815000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075815SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075815SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075815Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-6"><span class="s2075815SENU">58-26-6</span></a><span xml:space="preserve" class="s2075815SENU">. </span><span class="s2075815CL">Purchase money mortgage on real property--Restriction as to valuation.</span></p><p dir="ltr" class="s2075815Normal-000000"><span xml:space="preserve" class="s2075815DefaultParagraphFont">Purchase money mortgages on real property referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-5"><span class="s2075815DefaultParagraphFont">58-26-5</span></a><span xml:space="preserve" class="s2075815DefaultParagraphFont"> shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety per cent of the fair value of such real property, whichever is less.</span></p><p dir="ltr" class="s2075815Normal"><span xml:space="preserve" class="s2075815000001"> </span></p><p dir="ltr" class="s2075815Normal"><span class="s2075815SCL">Source:</span><span xml:space="preserve" class="s2075815SCL-000002"> SL 1966, ch 111, ch 5, § 15.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075816Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075816SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075816CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075816Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075816DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075816000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075816SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075816SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075816Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-7"><span class="s2075816SENU">58-26-7</span></a><span xml:space="preserve" class="s2075816SENU">. </span><span class="s2075816CL">Appraisal for valuation of other real property.</span></p><p dir="ltr" class="s2075816Normal-000000"><span xml:space="preserve" class="s2075816DefaultParagraphFont">Real property held by an insurer, other than that described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-5"><span class="s2075816DefaultParagraphFont">58-26-5</span></a><span class="s2075816DefaultParagraphFont">, shall not be valued at an amount in excess of fair value as determined by recent appraisal. If valuation is based on an appraisal more than three years old, the director may at his discretion call for and require a new appraisal in order to determine fair value.</span></p><p dir="ltr" class="s2075816Normal"><span xml:space="preserve" class="s2075816000001"> </span></p><p dir="ltr" class="s2075816Normal"><span class="s2075816SCL">Source:</span><span xml:space="preserve" class="s2075816SCL-000002"> SL 1966, ch 111, ch 5, § 14 (2).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075817Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075817SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075817CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075817Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075817DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075817000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075817SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075817SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075817Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-8"><span class="s2075817SENU">58-26-8</span></a><span xml:space="preserve" class="s2075817SENU">. </span><span class="s2075817CL">Personal property acquired pursuant to chattel mortgage--Restriction as to valuation.</span></p><p dir="ltr" class="s2075817Normal-000000"><span xml:space="preserve" class="s2075817DefaultParagraphFont">Personal property acquired pursuant to chattel mortgages made in accordance with §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-27-45"><span class="s2075817DefaultParagraphFont">58-27-45</span></a><span xml:space="preserve" class="s2075817DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-27-47"><span class="s2075817DefaultParagraphFont">58-27-47</span></a><span class="s2075817DefaultParagraphFont">, inclusive, shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.</span></p><p dir="ltr" class="s2075817Normal"><span xml:space="preserve" class="s2075817000001"> </span></p><p dir="ltr" class="s2075817Normal"><span class="s2075817SCL">Source:</span><span xml:space="preserve" class="s2075817SCL-000002"> SL 1966, ch 111, ch 5, § 14 (3).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075818Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075818SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075818CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075818Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075818DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075818000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075818SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075818SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075818Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-9"><span class="s2075818SENU">58-26-9</span></a><span xml:space="preserve" class="s2075818SENU">. </span><span class="s2075818CL">Valuation not to be inconsistent with approved method.</span></p><p dir="ltr" class="s2075818Normal-000000"><span xml:space="preserve" class="s2075818DefaultParagraphFont">No valuations under §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-2"><span class="s2075818DefaultParagraphFont">58-26-2</span></a><span xml:space="preserve" class="s2075818DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-8"><span class="s2075818DefaultParagraphFont">58-26-8</span></a><span class="s2075818DefaultParagraphFont">, inclusive, shall be inconsistent with any applicable valuation or method then currently formulated or approved by the national association of insurance commissioners or its successor organization.</span></p><p dir="ltr" class="s2075818Normal"><span xml:space="preserve" class="s2075818000001"> </span></p><p dir="ltr" class="s2075818Normal"><span class="s2075818SCL">Source:</span><span xml:space="preserve" class="s2075818SCL-000002"> SL 1966, ch 111, ch 5, § 16.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075819Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075819SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075819CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075819Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075819DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075819Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075819000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075819SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075819SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075819Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-10"><span class="s2075819SENU">58-26-10</span></a><span xml:space="preserve" class="s2075819SENU">. </span><span class="s2075819CL">Assets not allowed in determining financial condition.</span></p><p dir="ltr" class="s2075819Normal-000000"><span class="s2075819DefaultParagraphFont">In addition to assets impliedly excluded by other provisions of this title, the following expressly may not be allowed as assets in any determination of the financial condition of an insurer:</span></p><p dir="ltr" class="s2075819Normal-000001"><span xml:space="preserve" class="s2075819DefaultParagraphFont">(1)    Goodwill, except goodwill permitted by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-1"><span class="s2075819DefaultParagraphFont">58-26-1</span></a><span class="s2075819DefaultParagraphFont">, trade names, and other like intangible assets;</span></p><p dir="ltr" class="s2075819Normal-000001"><span class="s2075819DefaultParagraphFont">(2)    Advances to officers, other than policy loans, whether secured or not, and advances to employees, representatives, insurance producers, and other persons on personal security only;</span></p><p dir="ltr" class="s2075819Normal-000001"><span class="s2075819DefaultParagraphFont">(3)    Stock of such insurer, owned by it, or any material equity therein or loans secured thereby, or any material proportionate interest in such stock acquired or held through the ownership by such insurer of an interest in another firm, corporation, or business unit;</span></p><p dir="ltr" class="s2075819Normal-000001"><span class="s2075819DefaultParagraphFont">(4)    Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature, and supplies, except in the case of title insurers such materials and plants as the insurer is expressly authorized to invest in under this title and except, in the case of any insurer, such personal property as the insurer is permitted to hold pursuant to this title, or which is acquired through foreclosure of chattel mortgages or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by it for home office, branch office, and similar purposes;</span></p><p dir="ltr" class="s2075819Normal-000001"><span class="s2075819DefaultParagraphFont">(5)    The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this title.</span></p><p dir="ltr" class="s2075819Normal"><span xml:space="preserve" class="s2075819000002"> </span></p><p dir="ltr" class="s2075819Normal"><span class="s2075819SCL">Source:</span><span xml:space="preserve" class="s2075819SCL-000003"> SL 1966, ch 111, ch 5, § 3; SL 2001, ch 286, § 134; SL 2004, ch 308, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075820Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075820SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075820CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075820Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075820DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075820000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075820SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075820SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075820Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-10.1"><span class="s2075820SENU">58-26-10.1</span></a><span xml:space="preserve" class="s2075820SENU">. </span><span class="s2075820CL">Radio and television facilities allowable as assets.</span></p><p dir="ltr" class="s2075820Normal-000000"><span xml:space="preserve" class="s2075820DefaultParagraphFont">If an investment pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-27-51"><span class="s2075820DefaultParagraphFont">58-27-51</span></a><span xml:space="preserve" class="s2075820DefaultParagraphFont"> is in the assets of a separate business of ownership and operation of a radio station, television station, or community antenna television system, duly licensed by the federal communications commission and in which the insurer is authorized to engage under the provisions of its articles of incorporation, whether such assets or property are real, personal, or mixed, then in determining the value of such investments the actual value, but not exceeding the cost thereof, reduced by reasonable depreciation allowances, of the towers, and transmission cables equipment, used exclusively in such separate business and accounts receivable not over thirty days old, generated therein, shall be counted notwithstanding the provisions of subdivision 58-26-10(4).</span></p><p dir="ltr" class="s2075820Normal"><span xml:space="preserve" class="s2075820000001"> </span></p><p dir="ltr" class="s2075820Normal"><span class="s2075820SCL">Source:</span><span xml:space="preserve" class="s2075820SCL-000002"> SDCL, § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-27-51"><span class="s2075820SCL-000002">58-27-51</span></a><span xml:space="preserve" class="s2075820SCL-000002"> as added by SL 1974, ch 317.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075821Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075821SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075821CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075821Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075821DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075821Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075821Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075821000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075821SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075821SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075821Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-11"><span class="s2075821SENU">58-26-11</span></a><span xml:space="preserve" class="s2075821SENU">. </span><span class="s2075821CL">Capital stock and liabilities chargeable against assets.</span></p><p dir="ltr" class="s2075821Normal-000000"><span class="s2075821DefaultParagraphFont">In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include:</span></p><p dir="ltr" class="s2075821Normal-000001"><span class="s2075821DefaultParagraphFont">(1)    The amount of its capital stock outstanding, if any;</span></p><p dir="ltr" class="s2075821Normal-000001"><span class="s2075821DefaultParagraphFont">(2)    The amount, estimated consistently with the provisions of this title, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof;</span></p><p dir="ltr" class="s2075821Normal-000001"><span class="s2075821DefaultParagraphFont">(3)    With reference to life insurance, annuity contracts, and disability and accidental death benefits:</span></p><p dir="ltr" class="s2075821Normal-000002"><span class="s2075821DefaultParagraphFont">(a)    The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this title which are applicable thereto;</span></p><p dir="ltr" class="s2075821Normal-000002"><span class="s2075821DefaultParagraphFont">(b)    Reserves for disability benefits, for both active and disabled lives;</span></p><p dir="ltr" class="s2075821Normal-000002"><span class="s2075821DefaultParagraphFont">(c)    Reserves for accidental death benefits; and</span></p><p dir="ltr" class="s2075821Normal-000002"><span class="s2075821DefaultParagraphFont">(d)    Any additional reserves which may be required by the director consistent with practice formulated or approved by the national association of insurance commissioners, on account of such insurance;</span></p><p dir="ltr" class="s2075821Normal-000001"><span xml:space="preserve" class="s2075821DefaultParagraphFont">(4)    With reference to health insurance, the amount of reserves required pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-30"><span class="s2075821DefaultParagraphFont">58-26-30</span></a><span class="s2075821DefaultParagraphFont">;</span></p><p dir="ltr" class="s2075821Normal-000001"><span class="s2075821DefaultParagraphFont">(5)    With reference to insurance other than that specified in subdivisions (3) and (4), and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter;</span></p><p dir="ltr" class="s2075821Normal-000001"><span class="s2075821DefaultParagraphFont">(6)    Taxes, expenses, and other obligations due or accrued at the date of the statement.</span></p><p dir="ltr" class="s2075821Normal"><span xml:space="preserve" class="s2075821000003"> </span></p><p dir="ltr" class="s2075821Normal"><span class="s2075821SCL">Source:</span><span xml:space="preserve" class="s2075821SCL-000004"> SL 1966, ch 111, ch 5, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075822Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075822SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075822CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075822Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075822DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075822000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075822SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075822SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075822Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-12"><span class="s2075822SENU">58-26-12</span></a><span xml:space="preserve" class="s2075822SENU">. </span><span class="s2075822CL">Assets allowed as deductions from corresponding liabilities.</span></p><p dir="ltr" class="s2075822Normal-000000"><span class="s2075822DefaultParagraphFont">Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, and deductions from assets may be charged as liabilities, in accordance with the form of annual statement applicable to the insurer as prescribed by the director, or otherwise in his discretion.</span></p><p dir="ltr" class="s2075822Normal"><span xml:space="preserve" class="s2075822000001"> </span></p><p dir="ltr" class="s2075822Normal"><span class="s2075822SCL">Source:</span><span xml:space="preserve" class="s2075822SCL-000002"> SL 1966, ch 111, ch 5, § 2.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES 58-26-13 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-26-13 "> <META NAME="Description" Content="South Dakota Codified Laws 58-26-13"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 58-26-13. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1995, ch 284, &#167;&nbsp;42<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075824Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075824SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075824CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075824Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075824DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075824000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075824SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075824SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075824Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-13.1"><span class="s2075824SENU">58-26-13.1</span></a><span xml:space="preserve" class="s2075824SENU">. </span><span class="s2075824CL">Actuarial opinion of property, casualty, and health insurers.</span></p><p dir="ltr" class="s2075824Normal-000000"><span xml:space="preserve" class="s2075824DefaultParagraphFont">Every property and casualty and health insurer doing business in this state shall file with its annual statement an actuarial opinion which complies with the standards and procedures in the National Association of Insurance Commissioners Annual Statement Instructions: Property and Casualty, Title, Life/Accident/Health, Health Maintenance Organizations and Hospital Medical and Dental Service or Indemnity Corporations as adopted by rule promulgated by the director pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075824DefaultParagraphFont">1-26</span></a><span class="s2075824DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075824Normal"><span xml:space="preserve" class="s2075824000001"> </span></p><p dir="ltr" class="s2075824Normal"><span class="s2075824SCL">Source:</span><span xml:space="preserve" class="s2075824SCL-000002"> SL 1992, ch 349, § 2; SL 1993, ch 357, § 5; SL 1994, ch 375, § 3; SL 1997, ch 293, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075825Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075825SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075825CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075825Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075825DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075825Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075825000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075825SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075825SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075825Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-13.2"><span class="s2075825SENU">58-26-13.2</span></a><span xml:space="preserve" class="s2075825SENU">. </span><span class="s2075825CL">Time limit for compliance with actuary opinion requirements.</span></p><p dir="ltr" class="s2075825Normal-000000"><span xml:space="preserve" class="s2075825DefaultParagraphFont">Each domestic insurer shall comply with §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-13.1"><span class="s2075825DefaultParagraphFont">58-26-13.1</span></a><span xml:space="preserve" class="s2075825DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-44"><span class="s2075825DefaultParagraphFont">58-26-44</span></a><span xml:space="preserve" class="s2075825DefaultParagraphFont"> for the year ending December 31, 1993, and each year thereafter, unless the director permits otherwise.</span></p><p dir="ltr" class="s2075825Normal-000001"><span xml:space="preserve" class="s2075825DefaultParagraphFont">Each foreign insurer shall comply with §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-13.1"><span class="s2075825DefaultParagraphFont">58-26-13.1</span></a><span xml:space="preserve" class="s2075825DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-44"><span class="s2075825DefaultParagraphFont">58-26-44</span></a><span xml:space="preserve" class="s2075825DefaultParagraphFont"> for the year ending December 31, 1994, and each year thereafter, unless the director permits otherwise.</span></p><p dir="ltr" class="s2075825Normal"><span xml:space="preserve" class="s2075825000002"> </span></p><p dir="ltr" class="s2075825Normal"><span class="s2075825SCL">Source:</span><span xml:space="preserve" class="s2075825SCL-000003"> SL 1992, ch 349, § 4.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES 58-26-14 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-26-14 "> <META NAME="Description" Content="South Dakota Codified Laws 58-26-14"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 58-26-14 to 58-26-29. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1995, ch 284, &#167;&nbsp;43<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075827Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075827SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075827CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075827Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075827DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075827000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075827SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075827SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075827Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-30"><span class="s2075827SENU">58-26-30</span></a><span xml:space="preserve" class="s2075827SENU">. </span><span class="s2075827CL">Reserve requirements for health insurance.</span></p><p dir="ltr" class="s2075827Normal-000000"><span class="s2075827DefaultParagraphFont">For all health insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate standards set forth in regulations issued by the director and, in no event, less in the aggregate than the prorata gross unearned premiums for such policies.</span></p><p dir="ltr" class="s2075827Normal"><span xml:space="preserve" class="s2075827000001"> </span></p><p dir="ltr" class="s2075827Normal"><span class="s2075827SCL">Source:</span><span xml:space="preserve" class="s2075827SCL-000002"> SL 1966, ch 111, ch 5, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075828Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075828SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075828CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075828Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075828DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075828000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075828SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075828SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075828Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-31"><span class="s2075828SENU">58-26-31</span></a><span xml:space="preserve" class="s2075828SENU">. </span><span class="s2075828CL">Reserve for outstanding losses under liability insurance and workers' compensation.</span></p><p dir="ltr" class="s2075828Normal-000000"><span xml:space="preserve" class="s2075828DefaultParagraphFont">An insurer shall maintain a reserve for outstanding losses under insurance against loss or damage from accident to or injuries suffered by an employee or other person and for which the insured is liable and which shall be computed as provided by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-32"><span class="s2075828DefaultParagraphFont">58-26-32</span></a><span xml:space="preserve" class="s2075828DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-35"><span class="s2075828DefaultParagraphFont">58-26-35</span></a><span class="s2075828DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2075828Normal"><span xml:space="preserve" class="s2075828000001"> </span></p><p dir="ltr" class="s2075828Normal"><span class="s2075828SCL">Source:</span><span xml:space="preserve" class="s2075828SCL-000002"> SL 1966, ch 111, ch 5, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075829Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075829SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075829CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075829Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075829DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075829DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075829000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075829SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075829SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075829Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-32"><span class="s2075829SENU">58-26-32</span></a><span xml:space="preserve" class="s2075829SENU">. </span><span class="s2075829CL">Reserve for workers' compensation claims under policies written in three years preceding.</span></p><p dir="ltr" class="s2075829Normal-000000"><span xml:space="preserve" class="s2075829DefaultParagraphFont">For all workers' compensation claims under policies written in the three years immediately preceding the date as of which the statement is made, the reserve required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-31"><span class="s2075829DefaultParagraphFont">58-26-31</span></a><span xml:space="preserve" class="s2075829DefaultParagraphFont"> shall be calculated in accordance with the Annual Statement Instructions Manual prescribed by the National Association of Insurance Commissioners as adopted by rule by the director pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075829DefaultParagraphFont">1-26</span></a><span class="s2075829DefaultParagraphFont">. But in any event, the reserve may not be less than the present value at four percent interest of the determined and the estimated unpaid compensation claims under policies written during the three</span><span class="s2075829DefaultParagraphFont-000001">-</span><span class="s2075829DefaultParagraphFont">year period.</span></p><p dir="ltr" class="s2075829Normal"><span xml:space="preserve" class="s2075829000002"> </span></p><p dir="ltr" class="s2075829Normal"><span class="s2075829SCL">Source:</span><span xml:space="preserve" class="s2075829SCL-000003"> SL 1966, ch 111, ch 5, § 8 (4); SL 1995, ch 284, § 44.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075830Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075830SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075830CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075830Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075830DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075830000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075830SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075830SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075830Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-33"><span class="s2075830SENU">58-26-33</span></a><span xml:space="preserve" class="s2075830SENU">. </span><span class="s2075830CL">Reserve for workers' compensation claims under policies written more than three years preceding.</span></p><p dir="ltr" class="s2075830Normal-000000"><span xml:space="preserve" class="s2075830DefaultParagraphFont">For all workers' compensation claims under policies written more than three years prior to the date as of which the statement is made, the reserve required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-31"><span class="s2075830DefaultParagraphFont">58-26-31</span></a><span xml:space="preserve" class="s2075830DefaultParagraphFont"> shall be the present value at four per cent interest of the determined and the estimated future payments.</span></p><p dir="ltr" class="s2075830Normal"><span xml:space="preserve" class="s2075830000001"> </span></p><p dir="ltr" class="s2075830Normal"><span class="s2075830SCL">Source:</span><span xml:space="preserve" class="s2075830SCL-000002"> SL 1966, ch 111, ch 5, § 8 (3).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075831Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075831SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075831CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075831Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075831DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075831DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075831000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075831SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075831SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075831Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-34"><span class="s2075831SENU">58-26-34</span></a><span xml:space="preserve" class="s2075831SENU">. </span><span class="s2075831CL">Reserve for liability policies written during three years preceding.</span></p><p dir="ltr" class="s2075831Normal-000000"><span xml:space="preserve" class="s2075831DefaultParagraphFont">For all liability policies written during the three years immediately preceding the date as of which the statement is made, the reserve required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-31"><span class="s2075831DefaultParagraphFont">58-26-31</span></a><span xml:space="preserve" class="s2075831DefaultParagraphFont"> shall be calculated in accordance with the Annual Statement Instructions Manual prescribed by the National Association of Insurance Commissioners as adopted by rule by the director pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075831DefaultParagraphFont">1-26</span></a><span class="s2075831DefaultParagraphFont">. But in any event, the reserve may not be less than the determined and estimated unpaid claims under policies written during the three</span><span class="s2075831DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2075831DefaultParagraphFont">year period. For all liability policies written more than three years prior to the date as of which the statement is made, the reserves required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-31"><span class="s2075831DefaultParagraphFont">58-26-31</span></a><span xml:space="preserve" class="s2075831DefaultParagraphFont"> shall be determined and estimated unpaid claims.</span></p><p dir="ltr" class="s2075831Normal"><span xml:space="preserve" class="s2075831000002"> </span></p><p dir="ltr" class="s2075831Normal"><span class="s2075831SCL">Source:</span><span xml:space="preserve" class="s2075831SCL-000003"> SL 1966, ch 111, ch 5, § 8 (2); SL 1995, ch 284, § 45.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075832Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075832SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075832CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075832Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075832DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075832000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075832SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075832SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075832Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-35"><span class="s2075832SENU">58-26-35</span></a><span xml:space="preserve" class="s2075832SENU">. </span><span class="s2075832CL">Maintaining a reserve for outstanding losses under credit insurance policies.</span></p><p dir="ltr" class="s2075832Normal-000000"><span xml:space="preserve" class="s2075832DefaultParagraphFont">An insurer shall maintain a reserve for outstanding losses under credit insurance policies in accordance with the Annual Statement Instructions Manual prescribed by the National Association of Insurance Commissioners as adopted by rule by the director pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075832DefaultParagraphFont">1-26</span></a><span class="s2075832DefaultParagraphFont">. But in any event, the reserve may not be less than the determined and estimated unpaid claims on all policies.</span></p><p dir="ltr" class="s2075832Normal"><span xml:space="preserve" class="s2075832000001"> </span></p><p dir="ltr" class="s2075832Normal"><span class="s2075832SCL">Source:</span><span xml:space="preserve" class="s2075832SCL-000002"> SL 1966, ch 111, ch 5, § 8 (1); SL 1995, ch 284, § 46.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075833Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075833SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075833CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075833Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075833DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075833000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075833SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075833SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075833Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-36"><span class="s2075833SENU">58-26-36</span></a><span xml:space="preserve" class="s2075833SENU">. </span><span class="s2075833CL">Unearned premium reserve--Insurers required to maintain.</span></p><p dir="ltr" class="s2075833Normal-000000"><span xml:space="preserve" class="s2075833DefaultParagraphFont">As to insurance against loss or damage to property, except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-41"><span class="s2075833DefaultParagraphFont">58-26-41</span></a><span class="s2075833DefaultParagraphFont">, and as to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force.</span></p><p dir="ltr" class="s2075833Normal"><span xml:space="preserve" class="s2075833000001"> </span></p><p dir="ltr" class="s2075833Normal"><span class="s2075833SCL">Source:</span><span xml:space="preserve" class="s2075833SCL-000002"> SL 1966, ch 111, ch 5, § 5 (1).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075834Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075834SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075834CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075834Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075834DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } table.s2075834000001 { border-collapse: collapse; border: none; margin-bottom: .001pt; } td.s2075834000002 { vertical-align: top; width: 189.9pt; border-top: solid #FFFFFF 1.0pt; padding-top: 0; border-right: solid #FFFFFF 1.0pt; padding-right: 5.4pt; border-bottom: solid #FFFFFF 1.0pt; padding-bottom: 0; border-left: solid #FFFFFF 1.0pt; padding-left: 5.4pt; } p.s2075834Normal-000003 { margin-top: 0; line-height: 6.0pt; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; margin-left: 0; margin-right: 0; } span.s2075834000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075834Normal-000005 { margin-top: 0; margin-bottom: 2.9pt; text-align: center; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } td.s2075834000006 { vertical-align: top; width: 166.5pt; border-top: solid #FFFFFF 1.0pt; padding-top: 0; border-right: solid #FFFFFF 1.0pt; padding-right: 5.4pt; border-bottom: solid #FFFFFF 1.0pt; padding-bottom: 0; border-left: solid #FFFFFF 1.0pt; padding-left: 5.4pt; } p.s2075834Normal-000007 { margin-top: 0; margin-bottom: 2.9pt; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } td.s2075834000008 { vertical-align: top; width: 90pt; border-top: solid #FFFFFF 1.0pt; padding-top: 0; border-right: solid #FFFFFF 1.0pt; padding-right: 5.4pt; border-bottom: solid #FFFFFF 1.0pt; padding-bottom: 0; border-left: solid #FFFFFF 1.0pt; padding-left: 5.4pt; } span.s2075834SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075834SCL-000009 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075834Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-37"><span class="s2075834SENU">58-26-37</span></a><span xml:space="preserve" class="s2075834SENU">. </span><span class="s2075834CL">Unearned premium reserve--Computation--Use of table.</span></p><p dir="ltr" class="s2075834Normal-000000"><span xml:space="preserve" class="s2075834DefaultParagraphFont">The director may require that reserves required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-36"><span class="s2075834DefaultParagraphFont">58-26-36</span></a><span xml:space="preserve" class="s2075834DefaultParagraphFont"> shall be equal to the unearned portions of the gross premiums in force after deducting applicable reinsurance in solvent insurers as computed on each respective risk from the policy's date of issue. If the director does not so require, the portions of the gross premium in force, less applicable reinsurance in solvent insurers, to be held as an unearned premium reserve, shall be computed according to the following table:</span></p><div align="center"><table dir="ltr" class="s2075834000001"><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">Term for which policy was written</span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span class="s2075834DefaultParagraphFont">Reserve for unearned premium</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span xml:space="preserve" class="s2075834000004"> </span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834DefaultParagraphFont">1 Year or less     </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1/2</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834DefaultParagraphFont">2 Years     </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1st Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">3/4</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">2nd Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1/4</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834DefaultParagraphFont">3 Years     </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1st Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">5/6</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">2nd Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1/2</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">3rd Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1/6</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834DefaultParagraphFont">4 Years     </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1st Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">7/8</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">2nd Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">5/8</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">3rd Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">3/8</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">4th Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1/8</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834DefaultParagraphFont">5 Years     </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1st Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">9/10</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">2nd Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">7/10</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">3rd Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1/2</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">4th Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">3/10</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834000004"> </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">5th Year</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">1/10</span></p></td></tr><tr><td class="s2075834000002"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000007"><span xml:space="preserve" class="s2075834DefaultParagraphFont">Over 5 Years     </span></p></td><td class="s2075834000006"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span class="s2075834DefaultParagraphFont">Pro Rata</span></p></td><td class="s2075834000008"><p dir="ltr" class="s2075834Normal-000003"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal-000005"><span xml:space="preserve" class="s2075834000004"> </span></p></td></tr></table></div><p dir="ltr" class="s2075834Normal"><span xml:space="preserve" class="s2075834000004"> </span></p><p dir="ltr" class="s2075834Normal"><span class="s2075834SCL">Source:</span><span xml:space="preserve" class="s2075834SCL-000009"> SL 1966, ch 111, ch 5, § 5 (2).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075835Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075835SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075835CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075835Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075835DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075835000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075835SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075835SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075835Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-38"><span class="s2075835SENU">58-26-38</span></a><span xml:space="preserve" class="s2075835SENU">. </span><span class="s2075835CL">Unearned premium reserve--Computation on a prorata basis.</span></p><p dir="ltr" class="s2075835Normal-000000"><span xml:space="preserve" class="s2075835DefaultParagraphFont">In lieu of computation according to the table in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-37"><span class="s2075835DefaultParagraphFont">58-26-37</span></a><span xml:space="preserve" class="s2075835DefaultParagraphFont">, the insurer at its option may compute all of the reserves required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-36"><span class="s2075835DefaultParagraphFont">58-26-36</span></a><span xml:space="preserve" class="s2075835DefaultParagraphFont"> on a monthly or more frequent prorata basis.</span></p><p dir="ltr" class="s2075835Normal"><span xml:space="preserve" class="s2075835000001"> </span></p><p dir="ltr" class="s2075835Normal"><span class="s2075835SCL">Source:</span><span xml:space="preserve" class="s2075835SCL-000002"> SL 1966, ch 111, ch 5, § 5 (3).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075836Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075836SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075836CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075836Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075836DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075836000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075836SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075836SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075836Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-39"><span class="s2075836SENU">58-26-39</span></a><span xml:space="preserve" class="s2075836SENU">. </span><span class="s2075836CL">Change in method of computation of unearned premium reserve--Approval of director required.</span></p><p dir="ltr" class="s2075836Normal-000000"><span xml:space="preserve" class="s2075836DefaultParagraphFont">After adopting a method for computing the reserve required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-36"><span class="s2075836DefaultParagraphFont">58-26-36</span></a><span class="s2075836DefaultParagraphFont">, an insurer shall not change methods without approval of the director.</span></p><p dir="ltr" class="s2075836Normal"><span xml:space="preserve" class="s2075836000001"> </span></p><p dir="ltr" class="s2075836Normal"><span class="s2075836SCL">Source:</span><span xml:space="preserve" class="s2075836SCL-000002"> SL 1966, ch 111, ch 5, § 5 (4).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075837Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075837SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075837CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075837Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075837DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075837000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075837SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075837SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075837Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-40"><span class="s2075837SENU">58-26-40</span></a><span xml:space="preserve" class="s2075837SENU">. </span><span class="s2075837CL">Unearned premium reserve provisions inapplicable to title insurance.</span></p><p dir="ltr" class="s2075837Normal-000000"><span xml:space="preserve" class="s2075837DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-36"><span class="s2075837DefaultParagraphFont">58-26-36</span></a><span xml:space="preserve" class="s2075837DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-39"><span class="s2075837DefaultParagraphFont">58-26-39</span></a><span class="s2075837DefaultParagraphFont">, inclusive, do not apply to title insurance.</span></p><p dir="ltr" class="s2075837Normal"><span xml:space="preserve" class="s2075837000001"> </span></p><p dir="ltr" class="s2075837Normal"><span class="s2075837SCL">Source:</span><span xml:space="preserve" class="s2075837SCL-000002"> SL 1966, ch 111, ch 5, § 5 (5).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075838Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075838SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075838CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075838Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075838DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075838000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075838SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075838SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075838Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-41"><span class="s2075838SENU">58-26-41</span></a><span xml:space="preserve" class="s2075838SENU">. </span><span class="s2075838CL">Unearned premium reserve on marine and transportation insurance.</span></p><p dir="ltr" class="s2075838Normal-000000"><span class="s2075838DefaultParagraphFont">As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the director may require the insurer to carry a reserve equal to one hundred percent of premiums on trip risks written during the month ended as of the date of statement.</span></p><p dir="ltr" class="s2075838Normal"><span xml:space="preserve" class="s2075838000001"> </span></p><p dir="ltr" class="s2075838Normal"><span class="s2075838SCL">Source:</span><span xml:space="preserve" class="s2075838SCL-000002"> SL 1966, ch 111, ch 5, § 6.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES 58-26-42 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-26-42 "> <META NAME="Description" Content="South Dakota Codified Laws 58-26-42"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 58-26-42. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2002, ch 239, &#167;&nbsp;7<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075840Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075840SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075840CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075840Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075840DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075840000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075840SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075840SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075840Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-43"><span class="s2075840SENU">58-26-43</span></a><span xml:space="preserve" class="s2075840SENU">. </span><span class="s2075840CL">Increase of inadequate reserves.</span></p><p dir="ltr" class="s2075840Normal-000000"><span class="s2075840DefaultParagraphFont">If loss experience shows that an insurer's loss reserves, however computed or estimated, are inadequate, the director shall require the insurer to maintain loss reserves in such increased amount as is needed to make them adequate.</span></p><p dir="ltr" class="s2075840Normal"><span xml:space="preserve" class="s2075840000001"> </span></p><p dir="ltr" class="s2075840Normal"><span class="s2075840SCL">Source:</span><span xml:space="preserve" class="s2075840SCL-000002"> SL 1966, ch 111, ch 5, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075841Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075841SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075841CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075841Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075841DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075841000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075841SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075841SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075841Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-44"><span class="s2075841SENU">58-26-44</span></a><span xml:space="preserve" class="s2075841SENU">. </span><span class="s2075841CL">Application of chapter.</span></p><p dir="ltr" class="s2075841Normal-000000"><span class="s2075841DefaultParagraphFont">This chapter applies to all persons doing an insurance business notwithstanding any provision in this title exempting them from the insurance laws of this state.</span></p><p dir="ltr" class="s2075841Normal"><span xml:space="preserve" class="s2075841000001"> </span></p><p dir="ltr" class="s2075841Normal"><span class="s2075841SCL">Source:</span><span xml:space="preserve" class="s2075841SCL-000002"> SL 1992, ch 349, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075842Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075842SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075842CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075842Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075842DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075842Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075842Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075842000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075842SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075842SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075842Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-44.1"><span class="s2075842SENU">58-26-44.1</span></a><span xml:space="preserve" class="s2075842SENU">. </span><span xml:space="preserve" class="s2075842CL">Definition of terms in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45"><span class="s2075842CL">58-26-45</span></a><span xml:space="preserve" class="s2075842CL"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-105"><span class="s2075842CL">58-26-105</span></a><span class="s2075842CL">.</span></p><p dir="ltr" class="s2075842Normal-000000"><span xml:space="preserve" class="s2075842DefaultParagraphFont">Terms used in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45"><span class="s2075842DefaultParagraphFont">58-26-45</span></a><span xml:space="preserve" class="s2075842DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-105"><span class="s2075842DefaultParagraphFont">58-26-105</span></a><span class="s2075842DefaultParagraphFont">, inclusive, apply on or after the operative date of the valuation manual and mean:</span></p><p dir="ltr" class="s2075842Normal-000001"><span class="s2075842DefaultParagraphFont">(1)    "Accident and health insurance," a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual;</span></p><p dir="ltr" class="s2075842Normal-000001"><span xml:space="preserve" class="s2075842DefaultParagraphFont">(2)    "Appointed actuary," a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-55.1"><span class="s2075842DefaultParagraphFont">58-26-55.1</span></a><span class="s2075842DefaultParagraphFont">;</span></p><p dir="ltr" class="s2075842Normal-000001"><span class="s2075842DefaultParagraphFont">(3)    "Company," an entity, which:</span></p><p dir="ltr" class="s2075842Normal-000002"><span class="s2075842DefaultParagraphFont">(a)    Has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state and has at least one policy in force or on claim; or</span></p><p dir="ltr" class="s2075842Normal-000002"><span class="s2075842DefaultParagraphFont">(b)    Has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state;</span></p><p dir="ltr" class="s2075842Normal-000001"><span class="s2075842DefaultParagraphFont">(4)    "Deposit-type contract," a contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual;</span></p><p dir="ltr" class="s2075842Normal-000001"><span class="s2075842DefaultParagraphFont">(5)    "Life insurance," a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual;</span></p><p dir="ltr" class="s2075842Normal-000001"><span class="s2075842DefaultParagraphFont">(6)    "NAIC," the National Association of Insurance Commissioners;</span></p><p dir="ltr" class="s2075842Normal-000001"><span class="s2075842DefaultParagraphFont">(7)    "Policyholder behavior," any action a policyholder, contract holder, or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this chapter including, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract;</span></p><p dir="ltr" class="s2075842Normal-000001"><span xml:space="preserve" class="s2075842DefaultParagraphFont">(8)    "Principle-based valuation," a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-98"><span class="s2075842DefaultParagraphFont">58-26-98</span></a><span xml:space="preserve" class="s2075842DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-100"><span class="s2075842DefaultParagraphFont">58-26-100</span></a><span class="s2075842DefaultParagraphFont">, inclusive, as specified in the valuation manual;</span></p><p dir="ltr" class="s2075842Normal-000001"><span class="s2075842DefaultParagraphFont">(9)    "Qualified actuary," an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual;</span></p><p dir="ltr" class="s2075842Normal-000001"><span class="s2075842DefaultParagraphFont">(10)    "Tail risk," a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude;</span></p><p dir="ltr" class="s2075842Normal-000001"><span xml:space="preserve" class="s2075842DefaultParagraphFont">(11)    "Valuation manual," the manual of valuation instructions adopted by the NAIC as specified in this chapter and as approved by the director pursuant to rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075842DefaultParagraphFont">1-26</span></a><span class="s2075842DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075842Normal"><span xml:space="preserve" class="s2075842000003"> </span></p><p dir="ltr" class="s2075842Normal"><span class="s2075842SCL">Source:</span><span xml:space="preserve" class="s2075842SCL-000004"> SL 2015, ch 254, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075843Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075843SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075843CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075843Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075843DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075843Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075843000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075843SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075843SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075843Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45"><span class="s2075843SENU">58-26-45</span></a><span xml:space="preserve" class="s2075843SENU">. </span><span class="s2075843CL">Valuation of reserve liabilities for policies and contracts issued before operative date of valuation manual--Calculating reserves.</span></p><p dir="ltr" class="s2075843Normal-000000"><span class="s2075843DefaultParagraphFont">The director shall annually value the reserve liabilities for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued on or after July 1, 1995, and prior to the operative date of the valuation manual. In calculating the reserves, the director may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of any foreign or alien company, the director may accept any valuation made by the insurance supervisory official of any state or other jurisdiction if the valuation complies with the minimum standard provided by this chapter.</span></p><p dir="ltr" class="s2075843Normal-000001"><span xml:space="preserve" class="s2075843DefaultParagraphFont">The provisions in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-56"><span class="s2075843DefaultParagraphFont">58-26-56</span></a><span xml:space="preserve" class="s2075843DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-84"><span class="s2075843DefaultParagraphFont">58-26-84</span></a><span xml:space="preserve" class="s2075843DefaultParagraphFont">, inclusive, apply to all policies and contracts, as appropriate, subject to this chapter issued on or after July 1, 1995, and prior to the operative date of the valuation manual. The provisions set forth in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-91"><span class="s2075843DefaultParagraphFont">58-26-91</span></a><span xml:space="preserve" class="s2075843DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-100"><span class="s2075843DefaultParagraphFont">58-26-100</span></a><span class="s2075843DefaultParagraphFont">, inclusive, do not apply to any such policies and contracts.</span></p><p dir="ltr" class="s2075843Normal-000001"><span class="s2075843DefaultParagraphFont">The minimum standard for the valuation of policies and contracts issued prior to July 1, 1995, is that provided by the laws in effect immediately prior to that date.</span></p><p dir="ltr" class="s2075843Normal"><span xml:space="preserve" class="s2075843000002"> </span></p><p dir="ltr" class="s2075843Normal"><span class="s2075843SCL">Source:</span><span xml:space="preserve" class="s2075843SCL-000003"> SL 1995, ch 284, § 1; SL 2015, ch 254, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075844Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075844SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075844CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075844Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075844DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075844Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075844000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075844SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075844SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075844Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45.1"><span class="s2075844SENU">58-26-45.1</span></a><span xml:space="preserve" class="s2075844SENU">. </span><span class="s2075844CL">Adoption of NAIC valuation manual of instruction--Valuation of reserve liabilities for contracts issued after operative date of valuation manual.</span></p><p dir="ltr" class="s2075844Normal-000000"><span xml:space="preserve" class="s2075844DefaultParagraphFont">The director may, by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075844DefaultParagraphFont">1-26</span></a><span class="s2075844DefaultParagraphFont">, adopt the manual of valuation instruction adopted by the NAIC after the NAIC notifies the director that the valuation manual is operative. After the director adopts the NAIC valuation manual of instruction, the director shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the director may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided pursuant to this chapter.</span></p><p dir="ltr" class="s2075844Normal-000001"><span xml:space="preserve" class="s2075844DefaultParagraphFont">The provisions in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-91"><span class="s2075844DefaultParagraphFont">58-26-91</span></a><span xml:space="preserve" class="s2075844DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-100"><span class="s2075844DefaultParagraphFont">58-26-100</span></a><span class="s2075844DefaultParagraphFont">, inclusive, shall apply to all policies and contracts issued on or after the operative date of the valuation manual.</span></p><p dir="ltr" class="s2075844Normal"><span xml:space="preserve" class="s2075844000002"> </span></p><p dir="ltr" class="s2075844Normal"><span class="s2075844SCL">Source:</span><span xml:space="preserve" class="s2075844SCL-000003"> SL 2015, ch 254, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075845Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075845SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075845CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075845Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075845DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075845000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075845SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075845SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075845Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075845SENU">58-26-46</span></a><span xml:space="preserve" class="s2075845SENU">. </span><span class="s2075845CL">Annual opinion of qualified actuary required--Promulgation of rules.</span></p><p dir="ltr" class="s2075845Normal-000000"><span xml:space="preserve" class="s2075845DefaultParagraphFont">Any life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the director are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts and comply with applicable laws of this state. The director shall promulgate rules pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075845DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075845DefaultParagraphFont"> to specify the policies and contracts for which an opinion is required and to define the specifics of this opinion and add any other items deemed to be necessary to its scope.</span></p><p dir="ltr" class="s2075845Normal"><span xml:space="preserve" class="s2075845000001"> </span></p><p dir="ltr" class="s2075845Normal"><span class="s2075845SCL">Source:</span><span xml:space="preserve" class="s2075845SCL-000002"> SL 1995, ch 284, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075846Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075846SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075846CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075846Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075846DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075846000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075846SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075846SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075846Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-47"><span class="s2075846SENU">58-26-47</span></a><span xml:space="preserve" class="s2075846SENU">. </span><span class="s2075846CL">Opinion required as to adequacy of reserves to provide for company's obligations.</span></p><p dir="ltr" class="s2075846Normal-000000"><span xml:space="preserve" class="s2075846DefaultParagraphFont">Any life insurance company shall also annually include in the opinion required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075846DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075846DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-50"><span class="s2075846DefaultParagraphFont">58-26-50</span></a><span xml:space="preserve" class="s2075846DefaultParagraphFont">, inclusive, an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the director by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075846DefaultParagraphFont">1-26</span></a><span class="s2075846DefaultParagraphFont">, if considered in light of the assets held by the company with respect to the reserves and related actuarial items, including the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including the benefits under and expenses associated with the policies and contracts.</span></p><p dir="ltr" class="s2075846Normal"><span xml:space="preserve" class="s2075846000001"> </span></p><p dir="ltr" class="s2075846Normal"><span class="s2075846SCL">Source:</span><span xml:space="preserve" class="s2075846SCL-000002"> SL 1995, ch 284, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075847Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075847SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075847CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075847Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075847DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075847000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075847SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075847SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075847Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-48"><span class="s2075847SENU">58-26-48</span></a><span xml:space="preserve" class="s2075847SENU">. </span><span class="s2075847CL">Promulgation of rules for establishing higher reserves.</span></p><p dir="ltr" class="s2075847Normal-000000"><span xml:space="preserve" class="s2075847DefaultParagraphFont">The director may provide by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075847DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075847DefaultParagraphFont"> for a transition period for establishing any higher reserves which the qualified actuary considers necessary in order to render the opinion required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075847DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075847DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-50"><span class="s2075847DefaultParagraphFont">58-26-50</span></a><span class="s2075847DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2075847Normal"><span xml:space="preserve" class="s2075847000001"> </span></p><p dir="ltr" class="s2075847Normal"><span class="s2075847SCL">Source:</span><span xml:space="preserve" class="s2075847SCL-000002"> SL 1995, ch 284, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075848Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075848SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075848CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075848Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075848DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075848Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075848000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075848SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075848SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075848Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-49"><span class="s2075848SENU">58-26-49</span></a><span xml:space="preserve" class="s2075848SENU">. </span><span class="s2075848CL">Form and substance of actuary's opinion.</span></p><p dir="ltr" class="s2075848Normal-000000"><span xml:space="preserve" class="s2075848DefaultParagraphFont">Each opinion required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-47"><span class="s2075848DefaultParagraphFont">58-26-47</span></a><span xml:space="preserve" class="s2075848DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-48"><span class="s2075848DefaultParagraphFont">58-26-48</span></a><span xml:space="preserve" class="s2075848DefaultParagraphFont"> shall be governed by the following provisions:</span></p><p dir="ltr" class="s2075848Normal-000001"><span xml:space="preserve" class="s2075848DefaultParagraphFont">(1)    A memorandum, in form and substance acceptable to the director as specified by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075848DefaultParagraphFont">1-26</span></a><span class="s2075848DefaultParagraphFont">, shall be prepared to support each actuarial opinion;</span></p><p dir="ltr" class="s2075848Normal-000001"><span class="s2075848DefaultParagraphFont">(2)    If the insurance company fails to provide a supporting memorandum at the request of the director within a period specified or the director determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the rules or is otherwise unacceptable to the director, the director may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting memorandum as is required by the director.</span></p><p dir="ltr" class="s2075848Normal"><span xml:space="preserve" class="s2075848000002"> </span></p><p dir="ltr" class="s2075848Normal"><span class="s2075848SCL">Source:</span><span xml:space="preserve" class="s2075848SCL-000003"> SL 1995, ch 284, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075849Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075849SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075849CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075849Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075849DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075849Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075849000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075849SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075849SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075849Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-50"><span class="s2075849SENU">58-26-50</span></a><span xml:space="preserve" class="s2075849SENU">. </span><span class="s2075849CL">Provisions governing submission of actuary's opinion.</span></p><p dir="ltr" class="s2075849Normal-000000"><span xml:space="preserve" class="s2075849DefaultParagraphFont">Any opinion required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075849DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075849DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-49"><span class="s2075849DefaultParagraphFont">58-26-49</span></a><span class="s2075849DefaultParagraphFont">, inclusive, shall be governed by the following provisions:</span></p><p dir="ltr" class="s2075849Normal-000001"><span class="s2075849DefaultParagraphFont">(1)    The opinion shall be submitted with the annual statement reflecting the valuation of the reserve liabilities for each year ending on or after December 31, 1995;</span></p><p dir="ltr" class="s2075849Normal-000001"><span xml:space="preserve" class="s2075849DefaultParagraphFont">(2)    The opinion shall apply to any business in force including individual and group health insurance plans, in form and substance acceptable to the director specified by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075849DefaultParagraphFont">1-26</span></a><span class="s2075849DefaultParagraphFont">;</span></p><p dir="ltr" class="s2075849Normal-000001"><span class="s2075849DefaultParagraphFont">(3)    The opinion shall be based on standards adopted from time to time by the Actuarial Standards Board and on additional standards as the director may by rules prescribe.</span></p><p dir="ltr" class="s2075849Normal"><span xml:space="preserve" class="s2075849000002"> </span></p><p dir="ltr" class="s2075849Normal"><span class="s2075849SCL">Source:</span><span xml:space="preserve" class="s2075849SCL-000003"> SL 1995, ch 284, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075850Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075850SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075850CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075850Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075850DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075850000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075850SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075850SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075850Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-51"><span class="s2075850SENU">58-26-51</span></a><span xml:space="preserve" class="s2075850SENU">. </span><span class="s2075850CL">Opinion submitted by foreign or alien company.</span></p><p dir="ltr" class="s2075850Normal-000000"><span xml:space="preserve" class="s2075850DefaultParagraphFont">In the case of an opinion required to be submitted pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075850DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075850DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-49"><span class="s2075850DefaultParagraphFont">58-26-49</span></a><span class="s2075850DefaultParagraphFont">, inclusive, by a foreign or alien company, the director may accept the opinion filed by that company with the insurance supervisory official of another state if the director determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state.</span></p><p dir="ltr" class="s2075850Normal"><span xml:space="preserve" class="s2075850000001"> </span></p><p dir="ltr" class="s2075850Normal"><span class="s2075850SCL">Source:</span><span xml:space="preserve" class="s2075850SCL-000002"> SL 1995, ch 284, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075851Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075851SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075851CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075851Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075851DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075851000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075851SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075851SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075851Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-52"><span class="s2075851SENU">58-26-52</span></a><span xml:space="preserve" class="s2075851SENU">. </span><span class="s2075851CL">Qualified actuary defined.</span></p><p dir="ltr" class="s2075851Normal-000000"><span xml:space="preserve" class="s2075851DefaultParagraphFont">For the purposes of the opinion required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075851DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075851DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-50"><span class="s2075851DefaultParagraphFont">58-26-50</span></a><span xml:space="preserve" class="s2075851DefaultParagraphFont">, inclusive, qualified actuary means a member in good standing of the American Academy of Actuaries who meets the requirements set forth in rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075851DefaultParagraphFont">1-26</span></a><span class="s2075851DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075851Normal"><span xml:space="preserve" class="s2075851000001"> </span></p><p dir="ltr" class="s2075851Normal"><span class="s2075851SCL">Source:</span><span xml:space="preserve" class="s2075851SCL-000002"> SL 1995, ch 284, § 8; SL 2015, ch 254, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075852Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075852SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075852CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075852Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075852DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075852000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075852SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075852SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075852Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-53"><span class="s2075852SENU">58-26-53</span></a><span xml:space="preserve" class="s2075852SENU">. </span><span class="s2075852CL">Liability of qualified actuary.</span></p><p dir="ltr" class="s2075852Normal-000000"><span class="s2075852DefaultParagraphFont">Except in cases of fraud or willful misconduct, the qualified actuary is not liable for damages to any person, other than the insurance company and the director, for any act, error, omission, decision, or conduct with respect to the actuary's opinion.</span></p><p dir="ltr" class="s2075852Normal"><span xml:space="preserve" class="s2075852000001"> </span></p><p dir="ltr" class="s2075852Normal"><span class="s2075852SCL">Source:</span><span xml:space="preserve" class="s2075852SCL-000002"> SL 1995, ch 284, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075853Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075853SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075853CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075853Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075853DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075853000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075853SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075853SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075853Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-54"><span class="s2075853SENU">58-26-54</span></a><span xml:space="preserve" class="s2075853SENU">. </span><span class="s2075853CL">Promulgation of rules defining disciplinary action against company or qualified actuary.</span></p><p dir="ltr" class="s2075853Normal-000000"><span xml:space="preserve" class="s2075853DefaultParagraphFont">The director shall promulgate rules pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075853DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075853DefaultParagraphFont"> to define disciplinary action that may be taken by the director against the company or the qualified actuary.</span></p><p dir="ltr" class="s2075853Normal"><span xml:space="preserve" class="s2075853000001"> </span></p><p dir="ltr" class="s2075853Normal"><span class="s2075853SCL">Source:</span><span xml:space="preserve" class="s2075853SCL-000002"> SL 1995, ch 284, § 10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075854Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075854SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075854CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075854Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075854DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075854000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075854SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075854SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075854Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-55"><span class="s2075854SENU">58-26-55</span></a><span xml:space="preserve" class="s2075854SENU">. </span><span class="s2075854CL">Confidentiality of material supporting opinion of qualified actuary.</span></p><p dir="ltr" class="s2075854Normal-000000"><span xml:space="preserve" class="s2075854DefaultParagraphFont">Any memorandum in support of the opinion, required pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075854DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075854DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-49"><span class="s2075854DefaultParagraphFont">58-26-49</span></a><span class="s2075854DefaultParagraphFont">, inclusive, and any other material provided by the company to the director in connection with the opinion, shall be kept confidential by the director, other than for the purpose of defending an action seeking damages from any person by reason of any action required by this chapter or by rules promulgated pursuant to this chapter. However, the memorandum or other material may otherwise be released by the director with the written consent of the company or to the American Academy of Actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the director for preserving the confidentiality of the memorandum or other material. If any portion of the confidential memorandum is cited by the company in its marketing or is cited before any governmental agency other than a state insurance department or division or is released by the company to the news media, all portions of the confidential memorandum are no longer confidential.</span></p><p dir="ltr" class="s2075854Normal"><span xml:space="preserve" class="s2075854000001"> </span></p><p dir="ltr" class="s2075854Normal"><span class="s2075854SCL">Source:</span><span xml:space="preserve" class="s2075854SCL-000002"> SL 1995, ch 284, § 11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075855Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075855SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075855CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075855Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 2.00in; text-indent: -1.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2075855DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075855Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2075855Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2075855000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075855SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075855SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075855Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-55.1"><span class="s2075855SENU">58-26-55.1</span></a><span xml:space="preserve" class="s2075855SENU">. </span><span class="s2075855CL">Opinion of actuary on reserves and related actuarial items to be in accordance with valuation manual.</span></p><p dir="ltr" class="s2075855Normal-000000"><span class="s2075855DefaultParagraphFont">(1)    Every company with outstanding life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state and subject to regulation by the director shall annually submit the opinion of the appointed actuary as to whether the reserves and related actuarial items held in support of the policies and contracts are computed appropriately, are based on assumptions that satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state. The valuation manual will prescribe the specifics of this opinion including any items deemed to be necessary to its scope.</span></p><p dir="ltr" class="s2075855Normal-000001"><span class="s2075855DefaultParagraphFont">(2)    Every company with outstanding life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state and subject to regulation by the director, except as exempted in the valuation manual, shall also annually include in the opinion required pursuant to subdivision (1), an opinion of the same appointed actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified in the valuation manual, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including the benefits under and expenses associated with the policies and contracts.</span></p><p dir="ltr" class="s2075855Normal-000001"><span class="s2075855DefaultParagraphFont">(3)    Each opinion required by subdivision (2) is governed by the following provisions:</span></p><p dir="ltr" class="s2075855Normal-000002"><span class="s2075855DefaultParagraphFont">(a)    A memorandum, in form and substance as specified in the valuation manual, and acceptable to the director, shall be prepared to support each actuarial opinion; and</span></p><p dir="ltr" class="s2075855Normal-000002"><span class="s2075855DefaultParagraphFont">(b)    If the insurance company fails to provide a supporting memorandum at the request of the director within a period specified in the valuation manual or the director determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the valuation manual or is otherwise unacceptable to the director, the director may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting memorandum required by the director.</span></p><p dir="ltr" class="s2075855Normal-000001"><span class="s2075855DefaultParagraphFont">(4)    Every opinion is governed by the following provisions:</span></p><p dir="ltr" class="s2075855Normal-000002"><span class="s2075855DefaultParagraphFont">(a)    The opinion is in form and substance as specified in the valuation manual and acceptable to the director;</span></p><p dir="ltr" class="s2075855Normal-000002"><span class="s2075855DefaultParagraphFont">(b)    The opinion is submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after the operative date of the valuation manual;</span></p><p dir="ltr" class="s2075855Normal-000002"><span class="s2075855DefaultParagraphFont">(c)    The opinion applies to all policies and contracts subject to subdivision (2), plus other actuarial liabilities as may be specified in the valuation manual;</span></p><p dir="ltr" class="s2075855Normal-000002"><span class="s2075855DefaultParagraphFont">(d)    The opinion is based on standards adopted from time to time by the Actuarial Standards Board or its successor, and on such additional standards as may be prescribed in the valuation manual;</span></p><p dir="ltr" class="s2075855Normal-000002"><span class="s2075855DefaultParagraphFont">(e)    In the case of an opinion required to be submitted by a foreign or alien company, the director may accept the opinion filed by that company with the insurance supervisory official of another state if the director determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state;</span></p><p dir="ltr" class="s2075855Normal-000002"><span xml:space="preserve" class="s2075855000003"> </span></p></div><div><p dir="ltr" class="s2075855Normal-000002"><span class="s2075855DefaultParagraphFont">(f)    Except in cases of fraud or willful misconduct, the appointed actuary is not liable for damages to any person, other than the insurance company and the director, for any act, error, omission, decision, or conduct with respect to the appointed actuary's opinion;</span></p><p dir="ltr" class="s2075855Normal-000002"><span xml:space="preserve" class="s2075855DefaultParagraphFont">(g)    Disciplinary action by the director against the company or the appointed actuary shall be defined in rules promulgated by the director, pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075855DefaultParagraphFont">1-26</span></a><span class="s2075855DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075855Normal"><span xml:space="preserve" class="s2075855000003"> </span></p><p dir="ltr" class="s2075855Normal"><span class="s2075855SCL">Source:</span><span xml:space="preserve" class="s2075855SCL-000004"> SL 2015, ch 254, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075856Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075856SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075856CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075856Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075856DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075856000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075856SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075856SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075856Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-56"><span class="s2075856SENU">58-26-56</span></a><span xml:space="preserve" class="s2075856SENU">. </span><span class="s2075856CL">Minimum standard for valuation of policies and contracts.</span></p><p dir="ltr" class="s2075856Normal-000000"><span xml:space="preserve" class="s2075856DefaultParagraphFont">Except as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-64"><span class="s2075856DefaultParagraphFont">58-26-64</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-74"><span class="s2075856DefaultParagraphFont">58-26-74</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, inclusive, and § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-84"><span class="s2075856DefaultParagraphFont">58-26-84</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, the minimum standard for the valuation of policies and contracts issued prior to July 1, 1995, shall be that provided by the laws in effect immediately prior to July 1, 1995. Except as otherwise provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-64"><span class="s2075856DefaultParagraphFont">58-26-64</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-74"><span class="s2075856DefaultParagraphFont">58-26-74</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, inclusive, and § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-84"><span class="s2075856DefaultParagraphFont">58-26-84</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, the minimum standard for the valuation of all policies and contracts issued on or after July 1, 1995, shall be the commissioners' reserve valuation methods defined in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075856DefaultParagraphFont">58-26-75</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-76"><span class="s2075856DefaultParagraphFont">58-26-76</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075856DefaultParagraphFont">58-26-81</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-82"><span class="s2075856DefaultParagraphFont">58-26-82</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-84"><span class="s2075856DefaultParagraphFont">58-26-84</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont">, three and one-half percent interest, or in the case of life insurance policies and contracts, other than annuity and pure endowment contracts, issued on or after July 1, 1973, four percent interest for such policies issued prior to July 1, 1978, five and one-half percent interest for single premium life insurance policies and four and one-half percent interest for all other policies issued on and after July 1, 1978, and the tables provided for in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-57"><span class="s2075856DefaultParagraphFont">58-26-57</span></a><span xml:space="preserve" class="s2075856DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-63"><span class="s2075856DefaultParagraphFont">58-26-63</span></a><span class="s2075856DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2075856Normal"><span xml:space="preserve" class="s2075856000001"> </span></p><p dir="ltr" class="s2075856Normal"><span class="s2075856SCL">Source:</span><span xml:space="preserve" class="s2075856SCL-000002"> SL 1995, ch 284, § 12; SL 2015, ch 254, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075857Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075857SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075857CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075857Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075857DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075857000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075857SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075857SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075857Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-57"><span class="s2075857SENU">58-26-57</span></a><span xml:space="preserve" class="s2075857SENU">. </span><span class="s2075857CL">Mortality tables used for ordinary life insurance policies.</span></p><p dir="ltr" class="s2075857Normal-000000"><span xml:space="preserve" class="s2075857DefaultParagraphFont">The tables that shall be used for ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in the policies are: the Commissioners 1941 Standard Ordinary Mortality Table for policies issued prior to the operative date of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-38"><span class="s2075857DefaultParagraphFont">58-15-38</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-42"><span class="s2075857DefaultParagraphFont">58-15-42</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont">, the Commissioners 1958 Standard Ordinary Mortality Table for policies issued on or after the operative date of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-38"><span class="s2075857DefaultParagraphFont">58-15-38</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-42"><span class="s2075857DefaultParagraphFont">58-15-42</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont">, and prior to the operative date of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-43.1"><span class="s2075857DefaultParagraphFont">58-15-43.1</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-43.11"><span class="s2075857DefaultParagraphFont">58-15-43.11</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont">, inclusive, provided that for any category of policies issued on female risks, all modified net premiums and present values referred to in this chapter may be calculated according to an age not more than six years younger than the actual age of the insured; and for such policies issued on or after the operative date of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-43.1"><span class="s2075857DefaultParagraphFont">58-15-43.1</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-43.11"><span class="s2075857DefaultParagraphFont">58-15-43.11</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont">, inclusive, (i) the Commissioners 1980 Standard Ordinary Mortality Table, or (ii) at the election of the company for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with ten-year select mortality factors, or (iii) any ordinary mortality table, adopted after 1980 by the NAIC, which is approved by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075857DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075857DefaultParagraphFont"> by the director for use in determining the minimum standard of valuation for the policies.</span></p><p dir="ltr" class="s2075857Normal"><span xml:space="preserve" class="s2075857000001"> </span></p><p dir="ltr" class="s2075857Normal"><span class="s2075857SCL">Source:</span><span xml:space="preserve" class="s2075857SCL-000002"> SL 1995, ch 284, § 13; SL 2015, ch 254, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075858Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075858SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075858CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075858Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075858DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075858000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075858SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075858SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075858Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-58"><span class="s2075858SENU">58-26-58</span></a><span xml:space="preserve" class="s2075858SENU">. </span><span class="s2075858CL">Mortality tables used for industrial life insurance policies.</span></p><p dir="ltr" class="s2075858Normal-000000"><span xml:space="preserve" class="s2075858DefaultParagraphFont">The tables that shall be used for all industrial life insurance policies issued on the standard basis, excluding any disability and accidental death benefits in the policies are: the 1941 Standard Industrial Mortality Table for policies issued prior to the operative date of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-38"><span class="s2075858DefaultParagraphFont">58-15-38</span></a><span xml:space="preserve" class="s2075858DefaultParagraphFont">, and for policies issued on or after the operative date, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality table, adopted after 1980 by the NAIC, that is approved by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075858DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075858DefaultParagraphFont"> by the director for use in determining the minimum standard of valuation for the policies.</span></p><p dir="ltr" class="s2075858Normal"><span xml:space="preserve" class="s2075858000001"> </span></p><p dir="ltr" class="s2075858Normal"><span class="s2075858SCL">Source:</span><span xml:space="preserve" class="s2075858SCL-000002"> SL 1995, ch 284, § 14; SL 2015, ch 254, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075859Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075859SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075859CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075859Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075859DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075859000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075859SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075859SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075859Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-59"><span class="s2075859SENU">58-26-59</span></a><span xml:space="preserve" class="s2075859SENU">. </span><span class="s2075859CL">Mortality tables used for individual annuity and pure endowment contracts.</span></p><p dir="ltr" class="s2075859Normal-000000"><span class="s2075859DefaultParagraphFont">The tables that shall be used for individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies are: the 1937 Standard Annuity Mortality Table, or at the option of the company, the Annuity Mortality Table for 1949, Ultimate, or any modification of either of these tables approved by the director.</span></p><p dir="ltr" class="s2075859Normal"><span xml:space="preserve" class="s2075859000001"> </span></p><p dir="ltr" class="s2075859Normal"><span class="s2075859SCL">Source:</span><span xml:space="preserve" class="s2075859SCL-000002"> SL 1995, ch 284, § 15.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075860Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075860SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075860CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075860Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075860DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075860000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075860SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075860SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075860Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-60"><span class="s2075860SENU">58-26-60</span></a><span xml:space="preserve" class="s2075860SENU">. </span><span class="s2075860CL">Mortality tables used for group annuity and pure endowment contracts.</span></p><p dir="ltr" class="s2075860Normal-000000"><span class="s2075860DefaultParagraphFont">The tables that shall be used for group annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies are: the Group Annuity Mortality Table for 1951, any modification of the table approved by the director or at the option of the company, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts.</span></p><p dir="ltr" class="s2075860Normal"><span xml:space="preserve" class="s2075860000001"> </span></p><p dir="ltr" class="s2075860Normal"><span class="s2075860SCL">Source:</span><span xml:space="preserve" class="s2075860SCL-000002"> SL 1995, ch 284, § 16.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075861Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075861SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075861CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075861Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075861DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075861000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075861SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075861SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075861Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-61"><span class="s2075861SENU">58-26-61</span></a><span xml:space="preserve" class="s2075861SENU">. </span><span class="s2075861CL">Disability tables used for total and permanent disability.</span></p><p dir="ltr" class="s2075861Normal-000000"><span xml:space="preserve" class="s2075861DefaultParagraphFont">The tables that shall be used for total and permanent disability benefits in or supplementary to ordinary policies or contracts are: for policies or contracts issued on or after January 1, 1966, the tables of Period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit or any tables of disablement rates and termination rates adopted after 1980 by the NAIC, that are approved by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075861DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075861DefaultParagraphFont"> by the director for use in determining the minimum standard of valuation for the policies; for policies or contracts issued on or after January 1, 1961, and prior to January 1, 1966, either of the tables or, at the option of the company, the Class (3) Disability Table (1926) and for policies issued prior to January 1, 1961, the Class (3) Disability Table (1926). Any table shall, for active lives, be combined with a mortality table permitted for calculating the reserves for life insurance policies.</span></p><p dir="ltr" class="s2075861Normal"><span xml:space="preserve" class="s2075861000001"> </span></p><p dir="ltr" class="s2075861Normal"><span class="s2075861SCL">Source:</span><span xml:space="preserve" class="s2075861SCL-000002"> SL 1995, ch 284, § 17; SL 2015, ch 254, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075862Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075862SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075862CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075862Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075862DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075862000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075862SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075862SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075862Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-62"><span class="s2075862SENU">58-26-62</span></a><span xml:space="preserve" class="s2075862SENU">. </span><span class="s2075862CL">Tables used for accidental death benefits.</span></p><p dir="ltr" class="s2075862Normal-000000"><span xml:space="preserve" class="s2075862DefaultParagraphFont">The tables that shall be used for accidental death benefits in or supplementary to policies issued on or after January 1, 1966, are: the 1959 Accidental Death Benefits Table or any accidental death benefits table adopted after 1980 by the NAIC, that is approved by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075862DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075862DefaultParagraphFont"> by the director for use in determining the minimum standard of valuation for the policies; for policies issued on or after January 1, 1961, and prior to January 1, 1966, either table or, at the option of the company, the Inter-Company Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table. Either table shall be combined with a mortality table for calculating the reserves for life insurance policies.</span></p><p dir="ltr" class="s2075862Normal"><span xml:space="preserve" class="s2075862000001"> </span></p><p dir="ltr" class="s2075862Normal"><span class="s2075862SCL">Source:</span><span xml:space="preserve" class="s2075862SCL-000002"> SL 1995, ch 284, § 18; SL 2015, ch 254, § 10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075863Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075863SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075863CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075863Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075863DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075863000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075863SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075863SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075863Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-63"><span class="s2075863SENU">58-26-63</span></a><span xml:space="preserve" class="s2075863SENU">. </span><span class="s2075863CL">Tables to be approved by director.</span></p><p dir="ltr" class="s2075863Normal-000000"><span class="s2075863DefaultParagraphFont">The tables for group life insurance, life insurance issued on the substandard basis, and other special benefits shall be approved by the director.</span></p><p dir="ltr" class="s2075863Normal"><span xml:space="preserve" class="s2075863000001"> </span></p><p dir="ltr" class="s2075863Normal"><span class="s2075863SCL">Source:</span><span xml:space="preserve" class="s2075863SCL-000002"> SL 1995, ch 284, § 19.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075864Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075864SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075864CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075864Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075864DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075864000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075864SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075864SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075864Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-64"><span class="s2075864SENU">58-26-64</span></a><span xml:space="preserve" class="s2075864SENU">. </span><span class="s2075864CL">Minimum standard of valuation for individual annuity and pure endowment contracts and group annuity and pure endowment contracts on or after July 1, 1995.</span></p><p dir="ltr" class="s2075864Normal-000000"><span xml:space="preserve" class="s2075864DefaultParagraphFont">Except as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-71"><span class="s2075864DefaultParagraphFont">58-26-71</span></a><span xml:space="preserve" class="s2075864DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-74"><span class="s2075864DefaultParagraphFont">58-26-74</span></a><span xml:space="preserve" class="s2075864DefaultParagraphFont">, inclusive, the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after July 1, 1995, and for annuities and pure endowments purchased on or after July 1, 1995, under group annuity and pure endowment contracts, are the commissioners' reserve valuation methods defined in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075864DefaultParagraphFont">58-26-75</span></a><span xml:space="preserve" class="s2075864DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-76"><span class="s2075864DefaultParagraphFont">58-26-76</span></a><span xml:space="preserve" class="s2075864DefaultParagraphFont"> and the tables and interest rates set forth in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-65"><span class="s2075864DefaultParagraphFont">58-26-65</span></a><span xml:space="preserve" class="s2075864DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-69"><span class="s2075864DefaultParagraphFont">58-26-69</span></a><span class="s2075864DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2075864Normal"><span xml:space="preserve" class="s2075864000001"> </span></p><p dir="ltr" class="s2075864Normal"><span class="s2075864SCL">Source:</span><span xml:space="preserve" class="s2075864SCL-000002"> SL 1995, ch 284, § 20; SL 2015, ch 254, § 11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075865Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075865SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075865CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075865Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075865DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075865000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075865SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075865SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075865Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-65"><span class="s2075865SENU">58-26-65</span></a><span xml:space="preserve" class="s2075865SENU">. </span><span class="s2075865CL">Tables used for individual annuity and pure endowment contracts issued prior to July 1, 1978--Interest.</span></p><p dir="ltr" class="s2075865Normal-000000"><span class="s2075865DefaultParagraphFont">The tables that shall be used for individual annuity and pure endowment contracts issued prior to July 1, 1978, excluding any disability and accidental death benefits in the contracts are: the 1971 Individual Annuity Mortality Table or any modification of this table approved by the director, and six percent interest for single premium immediate annuity contracts, and four percent interest for all other individual annuity and pure endowment contracts.</span></p><p dir="ltr" class="s2075865Normal"><span xml:space="preserve" class="s2075865000001"> </span></p><p dir="ltr" class="s2075865Normal"><span class="s2075865SCL">Source:</span><span xml:space="preserve" class="s2075865SCL-000002"> SL 1995, ch 284, § 21.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075866Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075866SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075866CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075866Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075866DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075866000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075866SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075866SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075866Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-66"><span class="s2075866SENU">58-26-66</span></a><span xml:space="preserve" class="s2075866SENU">. </span><span class="s2075866CL">Tables used for individual single premium immediate annuity contracts issued on or after July 1, 1978--Interest.</span></p><p dir="ltr" class="s2075866Normal-000000"><span xml:space="preserve" class="s2075866DefaultParagraphFont">The tables that shall be used for individual single premium immediate annuity contracts issued on or after July 1, 1978, excluding any disability and accidental death benefits in the contracts are: the 1971 Individual Annuity Mortality Table or any individual annuity mortality table, adopted after 1980 by the NAIC that is approved by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075866DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075866DefaultParagraphFont"> by the director for use in determining the minimum standard of valuation for the contracts, or any modification of these tables approved by the director, and seven and one-half percent interest.</span></p><p dir="ltr" class="s2075866Normal"><span xml:space="preserve" class="s2075866000001"> </span></p><p dir="ltr" class="s2075866Normal"><span class="s2075866SCL">Source:</span><span xml:space="preserve" class="s2075866SCL-000002"> SL 1995, ch 284, § 22; SL 2015, ch 254, § 12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075867Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075867SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075867CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075867Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075867DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075867000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075867SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075867SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075867Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-67"><span class="s2075867SENU">58-26-67</span></a><span xml:space="preserve" class="s2075867SENU">. </span><span class="s2075867CL">Tables used for individual annuity and pure endowment contracts issued on or after July 1, 1978--Interest.</span></p><p dir="ltr" class="s2075867Normal-000000"><span xml:space="preserve" class="s2075867DefaultParagraphFont">The tables that shall be used for individual annuity and pure endowment contracts issued on or after July 1, 1978, other than single premium immediate annuity contracts, excluding any disability and accidental death benefits in the contracts are: the 1971 Individual Annuity Mortality Table or any individual annuity mortality table adopted after 1980 by the NAIC, that is approved by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075867DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075867DefaultParagraphFont"> by the director for use in determining the minimum standard of valuation for the contracts, or any modification of these tables approved by the director, and five and one-half percent interest for single premium deferred annuity and pure endowment contracts and four and one-half percent interest for all other individual annuity and pure endowment contracts.</span></p><p dir="ltr" class="s2075867Normal"><span xml:space="preserve" class="s2075867000001"> </span></p><p dir="ltr" class="s2075867Normal"><span class="s2075867SCL">Source:</span><span xml:space="preserve" class="s2075867SCL-000002"> SL 1995, ch 284, § 23; SL 2015, ch 254, § 13.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075868Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075868SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075868CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075868Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075868DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075868000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075868SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075868SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075868Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-68"><span class="s2075868SENU">58-26-68</span></a><span xml:space="preserve" class="s2075868SENU">. </span><span class="s2075868CL">Tables used for annuities and pure endowments purchased under group contracts prior to July 1, 1978--Interest.</span></p><p dir="ltr" class="s2075868Normal-000000"><span class="s2075868DefaultParagraphFont">The tables that shall be used for all annuities and pure endowments purchased prior to July 1, 1978, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under the contracts are: the 1971 Group Annuity Mortality Table or any modification of this table approved by the director, and six percent interest.</span></p><p dir="ltr" class="s2075868Normal"><span xml:space="preserve" class="s2075868000001"> </span></p><p dir="ltr" class="s2075868Normal"><span class="s2075868SCL">Source:</span><span xml:space="preserve" class="s2075868SCL-000002"> SL 1995, ch 284, § 24.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075869Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075869SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075869CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075869Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075869DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075869000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075869SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075869SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075869Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-69"><span class="s2075869SENU">58-26-69</span></a><span xml:space="preserve" class="s2075869SENU">. </span><span class="s2075869CL">Tables used for annuities and pure endowments purchased under group contracts after July 1, 1978--Interest.</span></p><p dir="ltr" class="s2075869Normal-000000"><span xml:space="preserve" class="s2075869DefaultParagraphFont">The tables that shall be used for all annuities and pure endowments purchased on or after July 1, 1978, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under the contracts are: the 1971 Group Annuity Mortality Table, or any group annuity mortality table adopted after 1980 by the NAIC, that is approved by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075869DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075869DefaultParagraphFont"> by the director for use in determining the minimum standard of valuation for annuities and pure endowments, or any modification of these tables approved by the director, and seven and one-half percent interest.</span></p><p dir="ltr" class="s2075869Normal"><span xml:space="preserve" class="s2075869000001"> </span></p><p dir="ltr" class="s2075869Normal"><span class="s2075869SCL">Source:</span><span xml:space="preserve" class="s2075869SCL-000002"> SL 1995, ch 284, § 25; SL 2015, ch 254, § 14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075870Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075870SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075870CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075870Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075870DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075870000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075870SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075870SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075870Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-70"><span class="s2075870SENU">58-26-70</span></a><span xml:space="preserve" class="s2075870SENU">. </span><span xml:space="preserve" class="s2075870CL">Written notice of election to comply with provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-64"><span class="s2075870CL">58-26-64</span></a><span xml:space="preserve" class="s2075870CL"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-69"><span class="s2075870CL">58-26-69</span></a><span class="s2075870CL">, inclusive--Operative date.</span></p><p dir="ltr" class="s2075870Normal-000000"><span xml:space="preserve" class="s2075870DefaultParagraphFont">After July 1, 1973, any company may file with the director a written notice of its election to comply with the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-64"><span class="s2075870DefaultParagraphFont">58-26-64</span></a><span xml:space="preserve" class="s2075870DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-69"><span class="s2075870DefaultParagraphFont">58-26-69</span></a><span xml:space="preserve" class="s2075870DefaultParagraphFont">, inclusive, after a specified date before January 1, 1979, which is the operative date of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-64"><span class="s2075870DefaultParagraphFont">58-26-64</span></a><span xml:space="preserve" class="s2075870DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-69"><span class="s2075870DefaultParagraphFont">58-26-69</span></a><span xml:space="preserve" class="s2075870DefaultParagraphFont">, inclusive, for the company. However, if a company does not elect to comply, the operative date of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-64"><span class="s2075870DefaultParagraphFont">58-26-64</span></a><span xml:space="preserve" class="s2075870DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-69"><span class="s2075870DefaultParagraphFont">58-26-69</span></a><span class="s2075870DefaultParagraphFont">, inclusive, for the company is January 1, 1979.</span></p><p dir="ltr" class="s2075870Normal"><span xml:space="preserve" class="s2075870000001"> </span></p><p dir="ltr" class="s2075870Normal"><span class="s2075870SCL">Source:</span><span xml:space="preserve" class="s2075870SCL-000002"> SL 1995, ch 284, § 26.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075871Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075871SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075871CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075871Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075871DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075871Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075871Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } table.s2075871000003 { border-collapse: collapse; border: none; margin-bottom: .001pt; } td.s2075871000004 { vertical-align: top; width: 446.4pt; border-top: solid #FFFFFF 1.0pt; padding-top: 0; border-right: solid #FFFFFF 1.0pt; padding-right: 5.4pt; border-bottom: solid #FFFFFF 1.0pt; padding-bottom: 0; border-left: solid #FFFFFF 1.0pt; padding-left: 5.4pt; } p.s2075871Normal-000005 { line-height: 6.0pt; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075871000006 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075871Normal-000007 { text-align: center; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075871DefaultParagraphFont-000008 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075871DefaultParagraphFont-000009 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; text-decoration: underline; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075871Normal-000010 { margin-bottom: 2.9pt; text-align: center; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; } p.s2075871Normal-000011 { margin-left: 0.70in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075871SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075871SCL-000012 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075871Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-71"><span class="s2075871SENU">58-26-71</span></a><span xml:space="preserve" class="s2075871SENU">. </span><span class="s2075871CL">Calendar year statutory valuation interest rates defined.</span></p><p dir="ltr" class="s2075871Normal-000000"><span xml:space="preserve" class="s2075871DefaultParagraphFont">The interest rates used in determining the minimum standard for the valuation of life insurance policies issued in a particular calendar year, on or after the operative date of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-43.1"><span class="s2075871DefaultParagraphFont">58-15-43.1</span></a><span xml:space="preserve" class="s2075871DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-43.11"><span class="s2075871DefaultParagraphFont">58-15-43.11</span></a><span class="s2075871DefaultParagraphFont">, inclusive; individual annuity and pure endowment contracts issued in a particular calendar year on or after January 1, 1983; annuities and pure endowments purchased in a particular calendar year on or after January 1, 1983, under group annuity and pure endowment contracts; and the net increase, if any, in a particular calendar year after January 1, 1983, in amounts held under guaranteed interest contracts; shall be the calendar year statutory valuation interest rates as defined in this section.</span></p><p dir="ltr" class="s2075871Normal-000001"><span class="s2075871DefaultParagraphFont">(1)    The calendar year statutory valuation interest rates, "I", shall be determined as follows and the results rounded to the nearer one-quarter of one percent:</span></p><p dir="ltr" class="s2075871Normal-000002"><span class="s2075871DefaultParagraphFont">(a)    For life insurance,</span></p><div align="center"><table dir="ltr" class="s2075871000003"><tr><td class="s2075871000004"><p dir="ltr" class="s2075871Normal-000005"><span xml:space="preserve" class="s2075871000006"> </span></p><p dir="ltr" class="s2075871Normal-000007"><span xml:space="preserve" class="s2075871DefaultParagraphFont">I = .03 + W(R1 </span><span class="s2075871DefaultParagraphFont-000008">-</span><span xml:space="preserve" class="s2075871DefaultParagraphFont"> .03) + </span><span class="s2075871DefaultParagraphFont-000009">W</span><span xml:space="preserve" class="s2075871DefaultParagraphFont"> (R2 </span><span class="s2075871DefaultParagraphFont-000008">-</span><span xml:space="preserve" class="s2075871DefaultParagraphFont"> .09);</span></p><p dir="ltr" class="s2075871Normal-000010"><span xml:space="preserve" class="s2075871DefaultParagraphFont"> 2</span></p></td></tr></table></div><p dir="ltr" class="s2075871Normal-000002"><span class="s2075871DefaultParagraphFont">(b)    For single premiums immediate annuities and for annuity benefits involving life contingencies arising from other annuities with cash settlement options and from guaranteed interest contracts with cash settlement options,</span></p><div align="center"><table dir="ltr" class="s2075871000003"><tr><td class="s2075871000004"><p dir="ltr" class="s2075871Normal-000005"><span xml:space="preserve" class="s2075871000006"> </span></p><p dir="ltr" class="s2075871Normal-000010"><span xml:space="preserve" class="s2075871DefaultParagraphFont">I = .03 + W(R </span><span class="s2075871DefaultParagraphFont-000008">-</span><span xml:space="preserve" class="s2075871DefaultParagraphFont"> .03)</span></p></td></tr></table></div><p dir="ltr" class="s2075871Normal-000011"><span xml:space="preserve" class="s2075871DefaultParagraphFont">where R1 is the lesser of R and .09, R2 is the greater of R and .09, R is the reference interest rate defined in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-71"><span class="s2075871DefaultParagraphFont">58-26-71</span></a><span xml:space="preserve" class="s2075871DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-74"><span class="s2075871DefaultParagraphFont">58-26-74</span></a><span xml:space="preserve" class="s2075871DefaultParagraphFont">, inclusive, and W is the weighting factor defined in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-71"><span class="s2075871DefaultParagraphFont">58-26-71</span></a><span xml:space="preserve" class="s2075871DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-74"><span class="s2075871DefaultParagraphFont">58-26-74</span></a><span class="s2075871DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2075871Normal-000002"><span class="s2075871DefaultParagraphFont">(c)    For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on an issue year basis, except as stated in subdivision (b), the formula for life insurance stated in subdivision (a) applies to annuities and guaranteed interest contracts with guarantee durations in excess of ten years and the formula for single premium immediate annuities stated in subdivision (b) applies to annuities and guaranteed interest contracts with guarantee duration of ten years or less;</span></p><p dir="ltr" class="s2075871Normal-000002"><span class="s2075871DefaultParagraphFont">(d)    For other annuities with no cash settlement options and for guaranteed interest contracts with no cash settlement options, the formula for single premium immediate annuities stated in subdivision (b) applies;</span></p><p dir="ltr" class="s2075871Normal-000002"><span class="s2075871DefaultParagraphFont">(e)    For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on a change in fund basis, the formula for single premium immediate annuities stated in subdivision (b) applies.</span></p><p dir="ltr" class="s2075871Normal-000001"><span xml:space="preserve" class="s2075871DefaultParagraphFont">(2)    However, if the calendar year statutory valuation interest rate for any life insurance policies issued in any calendar year determined without reference to this sentence differs from the corresponding actual rate for similar policies issued in the immediately preceding calendar year by less than one-half of one percent, the calendar year statutory valuation interest rate for life insurance policies is equal to the corresponding actual rate for the immediately preceding calendar year. For purposes of applying the immediately preceding sentence, the calendar year statutory valuation interest rate for life insurance policies issued in a calendar year shall be determined for 1980, using the reference interest rate defined in 1979, and shall be determined for each subsequent calendar year regardless of when §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-43.1"><span class="s2075871DefaultParagraphFont">58-15-43.1</span></a><span xml:space="preserve" class="s2075871DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-43.11"><span class="s2075871DefaultParagraphFont">58-15-43.11</span></a><span class="s2075871DefaultParagraphFont">, inclusive, became operative.</span></p><p dir="ltr" class="s2075871Normal"><span xml:space="preserve" class="s2075871000006"> </span></p><p dir="ltr" class="s2075871Normal"><span class="s2075871SCL">Source:</span><span xml:space="preserve" class="s2075871SCL-000012"> SL 1995, ch 284, § 27; SL 2015, ch 254, § 15.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075872Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075872SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075872CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075872Normal-000000 { margin-top: 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0; border-right-style: none; padding-right: 5.4pt; border-bottom: solid #FFFFFF 1.0pt; padding-bottom: 0; border-left: solid #FFFFFF 1.0pt; padding-left: 5.4pt; } td.s2075872000015 { vertical-align: top; border-top: solid #FFFFFF 1.0pt; padding-top: 0; border-right-style: none; padding-right: 5.4pt; border-bottom: solid #FFFFFF 1.0pt; padding-bottom: 0; border-left-style: none; padding-left: 5.4pt; } td.s2075872000016 { vertical-align: top; border-top: solid #FFFFFF 1.0pt; padding-top: 0; border-right: solid #FFFFFF 1.0pt; padding-right: 5.4pt; border-bottom: solid #FFFFFF 1.0pt; padding-bottom: 0; border-left-style: none; padding-left: 5.4pt; } td.s2075872000017 { vertical-align: top; width: 63pt; border-top: solid #FFFFFF 1.0pt; padding-top: 0; border-right: solid #FFFFFF 1.0pt; padding-right: 5.4pt; border-bottom: solid #FFFFFF 1.0pt; padding-bottom: 0; border-left: solid #FFFFFF 1.0pt; padding-left: 5.4pt; } p.s2075872Normal-000018 { margin-top: 0; margin-bottom: 2.9pt; text-indent: 1.14in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2075872Normal-000019 { margin-top: 0; margin-bottom: 0; margin-left: 1.58in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2075872DefaultParagraphFont-000020 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075872000021 { font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075872DefaultParagraphFont-000022 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075872Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-72"><span class="s2075872SENU">58-26-72</span></a><span xml:space="preserve" class="s2075872SENU">. </span><span class="s2075872CL">Weighting factors.</span></p><p dir="ltr" class="s2075872Normal-000000"><span xml:space="preserve" class="s2075872DefaultParagraphFont">The weighting factors referred to in the formulas stated in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-71"><span class="s2075872DefaultParagraphFont">58-26-71</span></a><span xml:space="preserve" class="s2075872DefaultParagraphFont"> are given in the following tables:</span></p><p dir="ltr" class="s2075872Normal"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000002"><span class="s2075872DefaultParagraphFont">(1)    Weighting factors for life insurance:</span></p><div align="left"><table dir="ltr" class="s2075872000003"><tr><td class="s2075872000004"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000006"><span class="s2075872DefaultParagraphFont">Guarantee, Duration (Years)</span></p></td><td class="s2075872000007"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span class="s2075872DefaultParagraphFont">Weighting Factors</span></p></td></tr><tr><td class="s2075872000004"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">10 or less</span></p></td><td class="s2075872000007"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.50</span></p></td></tr><tr><td class="s2075872000004"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000006"><span class="s2075872DefaultParagraphFont">More than 10, but not more than 20</span></p></td><td class="s2075872000007"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.45</span></p></td></tr><tr><td class="s2075872000004"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000006"><span class="s2075872DefaultParagraphFont">More than 20</span></p></td><td class="s2075872000007"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.35</span></p></td></tr></table></div><p dir="ltr" class="s2075872Normal-000010"><span class="s2075872DefaultParagraphFont">For life insurance, the guarantee duration is the maximum number of years the life insurance can remain in force on a basis guaranteed in the policy or under options to convert to plans of life insurance with premium rates or nonforfeiture values or both which are guaranteed in the original policy;</span></p><p dir="ltr" class="s2075872Normal-000002"><span class="s2075872DefaultParagraphFont">(2)    Weighting factor for single premium immediate annuities and for annuity benefits involving life contingencies arising from other annuities with cash settlement options and guaranteed interest contracts with cash settlement options: .80</span></p><p dir="ltr" class="s2075872Normal-000002"><span class="s2075872DefaultParagraphFont">(3)    Weighting factors for other annuities and for guaranteed interest contracts, except as stated in subdivision (2) above, shall be as specified in tables (a), (b), and (c) below, according to the rules and definitions in (d), (e), and (f) below:</span></p><p dir="ltr" class="s2075872Normal-000011"><span class="s2075872DefaultParagraphFont">(a)    For annuities and guaranteed interest contracts valued on an issue year basis:</span></p><div align="center"><table dir="ltr" class="s2075872000012"><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000006"><span class="s2075872DefaultParagraphFont">Guarantee Duration (Years)</span></p></td><td class="s2075872000014"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span class="s2075872DefaultParagraphFont">Weighting Factor for Plan Type</span></p></td><td class="s2075872000015"><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td colspan="3" class="s2075872000016"><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">A</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">B</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">C</span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000018"><span class="s2075872DefaultParagraphFont">5 or less</span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.80</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.60</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.50</span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000006"><span class="s2075872DefaultParagraphFont">More than 5, but not more than 10</span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.75</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.60</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.50</span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000006"><span class="s2075872DefaultParagraphFont">More than 10, but not more than 20</span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.65</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.50</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.45</span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000006"><span class="s2075872DefaultParagraphFont">More than 20</span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.45</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.35</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.35</span></p></td></tr></table></div><p dir="ltr" class="s2075872Normal-000011"><span class="s2075872DefaultParagraphFont">(b)    For annuities and guaranteed interest contracts valued on a change in fund basis, the factors shown in (a) above increased by:</span></p><div align="center"><table dir="ltr" class="s2075872000012"><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td class="s2075872000014"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">Plan Type</span></p></td><td class="s2075872000015"><p dir="ltr" class="s2075872Normal-000009"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td colspan="3" class="s2075872000016"><p dir="ltr" class="s2075872Normal-000009"><span xml:space="preserve" class="s2075872000001"> </span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">A</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">B</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">C</span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.15</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.25</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.05</span></p></td></tr></table></div><p dir="ltr" class="s2075872Normal-000011"><span class="s2075872DefaultParagraphFont">(c)    For annuities and guaranteed interest contracts valued on an issue year basis other than those with no cash settlement options which do not guarantee interest on considerations received more than one year after issue or purchase and for annuities and guaranteed interest contracts valued on a change in fund basis which do not guarantee interest rates on considerations received more than twelve months beyond the valuation date, the factors shown in table (a) or derived in table (b) increased by:</span></p><div align="center"><table dir="ltr" class="s2075872000012"><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td class="s2075872000014"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">Plan Type</span></p></td><td class="s2075872000015"><p dir="ltr" class="s2075872Normal-000009"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td colspan="3" class="s2075872000016"><p dir="ltr" class="s2075872Normal-000009"><span xml:space="preserve" class="s2075872000001"> </span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">A</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">B</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">C</span></p></td></tr><tr><td class="s2075872000013"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000008"><span xml:space="preserve" class="s2075872000001"> </span></p></td><td colspan="3" class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.05</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.05</span></p></td><td class="s2075872000017"><p dir="ltr" class="s2075872Normal-000005"><span xml:space="preserve" class="s2075872000001"> </span></p><p dir="ltr" class="s2075872Normal-000009"><span class="s2075872DefaultParagraphFont">.05</span></p></td></tr></table></div><p dir="ltr" class="s2075872Normal-000011"><span class="s2075872DefaultParagraphFont">(d)    For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, the guarantee duration is the number of years for which the contract guarantees interest rates in excess of the calendar year statutory valuation interest rate for life insurance policies with guarantee duration in excess of twenty years. For other annuities with no cash settlement options and for guaranteed interest contracts with no cash settlement options, the guaranteed duration is the number of years from the date of issue or date of purchase to the date annuity benefits are scheduled to commence.</span></p><p dir="ltr" class="s2075872Normal-000011"><span class="s2075872DefaultParagraphFont">(e)    Plan type as used in the above tables is defined as follows:</span></p><p dir="ltr" class="s2075872Normal-000019"><span class="s2075872DefaultParagraphFont">(i)    Plan Type A: At any time policyholder may withdraw funds only (1) with an adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurance company, or (2) without adjustment but in installments over five years or more, or (3) as an immediate life annuity, or (4) no withdrawal permitted.</span></p><p dir="ltr" class="s2075872Normal-000019"><span class="s2075872DefaultParagraphFont">(ii)    Plan Type B: Before expiration of the interest rate guarantee, policyholder may withdraw funds only (1) with an adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurance company, or (2) without adjustment but in installments over five years or more or (3) no withdrawal permitted. At the end of interest rate guarantee, funds may be withdrawn without adjustment in a single sum or installments over less than five years.</span></p><p dir="ltr" class="s2075872Normal-000019"><span class="s2075872DefaultParagraphFont">(iii)    Plan Type C: Policyholder may withdraw funds before expiration of interest rate guarantee in a single sum or installments over less than five years either (1) without adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurance company, or (2) subject only to a fixed surrender charge stipulated in the contract as a percentage of the fund.</span></p><p dir="ltr" class="s2075872Normal-000011"><span class="s2075872DefaultParagraphFont">(f)    A company may elect to value guaranteed interest contracts with cash settlement options and annuities with cash settlement options on either an issue year basis or on a change in fund basis. Guaranteed interest contracts with no cash settlement options and other annuities with no cash settlement options must be valued on an issue year basis. As used in §§ 58</span><span class="s2075872DefaultParagraphFont-000020">-</span><span class="s2075872DefaultParagraphFont">26</span><span class="s2075872DefaultParagraphFont-000020">-</span><span class="s2075872DefaultParagraphFont">71 to 58</span><span class="s2075872DefaultParagraphFont-000020">-</span><span class="s2075872DefaultParagraphFont">26</span><span class="s2075872DefaultParagraphFont-000020">-</span><span class="s2075872DefaultParagraphFont">74, inclusive, an issue year basis of valuation refers to a valuation basis under which the interest rate used to determine the minimum valuation standard for the entire duration of the annuity or guaranteed interest contract is the calendar year valuation interest rate for the year of issue or year of purchase of the annuity or guaranteed interest contract, and the change in fund basis of valuation refers to a valuation basis under which the interest rate used to determine the minimum valuation standard applicable to each change in the fund held under the annuity or guaranteed interest contract is the calendar year valuation interest rate for the year of the change in the fund.</span></p><p dir="ltr" class="s2075872Normal"><span xml:space="preserve" class="s2075872000021"> </span></p><p dir="ltr" class="s2075872Normal"><span class="s2075872DefaultParagraphFont-000022">Source:</span><span xml:space="preserve" class="s2075872DefaultParagraphFont"> SL 1995, ch 284, § 28.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075873Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075873SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075873CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075873Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075873DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075873Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2075873DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075873000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075873SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075873SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075873Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-73"><span class="s2075873SENU">58-26-73</span></a><span xml:space="preserve" class="s2075873SENU">. </span><span class="s2075873CL">Reference interest rate defined.</span></p><p dir="ltr" class="s2075873Normal-000000"><span class="s2075873DefaultParagraphFont">Reference interest rate referred to in § 58-26-71 is defined as follows:</span></p><p dir="ltr" class="s2075873Normal-000001"><span class="s2075873DefaultParagraphFont">(1)    For all life insurance, the lesser of the average over a period of thirty</span><span class="s2075873DefaultParagraphFont-000002">-</span><span class="s2075873DefaultParagraphFont">six months and the average over a period of twelve months, ending on June thirtieth of the calendar year next preceding the year of issue, of the Monthly Average of the Composite Yield on Seasoned Corporate Bonds, as published by Moody's Investors Service, Inc.;</span></p><p dir="ltr" class="s2075873Normal-000001"><span class="s2075873DefaultParagraphFont">(2)    For single premium immediate annuities and for annuity benefits involving life contingencies arising from other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, the average over a period of twelve months, ending on June thirtieth of the calendar year of issue or year of purchase, of the Monthly Average of the Composite Yield on Seasoned Corporate Bonds, as published by Moody's Investors Service, Inc.;</span></p><p dir="ltr" class="s2075873Normal-000001"><span class="s2075873DefaultParagraphFont">(3)    For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on a year of issue basis, except as stated in subdivision (2), with guarantee duration in excess of ten years, the lesser of the average over a period of thirty</span><span class="s2075873DefaultParagraphFont-000002">-</span><span class="s2075873DefaultParagraphFont">six months and the average over a period of twelve months, ending on June thirtieth of the calendar year of issue or purchase, of the Monthly Average of the Composite Yield on Seasoned Corporate Bonds, as published by Moody's Investors Service, Inc.;</span></p><p dir="ltr" class="s2075873Normal-000001"><span class="s2075873DefaultParagraphFont">(4)    For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on a year of issue basis, except as stated in subdivision (2), with guarantee duration of ten years or less, the average over a period of twelve months, ending on June thirtieth of the calendar year of issue or purchase, of the Monthly Average of the Composite Yield on Seasoned Corporate Bonds, as published by Moody's Investors Service, Inc.;</span></p><p dir="ltr" class="s2075873Normal-000001"><span class="s2075873DefaultParagraphFont">(5)    For other annuities with no cash settlement options and for guaranteed interest contracts with no cash settlement options, the average over a period of twelve months, ending on June thirtieth of the calendar year of issue or purchase, of the Monthly Average of the Composite Yield on Seasoned Corporate Bonds, as published by Moody's Investors Service, Inc.;</span></p><p dir="ltr" class="s2075873Normal-000001"><span class="s2075873DefaultParagraphFont">(6)    For other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, valued on a change in fund basis, except as stated in subdivision (2), the average over a period of twelve months, ending on June thirtieth of the calendar year of the change in the fund, of the Monthly Average of the Composite Yield on Seasoned Corporate Bonds, as published by Moody's Investors Service, Inc.</span></p><p dir="ltr" class="s2075873Normal"><span xml:space="preserve" class="s2075873000003"> </span></p><p dir="ltr" class="s2075873Normal"><span class="s2075873SCL">Source:</span><span xml:space="preserve" class="s2075873SCL-000004"> SL 1995, ch 284, § 29.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075874Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075874SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075874CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075874Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075874DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075874000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075874SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075874SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075874Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-74"><span class="s2075874SENU">58-26-74</span></a><span xml:space="preserve" class="s2075874SENU">. </span><span class="s2075874CL">Alternative method for determination of reference interest rate.</span></p><p dir="ltr" class="s2075874Normal-000000"><span xml:space="preserve" class="s2075874DefaultParagraphFont">If the Monthly Average of the Composite Yield on Seasoned Corporate Bonds is no longer published by Moody's Investors Service, Inc., or if the NAIC determines that the Monthly Average of the Composite Yield on Seasoned Corporate Bonds as published by Moody's Investors Service, Inc., is no longer appropriate for the determination of the reference interest rate, then an alternative method for determination of the reference interest rate, which is adopted by the NAIC and approved by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075874DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075874DefaultParagraphFont"> by the director, may be substituted.</span></p><p dir="ltr" class="s2075874Normal"><span xml:space="preserve" class="s2075874000001"> </span></p><p dir="ltr" class="s2075874Normal"><span class="s2075874SCL">Source:</span><span xml:space="preserve" class="s2075874SCL-000002"> SL 1995, ch 284, § 30; SL 2015, ch 254, § 16.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075875Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075875SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075875CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075875Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075875DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075875Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075875Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075875000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075875SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075875SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075875Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075875SENU">58-26-75</span></a><span xml:space="preserve" class="s2075875SENU">. </span><span class="s2075875CL">Valuation of reserves--Policies providing for uniform amount of insurance and requiring payment of uniform premiums--Policies providing varying amounts of insurance or varying premiums--Certain group annuity and pure endowment contracts maintained by employers--Disability and accidental death benefits--Other benefits.</span></p><p dir="ltr" class="s2075875Normal-000000"><span xml:space="preserve" class="s2075875DefaultParagraphFont">Except as otherwise provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-76"><span class="s2075875DefaultParagraphFont">58-26-76</span></a><span xml:space="preserve" class="s2075875DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075875DefaultParagraphFont">58-26-81</span></a><span xml:space="preserve" class="s2075875DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-82"><span class="s2075875DefaultParagraphFont">58-26-82</span></a><span xml:space="preserve" class="s2075875DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-84"><span class="s2075875DefaultParagraphFont">58-26-84</span></a><span class="s2075875DefaultParagraphFont">, reserves according to the commissioners' reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform premiums shall be the excess, if any, of the present value, at the date of valuation, of future guaranteed benefits provided for by the policies, over the then present value of any future modified net premiums of the policies. The modified net premiums for any policy shall be the uniform percentage of the respective contract premiums for the benefits such that the present value, at the date of issue of the policy, of all the modified net premiums shall be equal to the sum of the then present value of the benefits provided for by the policy and the excess of subdivision (1) over subdivision (2) as follows:</span></p><p dir="ltr" class="s2075875Normal-000001"><span class="s2075875DefaultParagraphFont">(1)    A net level annual premium equal to the present value, at the date of issue, of the benefits provided for after the first policy year, divided by the present value, at the date of issue, of an annuity of one per annum payable on the first and each subsequent anniversary of a policy on which a premium falls due. However, the net level annual premium may not exceed the net level annual premium on the nineteen year premium whole life plan for insurance of the same amount at an age one year higher than the age at issue of the policy;</span></p><p dir="ltr" class="s2075875Normal-000001"><span class="s2075875DefaultParagraphFont">(2)    A net one year term premium for the benefits provided for in the first policy year.</span></p><p dir="ltr" class="s2075875Normal-000002"><span xml:space="preserve" class="s2075875DefaultParagraphFont">Any life insurance policy issued on or after January 1, 1986, for which the contract premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and which provides an endowment benefit or a cash surrender value or a combination thereof in an amount greater than the excess premium, the reserve according to the commissioners' reserve valuation method as of any policy anniversary occurring on or before the assumed ending date defined in this chapter as the first policy anniversary on which the sum of any endowment benefit and any cash surrender value then available is greater than the excess premium shall, except as otherwise provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075875DefaultParagraphFont">58-26-81</span></a><span xml:space="preserve" class="s2075875DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-82"><span class="s2075875DefaultParagraphFont">58-26-82</span></a><span xml:space="preserve" class="s2075875DefaultParagraphFont">, be the greater of the reserve as of the policy anniversary calculated as described in the preceding paragraph and the reserve as of the policy anniversary calculated as described in that paragraph, but with (i) the value defined in subdivision (1) of that paragraph being reduced by fifteen percent of the amount of excess first year premium, (ii) all present values of benefits and premiums being determined without reference to premiums or benefits provided for by the policy after the assumed ending date, (iii) the policy being assumed to mature on the date as an endowment, and (iv) the cash surrender value provided on the date being considered as an endowment benefit. In making the above comparison, the mortality and interest bases stated in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-56"><span class="s2075875DefaultParagraphFont">58-26-56</span></a><span xml:space="preserve" class="s2075875DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-63"><span class="s2075875DefaultParagraphFont">58-26-63</span></a><span xml:space="preserve" class="s2075875DefaultParagraphFont">, inclusive, and §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-71"><span class="s2075875DefaultParagraphFont">58-26-71</span></a><span xml:space="preserve" class="s2075875DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-74"><span class="s2075875DefaultParagraphFont">58-26-74</span></a><span class="s2075875DefaultParagraphFont">, inclusive, shall be used.</span></p><p dir="ltr" class="s2075875Normal-000002"><span class="s2075875DefaultParagraphFont">Reserves according to the commissioners' reserve valuation method for: (i) life insurance policies providing for varying amount of insurance or requiring the payment of varying premiums; (ii) group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, as of January 1, 1995; (iii) disability and accidental death benefits in all policies and contracts; and (iv) all other benefits, except life insurance and endowment benefits in life insurance policies and benefits provided by all other annuity and pure endowment contracts, shall be calculated by a method consistent with the principles of the preceding paragraphs of this section.</span></p><p dir="ltr" class="s2075875Normal"><span xml:space="preserve" class="s2075875000003"> </span></p><p dir="ltr" class="s2075875Normal"><span class="s2075875SCL">Source:</span><span xml:space="preserve" class="s2075875SCL-000004"> SL 1995, ch 284, § 31; SL 2015, ch 254, § 17.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075876Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075876SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075876CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075876Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075876DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075876Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075876000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075876SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075876SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075876Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-76"><span class="s2075876SENU">58-26-76</span></a><span xml:space="preserve" class="s2075876SENU">. </span><span class="s2075876CL">Valuation of reserves for certain annuity or pure endowment contracts.</span></p><p dir="ltr" class="s2075876Normal-000000"><span class="s2075876DefaultParagraphFont">This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, as of January 1, 1995.</span></p><p dir="ltr" class="s2075876Normal-000001"><span class="s2075876DefaultParagraphFont">Reserves according to the commissioners' annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, are the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from the future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate or rates, specified in the contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of the contract to determine nonforfeiture values.</span></p><p dir="ltr" class="s2075876Normal"><span xml:space="preserve" class="s2075876000002"> </span></p><p dir="ltr" class="s2075876Normal"><span class="s2075876SCL">Source:</span><span xml:space="preserve" class="s2075876SCL-000003"> SL 1995, ch 284, § 32.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075877Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075877SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075877CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075877Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075877DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075877000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075877SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075877SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075877Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-77"><span class="s2075877SENU">58-26-77</span></a><span xml:space="preserve" class="s2075877SENU">. </span><span class="s2075877CL">Minimum aggregate reserves for life insurance policies.</span></p><p dir="ltr" class="s2075877Normal-000000"><span xml:space="preserve" class="s2075877DefaultParagraphFont">No company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 1, 1995, may be less than the aggregate reserves calculated in accordance with the methods set forth in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075877DefaultParagraphFont">58-26-75</span></a><span xml:space="preserve" class="s2075877DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-76"><span class="s2075877DefaultParagraphFont">58-26-76</span></a><span xml:space="preserve" class="s2075877DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075877DefaultParagraphFont">58-26-81</span></a><span xml:space="preserve" class="s2075877DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-82"><span class="s2075877DefaultParagraphFont">58-26-82</span></a><span xml:space="preserve" class="s2075877DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-83"><span class="s2075877DefaultParagraphFont">58-26-83</span></a><span xml:space="preserve" class="s2075877DefaultParagraphFont"> and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies. The aggregate reserves for all policies, contracts, and benefits may not be less than the aggregate reserves determined by the appointed actuary to be necessary to give the opinion required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075877DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075877DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-55"><span class="s2075877DefaultParagraphFont">58-26-55</span></a><span class="s2075877DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2075877Normal"><span xml:space="preserve" class="s2075877000001"> </span></p><p dir="ltr" class="s2075877Normal"><span class="s2075877SCL">Source:</span><span xml:space="preserve" class="s2075877SCL-000002"> SL 1995, ch 284, § 33; SL 2015, ch 254, § 18.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075878Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075878SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075878CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075878Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075878DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075878000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075878SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075878SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075878Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-78"><span class="s2075878SENU">58-26-78</span></a><span xml:space="preserve" class="s2075878SENU">. </span><span class="s2075878CL">Standards for calculating reserves for policies and contracts issued prior to July 1, 1995.</span></p><p dir="ltr" class="s2075878Normal-000000"><span class="s2075878DefaultParagraphFont">Reserves for policies and contracts issued prior to July 1, 1995, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for all the policies and contracts than the minimum reserves required by the laws in effect immediately prior to July 1, 1995.</span></p><p dir="ltr" class="s2075878Normal"><span xml:space="preserve" class="s2075878000001"> </span></p><p dir="ltr" class="s2075878Normal"><span class="s2075878SCL">Source:</span><span xml:space="preserve" class="s2075878SCL-000002"> SL 1995, ch 284, § 34; SL 2015, ch 254, § 19.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075879Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075879SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075879CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075879Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075879DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075879000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075879SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075879SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075879Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-79"><span class="s2075879SENU">58-26-79</span></a><span xml:space="preserve" class="s2075879SENU">. </span><span class="s2075879CL">Standards for calculating reserves for policies, contracts or benefits issued on or after July 1, 1995.</span></p><p dir="ltr" class="s2075879Normal-000000"><span class="s2075879DefaultParagraphFont">Reserves for any category of policies, contracts, or benefits as established by the director, issued on or after July 1, 1995, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for any category than those calculated according to the minimum standard provided in this chapter, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, may not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.</span></p><p dir="ltr" class="s2075879Normal"><span xml:space="preserve" class="s2075879000001"> </span></p><p dir="ltr" class="s2075879Normal"><span class="s2075879SCL">Source:</span><span xml:space="preserve" class="s2075879SCL-000002"> SL 1995, ch 284, § 35; SL 2015, ch 254, § 20.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075880Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075880SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075880CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075880Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075880DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075880000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075880SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075880SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075880Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-80"><span class="s2075880SENU">58-26-80</span></a><span xml:space="preserve" class="s2075880SENU">. </span><span class="s2075880CL">Company's greater standard of valuation may be lowered with director approval.</span></p><p dir="ltr" class="s2075880Normal-000000"><span xml:space="preserve" class="s2075880DefaultParagraphFont">Any company which adopts any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this chapter may, with the approval of the director, adopt any lower standard of valuation, but not lower than the minimum provided by this chapter. However, for the purposes of this section and §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-78"><span class="s2075880DefaultParagraphFont">58-26-78</span></a><span xml:space="preserve" class="s2075880DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-79"><span class="s2075880DefaultParagraphFont">58-26-79</span></a><span xml:space="preserve" class="s2075880DefaultParagraphFont">, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075880DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075880DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-55"><span class="s2075880DefaultParagraphFont">58-26-55</span></a><span class="s2075880DefaultParagraphFont">, inclusive, is not considered to be the adoption of a higher standard of valuation.</span></p><p dir="ltr" class="s2075880Normal"><span xml:space="preserve" class="s2075880000001"> </span></p><p dir="ltr" class="s2075880Normal"><span class="s2075880SCL">Source:</span><span xml:space="preserve" class="s2075880SCL-000002"> SL 1995, ch 284, § 36; SL 2015, ch 254, § 21.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075881Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075881SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075881CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075881Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075881DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075881000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075881SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075881SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075881Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075881SENU">58-26-81</span></a><span xml:space="preserve" class="s2075881SENU">. </span><span class="s2075881CL">Determining minimum reserve when gross premium charged is less than the valuation net premium.</span></p><p dir="ltr" class="s2075881Normal-000000"><span xml:space="preserve" class="s2075881DefaultParagraphFont">If in any contract year the gross premium charged by any company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract is the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or contract, or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section and § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-82"><span class="s2075881DefaultParagraphFont">58-26-82</span></a><span xml:space="preserve" class="s2075881DefaultParagraphFont"> are those standards stated in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-56"><span class="s2075881DefaultParagraphFont">58-26-56</span></a><span xml:space="preserve" class="s2075881DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-63"><span class="s2075881DefaultParagraphFont">58-26-63</span></a><span xml:space="preserve" class="s2075881DefaultParagraphFont">, inclusive, and §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-71"><span class="s2075881DefaultParagraphFont">58-26-71</span></a><span xml:space="preserve" class="s2075881DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-74"><span class="s2075881DefaultParagraphFont">58-26-74</span></a><span class="s2075881DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2075881Normal"><span xml:space="preserve" class="s2075881000001"> </span></p><p dir="ltr" class="s2075881Normal"><span class="s2075881SCL">Source:</span><span xml:space="preserve" class="s2075881SCL-000002"> SL 1995, ch 284, § 37; SL 2015, ch 254, § 22.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075882Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075882SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075882CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075882Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075882DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075882000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075882SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075882SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075882Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-82"><span class="s2075882SENU">58-26-82</span></a><span xml:space="preserve" class="s2075882SENU">. </span><span xml:space="preserve" class="s2075882CL">Application of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075882CL">58-26-75</span></a><span xml:space="preserve" class="s2075882CL"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075882CL">58-26-81</span></a><span xml:space="preserve" class="s2075882CL"> to certain life insurance policies issued on or after January 1, 1986.</span></p><p dir="ltr" class="s2075882Normal-000000"><span xml:space="preserve" class="s2075882DefaultParagraphFont">If for any life insurance policy issued on or after January 1, 1986, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and which provides an endowment benefit or a cash surrender value or a combination thereof in an amount greater than the excess premium, the foregoing provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075882DefaultParagraphFont">58-26-81</span></a><span xml:space="preserve" class="s2075882DefaultParagraphFont"> and this section shall be applied as if the method actually used in calculating the reserve for the policy were the method described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075882DefaultParagraphFont">58-26-75</span></a><span xml:space="preserve" class="s2075882DefaultParagraphFont">, ignoring the second paragraph of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075882DefaultParagraphFont">58-26-75</span></a><span xml:space="preserve" class="s2075882DefaultParagraphFont">. The minimum reserve at each policy anniversary of a policy shall be the greater of the minimum reserve calculated in accordance with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075882DefaultParagraphFont">58-26-75</span></a><span xml:space="preserve" class="s2075882DefaultParagraphFont">, including the second paragraph of that section, and the minimum reserve calculated in accordance with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075882DefaultParagraphFont">58-26-81</span></a><span xml:space="preserve" class="s2075882DefaultParagraphFont"> and this section.</span></p><p dir="ltr" class="s2075882Normal"><span xml:space="preserve" class="s2075882000001"> </span></p><p dir="ltr" class="s2075882Normal"><span class="s2075882SCL">Source:</span><span xml:space="preserve" class="s2075882SCL-000002"> SL 1995, ch 284, § 38.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075883Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075883SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075883CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075883Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075883DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075883Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075883000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075883SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075883SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075883Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-83"><span class="s2075883SENU">58-26-83</span></a><span xml:space="preserve" class="s2075883SENU">. </span><span xml:space="preserve" class="s2075883CL">Requirements for reserves for life insurance providing for future premium determination or for reserves undeterminable under methods in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075883CL">58-26-75</span></a><span xml:space="preserve" class="s2075883CL">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-76"><span class="s2075883CL">58-26-76</span></a><span xml:space="preserve" class="s2075883CL">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075883CL">58-26-81</span></a><span xml:space="preserve" class="s2075883CL">, or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-82"><span class="s2075883CL">58-26-82</span></a><span class="s2075883CL">.</span></p><p dir="ltr" class="s2075883Normal-000000"><span xml:space="preserve" class="s2075883DefaultParagraphFont">Any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance or annuity which is of a nature that the minimum reserves cannot be determined by the methods described in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-75"><span class="s2075883DefaultParagraphFont">58-26-75</span></a><span xml:space="preserve" class="s2075883DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-76"><span class="s2075883DefaultParagraphFont">58-26-76</span></a><span xml:space="preserve" class="s2075883DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-81"><span class="s2075883DefaultParagraphFont">58-26-81</span></a><span xml:space="preserve" class="s2075883DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-82"><span class="s2075883DefaultParagraphFont">58-26-82</span></a><span class="s2075883DefaultParagraphFont">, the reserves which are held under any plan must:</span></p><p dir="ltr" class="s2075883Normal-000001"><span class="s2075883DefaultParagraphFont">(1)    Be appropriate in relation to the benefits and the pattern of premiums for that plan; and</span></p><p dir="ltr" class="s2075883Normal-000001"><span xml:space="preserve" class="s2075883DefaultParagraphFont">(2)    Be computed by a method which is consistent with the principles of this Standard Valuation Law, as determined by rules promulgated by the director pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075883DefaultParagraphFont">1-26</span></a><span class="s2075883DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075883Normal"><span xml:space="preserve" class="s2075883000002"> </span></p><p dir="ltr" class="s2075883Normal"><span class="s2075883SCL">Source:</span><span xml:space="preserve" class="s2075883SCL-000003"> SL 1995, ch 284, § 39.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075884Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075884SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075884CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075884Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075884DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075884000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075884SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075884SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075884Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-84"><span class="s2075884SENU">58-26-84</span></a><span xml:space="preserve" class="s2075884SENU">. </span><span class="s2075884CL">Promulgation of rules for minimum standards applicable to health plans issued on or after July 1, 1995 and before operative date of valuation manual.</span></p><p dir="ltr" class="s2075884Normal-000000"><span xml:space="preserve" class="s2075884DefaultParagraphFont">The director shall promulgate rules pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075884DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075884DefaultParagraphFont"> for containing the minimum standards applicable to the valuation of health plans, including disability, sickness, and accident, issued on or after July 1, 1995, and prior to the operative date of the valuation manual. For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45.1"><span class="s2075884DefaultParagraphFont">58-26-45.1</span></a><span class="s2075884DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075884Normal"><span xml:space="preserve" class="s2075884000001"> </span></p><p dir="ltr" class="s2075884Normal"><span class="s2075884SCL">Source:</span><span xml:space="preserve" class="s2075884SCL-000002"> SL 1995, ch 284, § 40; SL 2015, ch 254, § 23.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES 58-26-85 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-26-85 "> <META NAME="Description" Content="South Dakota Codified Laws 58-26-85"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 58-26-85. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2015, ch 254, &#167;&nbsp;24.<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075886Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075886SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075886CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075886Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075886DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075886Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075886000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075886SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075886SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075886Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-86"><span class="s2075886SENU">58-26-86</span></a><span xml:space="preserve" class="s2075886SENU">. </span><span class="s2075886CL">Actuarial opinion summary to be filed with property, casualty, and health insurers' annual statement.</span></p><p dir="ltr" class="s2075886Normal-000000"><span xml:space="preserve" class="s2075886DefaultParagraphFont">Each property and casualty and health insurer domiciled in this state shall file with the insurer's annual statement an actuarial opinion summary written by the company's appointed actuary which complies with the National Association of Insurance Commissioners annual statement instructions: property and casualty, title, life/accident/health, health maintenance organizations, and hospital medical and dental service or indemnity corporations as adopted by rules promulgated by the director pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075886DefaultParagraphFont">1-26</span></a><span class="s2075886DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075886Normal-000001"><span class="s2075886DefaultParagraphFont">A company licensed, but not domiciled in this state, shall provide the actuarial opinion summary upon request.</span></p><p dir="ltr" class="s2075886Normal"><span xml:space="preserve" class="s2075886000002"> </span></p><p dir="ltr" class="s2075886Normal"><span class="s2075886SCL">Source:</span><span xml:space="preserve" class="s2075886SCL-000003"> SL 2009, ch 271, § 41.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075887Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075887SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075887CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075887Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075887DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075887000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075887SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075887SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075887Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-87"><span class="s2075887SENU">58-26-87</span></a><span xml:space="preserve" class="s2075887SENU">. </span><span class="s2075887CL">Actuarial report and workpapers to support actuarial opinion.</span></p><p dir="ltr" class="s2075887Normal-000000"><span xml:space="preserve" class="s2075887DefaultParagraphFont">The actuarial report and underlying workpapers as required by the National Association of Insurance Commissioners annual statement instructions, as adopted by rules promulgated by the director pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075887DefaultParagraphFont">1-26</span></a><span class="s2075887DefaultParagraphFont">, shall be prepared to support each actuarial opinion.</span></p><p dir="ltr" class="s2075887Normal"><span xml:space="preserve" class="s2075887000001"> </span></p><p dir="ltr" class="s2075887Normal"><span class="s2075887SCL">Source:</span><span xml:space="preserve" class="s2075887SCL-000002"> SL 2009, ch 271, § 42.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075888Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075888SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075888CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075888Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075888DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075888000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075888SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075888SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075888Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-88"><span class="s2075888SENU">58-26-88</span></a><span xml:space="preserve" class="s2075888SENU">. </span><span class="s2075888CL">Preparation of supporting actuarial report or workpapers upon insurer's failure to provide acceptable supporting documents.</span></p><p dir="ltr" class="s2075888Normal-000000"><span class="s2075888DefaultParagraphFont">If the insurance company fails to provide a supporting actuarial report or workpapers at the request of the director or the director determines that the supporting actuarial report or workpapers provided by the insurance company is otherwise unacceptable, the director may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting actuarial report or workpapers.</span></p><p dir="ltr" class="s2075888Normal"><span xml:space="preserve" class="s2075888000001"> </span></p><p dir="ltr" class="s2075888Normal"><span class="s2075888SCL">Source:</span><span xml:space="preserve" class="s2075888SCL-000002"> SL 2009, ch 271, § 43.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075889Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075889SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075889CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075889Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075889DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075889000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075889SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075889SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075889Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-89"><span class="s2075889SENU">58-26-89</span></a><span xml:space="preserve" class="s2075889SENU">. </span><span class="s2075889CL">Statement of actuarial opinion to be filed with annual statement--Public document.</span></p><p dir="ltr" class="s2075889Normal-000000"><span xml:space="preserve" class="s2075889DefaultParagraphFont">The statement of actuarial opinion shall be provided with the annual statement in accordance with the appropriate National Association of Insurance Commissioners Property and Casualty annual statement instructions: property and casualty, title, life/accident/health, health maintenance organizations and hospital medical and dental service or indemnity corporations as adopted by rules promulgated by the director pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075889DefaultParagraphFont">1-26</span></a><span class="s2075889DefaultParagraphFont">, and shall be treated as a public document.</span></p><p dir="ltr" class="s2075889Normal"><span xml:space="preserve" class="s2075889000001"> </span></p><p dir="ltr" class="s2075889Normal"><span class="s2075889SCL">Source:</span><span xml:space="preserve" class="s2075889SCL-000002"> SL 2009, ch 271, § 44.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075890Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075890SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075890CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075890Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075890DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075890Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075890000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075890SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075890SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075890Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-90"><span class="s2075890SENU">58-26-90</span></a><span xml:space="preserve" class="s2075890SENU">. </span><span class="s2075890CL">Confidentiality of actuarial report, workpapers, or actuarial opinion summary provided in support of opinion.</span></p><p dir="ltr" class="s2075890Normal-000000"><span xml:space="preserve" class="s2075890DefaultParagraphFont">Documents, materials, or other information in the possession or control of the Division of Insurance that are considered an actuarial report, workpapers, or actuarial opinion summary provided in support of the opinion, and any other material provided by the company to the director in connection with the actuarial report, workpapers, or actuarial opinion summary, are confidential and privileged, are not subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26-2"><span class="s2075890DefaultParagraphFont">1-26-2</span></a><span xml:space="preserve" class="s2075890DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-27-1"><span class="s2075890DefaultParagraphFont">1-27-1</span></a><span xml:space="preserve" class="s2075890DefaultParagraphFont">, or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-2-26"><span class="s2075890DefaultParagraphFont">58-2-26</span></a><span class="s2075890DefaultParagraphFont">, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action.</span></p><p dir="ltr" class="s2075890Normal-000001"><span class="s2075890DefaultParagraphFont">This section does not limit the director's authority to release the documents to the Actuarial Board for Counseling and Discipline (ABCD) so long as the material is required for the purpose of professional disciplinary proceedings and that the ABCD establishes procedures satisfactory to the director for preserving the confidentiality of the documents, nor does this section limit the director's authority to use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the director's official duties.</span></p><p dir="ltr" class="s2075890Normal"><span xml:space="preserve" class="s2075890000002"> </span></p><p dir="ltr" class="s2075890Normal"><span class="s2075890SCL">Source:</span><span xml:space="preserve" class="s2075890SCL-000003"> SL 2009, ch 271, § 45.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075891Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075891SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075891CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075891Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075891DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075891000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075891SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075891SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075891Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-91"><span class="s2075891SENU">58-26-91</span></a><span xml:space="preserve" class="s2075891SENU">. </span><span class="s2075891CL">Minimum standard of valuation for policies issued on or after operative date of valuation manual.</span></p><p dir="ltr" class="s2075891Normal-000000"><span xml:space="preserve" class="s2075891DefaultParagraphFont">For policies issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45.1"><span class="s2075891DefaultParagraphFont">58-26-45.1</span></a><span xml:space="preserve" class="s2075891DefaultParagraphFont">, except as provided pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-95"><span class="s2075891DefaultParagraphFont">58-26-95</span></a><span xml:space="preserve" class="s2075891DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-97"><span class="s2075891DefaultParagraphFont">58-26-97</span></a><span class="s2075891DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075891Normal"><span xml:space="preserve" class="s2075891000001"> </span></p><p dir="ltr" class="s2075891Normal"><span class="s2075891SCL">Source:</span><span xml:space="preserve" class="s2075891SCL-000002"> SL 2015, ch 254, § 25.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075892Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075892SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075892CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075892Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075892DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075892Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075892000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075892SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075892SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075892Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-92"><span class="s2075892SENU">58-26-92</span></a><span xml:space="preserve" class="s2075892SENU">. </span><span class="s2075892CL">Prerequisites for adoption of NAIC valuation manual of instruction.</span></p><p dir="ltr" class="s2075892Normal-000000"><span class="s2075892DefaultParagraphFont">The director may not adopt the NAIC valuation manual of instruction until all of the following have occurred:</span></p><p dir="ltr" class="s2075892Normal-000001"><span class="s2075892DefaultParagraphFont">(1)    The valuation manual is adopted by the NAIC by an affirmative vote of at least forty-two members, or three-fourths of the members voting, whichever is greater;</span></p><p dir="ltr" class="s2075892Normal-000001"><span class="s2075892DefaultParagraphFont">(2)    The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, is enacted by states representing greater than seventy-five percent of the direct premiums written as reported in the following annual statements submitted for 2008: life, accident, and health annual statements; health annual statements; or fraternal annual statements;</span></p><p dir="ltr" class="s2075892Normal-000001"><span class="s2075892DefaultParagraphFont">(3)    The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, is enacted by at least forty-two of the following fifty-five jurisdictions: The fifty states of the United States, American Samoa, the American Virgin Islands, the District of Columbia, Guam, and Puerto Rico.</span></p><p dir="ltr" class="s2075892Normal"><span xml:space="preserve" class="s2075892000002"> </span></p><p dir="ltr" class="s2075892Normal"><span class="s2075892SCL">Source:</span><span xml:space="preserve" class="s2075892SCL-000003"> SL 2015, ch 254, § 26.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075893Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075893SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075893CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075893Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075893DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075893Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075893000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075893SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075893SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075893Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-93"><span class="s2075893SENU">58-26-93</span></a><span xml:space="preserve" class="s2075893SENU">. </span><span class="s2075893CL">Adoption of change to valuation manual.</span></p><p dir="ltr" class="s2075893Normal-000000"><span xml:space="preserve" class="s2075893DefaultParagraphFont">The director may approve a change to the valuation manual pursuant to rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075893DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2075893DefaultParagraphFont"> when the change to the valuation manual is adopted by the NAIC by an affirmative vote representing:</span></p><p dir="ltr" class="s2075893Normal-000001"><span class="s2075893DefaultParagraphFont">(1)    At least three-fourths of the members of the NAIC voting, but not less than a majority of the total membership; and</span></p><p dir="ltr" class="s2075893Normal-000001"><span class="s2075893DefaultParagraphFont">(2)    Members of the NAIC representing jurisdictions totaling greater than seventy-five percent of the direct premiums written as reported in the following annual statements most recently available prior to the vote in subdivision (1) above: life, accident, and health annual statements, health annual statements, or fraternal annual statements.</span></p><p dir="ltr" class="s2075893Normal"><span xml:space="preserve" class="s2075893000002"> </span></p><p dir="ltr" class="s2075893Normal"><span class="s2075893SCL">Source:</span><span xml:space="preserve" class="s2075893SCL-000003"> SL 2015, ch 254, § 27.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075894Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075894SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075894CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075894Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075894DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075894Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075894Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075894000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075894SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075894SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075894Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-94"><span class="s2075894SENU">58-26-94</span></a><span xml:space="preserve" class="s2075894SENU">. </span><span class="s2075894CL">Specifications required for adoption of valuation manual.</span></p><p dir="ltr" class="s2075894Normal-000000"><span class="s2075894DefaultParagraphFont">The director may adopt the NAIC valuation manual of instruction if the valuation manual specifies the following:</span></p><p dir="ltr" class="s2075894Normal-000001"><span xml:space="preserve" class="s2075894DefaultParagraphFont">(1)    Minimum valuation standards for, and definitions of, the policies or contracts subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45.1"><span class="s2075894DefaultParagraphFont">58-26-45.1</span></a><span class="s2075894DefaultParagraphFont">. The minimum valuation standards are:</span></p><p dir="ltr" class="s2075894Normal-000002"><span xml:space="preserve" class="s2075894DefaultParagraphFont">(a)    The commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45.1"><span class="s2075894DefaultParagraphFont">58-26-45.1</span></a><span class="s2075894DefaultParagraphFont">;</span></p><p dir="ltr" class="s2075894Normal-000002"><span xml:space="preserve" class="s2075894DefaultParagraphFont">(b)    The commissioners annuity reserve valuation method for annuity contracts subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45.1"><span class="s2075894DefaultParagraphFont">58-26-45.1</span></a><span class="s2075894DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2075894Normal-000002"><span xml:space="preserve" class="s2075894DefaultParagraphFont">(c)    Minimum reserves for all other policies or contracts subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-45.1"><span class="s2075894DefaultParagraphFont">58-26-45.1</span></a><span class="s2075894DefaultParagraphFont">;</span></p><p dir="ltr" class="s2075894Normal-000001"><span xml:space="preserve" class="s2075894DefaultParagraphFont">(2)    Which policies or contracts or types of policies or contracts that are subject to the requirements of a principle-based valuation in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-98"><span class="s2075894DefaultParagraphFont">58-26-98</span></a><span xml:space="preserve" class="s2075894DefaultParagraphFont"> and the minimum valuation standards consistent with those requirements;</span></p><p dir="ltr" class="s2075894Normal-000001"><span xml:space="preserve" class="s2075894DefaultParagraphFont">(3)    For policies and contracts subject to a principle-based valuation pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-98"><span class="s2075894DefaultParagraphFont">58-26-98</span></a><span xml:space="preserve" class="s2075894DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-100"><span class="s2075894DefaultParagraphFont">58-26-100</span></a><span class="s2075894DefaultParagraphFont">, inclusive:</span></p><p dir="ltr" class="s2075894Normal-000002"><span class="s2075894DefaultParagraphFont">(a)    Requirements for the format of reports to the director pursuant to subdivision 58-26-99(3), and which shall include information necessary to determine if the valuation is appropriate and in compliance with this chapter;</span></p><p dir="ltr" class="s2075894Normal-000002"><span class="s2075894DefaultParagraphFont">(b)    Assumptions are prescribed for risks over which the company does not have significant control or influence; and</span></p><p dir="ltr" class="s2075894Normal-000002"><span class="s2075894DefaultParagraphFont">(c)    Procedures for corporate governance and oversight of the actuarial function, and a process for appropriate waiver or modification of such procedures;</span></p><p dir="ltr" class="s2075894Normal-000001"><span xml:space="preserve" class="s2075894DefaultParagraphFont">(4)    For policies not subject to a principle-based valuation pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-98"><span class="s2075894DefaultParagraphFont">58-26-98</span></a><span xml:space="preserve" class="s2075894DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-100"><span class="s2075894DefaultParagraphFont">58-26-100</span></a><span class="s2075894DefaultParagraphFont">, inclusive, the minimum valuation standard shall:</span></p><p dir="ltr" class="s2075894Normal-000002"><span class="s2075894DefaultParagraphFont">(a)    Be consistent with the minimum standard of valuation prior to the operative date of the valuation manual; or</span></p><p dir="ltr" class="s2075894Normal-000002"><span class="s2075894DefaultParagraphFont">(b)    Develop reserves that quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring;</span></p><p dir="ltr" class="s2075894Normal-000001"><span class="s2075894DefaultParagraphFont">(5)    Other requirements, including those relating to reserve methods, models for measuring risk, generation of economic scenarios, assumptions, margins, use of company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and memorandums, transition rules, and internal controls; and</span></p><p dir="ltr" class="s2075894Normal-000001"><span xml:space="preserve" class="s2075894DefaultParagraphFont">(6)    The data and form of the data required pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-101"><span class="s2075894DefaultParagraphFont">58-26-101</span></a><span class="s2075894DefaultParagraphFont">, with whom the data must be submitted, and may specify other requirements including data analyses and reporting of analyses.</span></p><p dir="ltr" class="s2075894Normal"><span xml:space="preserve" class="s2075894000003"> </span></p><p dir="ltr" class="s2075894Normal"><span class="s2075894SCL">Source:</span><span xml:space="preserve" class="s2075894SCL-000004"> SL 2015, ch 254, § 28.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075895Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075895SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075895CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075895Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075895DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075895000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075895SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075895SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075895Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-95"><span class="s2075895SENU">58-26-95</span></a><span xml:space="preserve" class="s2075895SENU">. </span><span class="s2075895CL">Exceptions to valuation manual requirements.</span></p><p dir="ltr" class="s2075895Normal-000000"><span xml:space="preserve" class="s2075895DefaultParagraphFont">In the absence of a specific valuation requirement or if a specific valuation requirement in the valuation manual is not, in the opinion of the director, in compliance with this chapter, then the company shall, with respect to the requirements, comply with minimum valuation standards prescribed by the director by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2075895DefaultParagraphFont">1-26</span></a><span class="s2075895DefaultParagraphFont">.</span></p><p dir="ltr" class="s2075895Normal"><span xml:space="preserve" class="s2075895000001"> </span></p><p dir="ltr" class="s2075895Normal"><span class="s2075895SCL">Source:</span><span xml:space="preserve" class="s2075895SCL-000002"> SL 2015, ch 254, § 29.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075896Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075896SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075896CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075896Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075896DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075896000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075896SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075896SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075896Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-96"><span class="s2075896SENU">58-26-96</span></a><span xml:space="preserve" class="s2075896SENU">. </span><span class="s2075896CL">Qualified actuary engaged by director or by official of another state.</span></p><p dir="ltr" class="s2075896Normal-000000"><span class="s2075896DefaultParagraphFont">The director may engage a qualified actuary, at the expense of the company, to perform an actuarial examination of the company and opine on the appropriateness of any reserve assumption or method used by the company, or to review and opine on a company's compliance with any requirement set forth in this chapter. The director may rely upon the opinion, regarding provisions contained within this chapter, of a qualified actuary engaged by the insurance supervisory official of another state, district or territory of the United States. As used in this section, the term, engage, includes employment and contracting.</span></p><p dir="ltr" class="s2075896Normal"><span xml:space="preserve" class="s2075896000001"> </span></p><p dir="ltr" class="s2075896Normal"><span class="s2075896SCL">Source:</span><span xml:space="preserve" class="s2075896SCL-000002"> SL 2015, ch 254, § 30.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075897Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075897SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075897CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075897Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075897DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075897000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075897SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075897SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075897Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-97"><span class="s2075897SENU">58-26-97</span></a><span xml:space="preserve" class="s2075897SENU">. </span><span class="s2075897CL">Required change in assumption or method and adjustment of reserves.</span></p><p dir="ltr" class="s2075897Normal-000000"><span class="s2075897DefaultParagraphFont">The director may require a company to change any assumption or method that in the opinion of the director is necessary in order to comply with the requirements of the valuation manual or this chapter; and the company shall adjust the reserves as required by the director. The director may take other disciplinary action as permitted pursuant to the laws of this state.</span></p><p dir="ltr" class="s2075897Normal"><span xml:space="preserve" class="s2075897000001"> </span></p><p dir="ltr" class="s2075897Normal"><span class="s2075897SCL">Source:</span><span xml:space="preserve" class="s2075897SCL-000002"> SL 2015, ch 254, § 31.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075898Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075898SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075898CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075898Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075898DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075898Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075898Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075898000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075898SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075898SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075898Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-98"><span class="s2075898SENU">58-26-98</span></a><span xml:space="preserve" class="s2075898SENU">. </span><span class="s2075898CL">Reserves to be established using principle-based valuation--Conditions.</span></p><p dir="ltr" class="s2075898Normal-000000"><span class="s2075898DefaultParagraphFont">A company must establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual:</span></p><p dir="ltr" class="s2075898Normal-000001"><span class="s2075898DefaultParagraphFont">(1)    Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. For polices or contracts with significant tail risk, reflects conditions appropriately adverse to quantify the tail risk;</span></p><p dir="ltr" class="s2075898Normal-000001"><span class="s2075898DefaultParagraphFont">(2)    Incorporate assumptions, risk analysis methods, financial models, and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumption or method;</span></p><p dir="ltr" class="s2075898Normal-000001"><span class="s2075898DefaultParagraphFont">(3)    Incorporate assumptions that are derived in one of the following manners:</span></p><p dir="ltr" class="s2075898Normal-000002"><span class="s2075898DefaultParagraphFont">(a)    The assumption is prescribed in the valuation manual;</span></p><p dir="ltr" class="s2075898Normal-000002"><span class="s2075898DefaultParagraphFont">(b)    For an assumption that is not prescribed, the assumption shall be established utilizing the company's available experience, to the extent it is relevant and statistically credible; or to the extent that company data is not available, relevant, or statistically credible, be established utilizing other relevant, statistically credible experience;</span></p><p dir="ltr" class="s2075898Normal-000001"><span class="s2075898DefaultParagraphFont">(4)    Provide margins for uncertainty including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.</span></p><p dir="ltr" class="s2075898Normal"><span xml:space="preserve" class="s2075898000003"> </span></p><p dir="ltr" class="s2075898Normal"><span class="s2075898SCL">Source:</span><span xml:space="preserve" class="s2075898SCL-000004"> SL 2015, ch 254, § 32.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075899Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075899SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075899CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075899Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075899DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075899Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075899000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075899SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075899SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075899Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-99"><span class="s2075899SENU">58-26-99</span></a><span xml:space="preserve" class="s2075899SENU">. </span><span class="s2075899CL">Procedures, controls and report regarding principle-based valuation.</span></p><p dir="ltr" class="s2075899Normal-000000"><span xml:space="preserve" class="s2075899DefaultParagraphFont">A company using a principle-based valuation for one or more policies or contracts subject to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-98"><span class="s2075899DefaultParagraphFont">58-26-98</span></a><span xml:space="preserve" class="s2075899DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-100"><span class="s2075899DefaultParagraphFont">58-26-100</span></a><span class="s2075899DefaultParagraphFont">, inclusive, as specified in the valuation manual shall:</span></p><p dir="ltr" class="s2075899Normal-000001"><span class="s2075899DefaultParagraphFont">(1)    Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;</span></p><p dir="ltr" class="s2075899Normal-000001"><span class="s2075899DefaultParagraphFont">(2)    Provide to the director and the board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. The controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation, and that valuations are made in accordance with the valuation manual. The certification shall be based on the controls in place as of the end of the preceding calendar year;</span></p><p dir="ltr" class="s2075899Normal-000001"><span class="s2075899DefaultParagraphFont">(3)    Develop, and file with the director upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.</span></p><p dir="ltr" class="s2075899Normal"><span xml:space="preserve" class="s2075899000002"> </span></p><p dir="ltr" class="s2075899Normal"><span class="s2075899SCL">Source:</span><span xml:space="preserve" class="s2075899SCL-000003"> SL 2015, ch 254, § 33.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075900Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075900SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075900CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075900Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075900DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075900000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075900SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075900SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075900Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-100"><span class="s2075900SENU">58-26-100</span></a><span xml:space="preserve" class="s2075900SENU">. </span><span class="s2075900CL">Prescribed formulaic reserve component.</span></p><p dir="ltr" class="s2075900Normal-000000"><span class="s2075900DefaultParagraphFont">A principle-based valuation may include a prescribed formulaic reserve component.</span></p><p dir="ltr" class="s2075900Normal"><span xml:space="preserve" class="s2075900000001"> </span></p><p dir="ltr" class="s2075900Normal"><span class="s2075900SCL">Source:</span><span xml:space="preserve" class="s2075900SCL-000002"> SL 2015, ch 254, § 34.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075901Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075901SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075901CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075901Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075901DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075901000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075901SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075901SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075901Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-101"><span class="s2075901SENU">58-26-101</span></a><span xml:space="preserve" class="s2075901SENU">. </span><span class="s2075901CL">Data to be submitted as prescribed in valuation manual.</span></p><p dir="ltr" class="s2075901Normal-000000"><span class="s2075901DefaultParagraphFont">A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.</span></p><p dir="ltr" class="s2075901Normal"><span xml:space="preserve" class="s2075901000001"> </span></p><p dir="ltr" class="s2075901Normal"><span class="s2075901SCL">Source:</span><span xml:space="preserve" class="s2075901SCL-000002"> SL 2015, ch 254, § 35.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075902Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075902SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075902CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075902Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075902DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075902Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075902000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075902SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075902SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075902Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-102"><span class="s2075902SENU">58-26-102</span></a><span xml:space="preserve" class="s2075902SENU">. </span><span class="s2075902CL">Confidential information defined.</span></p><p dir="ltr" class="s2075902Normal-000000"><span class="s2075902DefaultParagraphFont">For purposes of this chapter, confidential information, means:</span></p><p dir="ltr" class="s2075902Normal-000001"><span xml:space="preserve" class="s2075902DefaultParagraphFont">(1)    A memorandum in support of an opinion submitted pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075902DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075902DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-55.1"><span class="s2075902DefaultParagraphFont">58-26-55.1</span></a><span class="s2075902DefaultParagraphFont">, inclusive, and any other document, material, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the director or any other person in connection with such memorandum;</span></p><p dir="ltr" class="s2075902Normal-000001"><span xml:space="preserve" class="s2075902DefaultParagraphFont">(2)    All documents, materials, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the director or any other person in the course of an examination made pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-96"><span class="s2075902DefaultParagraphFont">58-26-96</span></a><span xml:space="preserve" class="s2075902DefaultParagraphFont">; provided that if an examination report or other material prepared in connection with an examination made pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-3"><span class="s2075902DefaultParagraphFont">58-3</span></a><span xml:space="preserve" class="s2075902DefaultParagraphFont"> is not held as private and confidential information pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-3"><span class="s2075902DefaultParagraphFont">58-3</span></a><span xml:space="preserve" class="s2075902DefaultParagraphFont">, an examination report or other material prepared in connection with an examination made pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-96"><span class="s2075902DefaultParagraphFont">58-26-96</span></a><span xml:space="preserve" class="s2075902DefaultParagraphFont"> is not confidential information to the same extent as if such examination report or other material had been prepared pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-3"><span class="s2075902DefaultParagraphFont">58-3</span></a><span class="s2075902DefaultParagraphFont">;</span></p><p dir="ltr" class="s2075902Normal-000001"><span class="s2075902DefaultParagraphFont">(3)    Any reports, documents, materials, and other information developed by a company in support of, or in connection with, an annual certification by the company pursuant to subdivision 58-26-99(2) evaluating the effectiveness of the company's internal controls with respect to a principle-based valuation and any other documents, materials, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the director or any other person in connection with such reports, documents, materials, and other information;</span></p><p dir="ltr" class="s2075902Normal-000001"><span class="s2075902DefaultParagraphFont">(4)    Any principle-based valuation report developed pursuant to subdivision 58-26-99(3) and any other documents, materials, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the director or any other person in connection with such report; and</span></p><p dir="ltr" class="s2075902Normal-000001"><span xml:space="preserve" class="s2075902DefaultParagraphFont">(5)    Any documents, materials, data, and other information submitted by a company pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-101"><span class="s2075902DefaultParagraphFont">58-26-101</span></a><span class="s2075902DefaultParagraphFont">, collectively, "experience data," and any other documents, materials, data, and other information, including all working papers, and copies thereof, created or produced in connection with such experience data, in each case that include any potentially company-identifying or personally identifiable information, that is provided to or obtained by the director together with any experience data, the experience materials, and any other documents, materials, data, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the director or any other person in connection with such experience materials.</span></p><p dir="ltr" class="s2075902Normal"><span xml:space="preserve" class="s2075902000002"> </span></p><p dir="ltr" class="s2075902Normal"><span class="s2075902SCL">Source:</span><span xml:space="preserve" class="s2075902SCL-000003"> SL 2015, ch 254, § 36.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075903Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2075903SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075903CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075903Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 5.50in; text-indent: -5.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2075903DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075903Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2075903000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075903Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2075903Normal-000004 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2075903SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075903SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075903Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-103"><span class="s2075903SENU">58-26-103</span></a><span xml:space="preserve" class="s2075903SENU">. </span><span class="s2075903CL">Confidential information privileged--Use and sharing.</span></p><p dir="ltr" class="s2075903Normal-000000"><span xml:space="preserve" class="s2075903DefaultParagraphFont">(1)    Except as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-102"><span class="s2075903DefaultParagraphFont">58-26-102</span></a><span xml:space="preserve" class="s2075903DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-104"><span class="s2075903DefaultParagraphFont">58-26-104</span></a><span class="s2075903DefaultParagraphFont">, inclusive, a company's confidential information is confidential by law and privileged, and is not subject to open records, freedom of information, sunshine or other appropriate phrase, is not subject to subpoena and is not subject to discovery or admissible in evidence in any private civil action; provided, however, that the director is authorized to use the confidential information in the furtherance of any regulatory or legal action brought against the company as a part of the director's official duties;</span></p><p dir="ltr" class="s2075903Normal-000001"><span class="s2075903DefaultParagraphFont">(2)    Neither the director nor any person who received confidential information while acting under the authority of the director is permitted to testify in any private civil action concerning any confidential information;</span></p><p dir="ltr" class="s2075903Normal-000001"><span class="s2075903DefaultParagraphFont">(3)    In order to assist in the performance of the director's duties, the director may share confidential information:</span></p><p dir="ltr" class="s2075903Normal-000001"><span xml:space="preserve" class="s2075903000002"> </span></p></div><div><p dir="ltr" class="s2075903Normal-000003"><span class="s2075903DefaultParagraphFont">(a)    With other state, federal, and international regulatory agencies and with the NAIC and its affiliates and subsidiaries; and</span></p><p dir="ltr" class="s2075903Normal-000003"><span class="s2075903DefaultParagraphFont">(b)    In the case of confidential information specified in subdivisions 58-26-102(1) and (4) only, with the Actuarial Board for Counseling and Discipline or its successor upon request stating that the confidential information is required for the purpose of professional disciplinary proceedings and with state, federal, and international law enforcement officials;</span></p><p dir="ltr" class="s2075903Normal-000004"><span class="s2075903DefaultParagraphFont">In the case of (a) and (b), provided that such recipient agrees, and has the legal authority to agree, to maintain the confidentiality and privileged status of such documents, materials, data, and other information in the same manner and to the same extent as required for the director;</span></p><p dir="ltr" class="s2075903Normal-000001"><span class="s2075903DefaultParagraphFont">(4)    The director may receive documents, materials, data, and other information, including otherwise confidential and privileged documents, materials, data, or information, from the NAIC and its affiliates and subsidiaries, from regulatory or law enforcement officials of other foreign or domestic jurisdictions and from the Actuarial Board for Counseling and Discipline or its successor and shall maintain as confidential or privileged any document, material, data, or other information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or other information;</span></p><p dir="ltr" class="s2075903Normal-000001"><span class="s2075903DefaultParagraphFont">(5)    The director may enter into agreements governing sharing and use of information consistent with this section;</span></p><p dir="ltr" class="s2075903Normal-000001"><span class="s2075903DefaultParagraphFont">(6)    No waiver of any applicable privilege or claim of confidentiality in the confidential information occurs as a result of disclosure to the director pursuant to this section or as a result of sharing as authorized in subdivision (3);</span></p><p dir="ltr" class="s2075903Normal-000001"><span class="s2075903DefaultParagraphFont">(7)    A privilege established under the law of any state or jurisdiction that is substantially similar to the privilege established pursuant to this section is available and enforced in any proceeding in, and in any court of, this state;</span></p><p dir="ltr" class="s2075903Normal-000001"><span xml:space="preserve" class="s2075903DefaultParagraphFont">(8)    For purposes of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-102"><span class="s2075903DefaultParagraphFont">58-26-102</span></a><span xml:space="preserve" class="s2075903DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-104"><span class="s2075903DefaultParagraphFont">58-26-104</span></a><span class="s2075903DefaultParagraphFont">, inclusive, regulatory agency, law enforcement agency, and the NAIC include their employees, agents, consultants, and contractors.</span></p><p dir="ltr" class="s2075903Normal"><span xml:space="preserve" class="s2075903000002"> </span></p><p dir="ltr" class="s2075903Normal"><span class="s2075903SCL">Source:</span><span xml:space="preserve" class="s2075903SCL-000005"> SL 2015, ch 254, § 37.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075904Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075904SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075904CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075904Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075904DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075904Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075904000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075904SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075904SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2075904Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-104"><span class="s2075904SENU">58-26-104</span></a><span xml:space="preserve" class="s2075904SENU">. </span><span class="s2075904CL">Exceptions to confidentiality of information.</span></p><p dir="ltr" class="s2075904Normal-000000"><span xml:space="preserve" class="s2075904DefaultParagraphFont">Notwithstanding § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-103"><span class="s2075904DefaultParagraphFont">58-26-103</span></a><span class="s2075904DefaultParagraphFont">, any confidential information specified in subdivisions 58-26-102(1) and (4):</span></p><p dir="ltr" class="s2075904Normal-000001"><span xml:space="preserve" class="s2075904DefaultParagraphFont">(1)    May be subject to subpoena for the purpose of defending an action seeking damages from the appointed actuary submitting the related memorandum in support of an opinion submitted pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075904DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075904DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-55.1"><span class="s2075904DefaultParagraphFont">58-26-55.1</span></a><span class="s2075904DefaultParagraphFont">, inclusive, or principle-based valuation report developed pursuant to subdivision 58-26-99(3), by reason of an action required by this chapter or by regulations promulgated hereunder;</span></p><p dir="ltr" class="s2075904Normal-000001"><span class="s2075904DefaultParagraphFont">(2)    May otherwise be released by the director with the written consent of the company; and</span></p><p dir="ltr" class="s2075904Normal-000001"><span xml:space="preserve" class="s2075904DefaultParagraphFont">(3)    Once any portion of a memorandum in support of an opinion submitted pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075904DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075904DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-55.1"><span class="s2075904DefaultParagraphFont">58-26-55.1</span></a><span class="s2075904DefaultParagraphFont">, inclusive, or a principle-based valuation report developed pursuant to subdivision 58-26-99(3), is cited by the company in its marketing or is publicly volunteered to or before a governmental agency other than a state insurance department or is released by the company to the news media, all portions of such memorandum or report is no longer confidential.</span></p><p dir="ltr" class="s2075904Normal"><span xml:space="preserve" class="s2075904000002"> </span></p><p dir="ltr" class="s2075904Normal"><span class="s2075904SCL">Source:</span><span xml:space="preserve" class="s2075904SCL-000003"> SL 2015, ch 254, § 38.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-26 - VALUATION OF ASSETS, LIABILITIES AND RESERVES </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2075905Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075905SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075905CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2075905Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075905DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2075905Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2075905Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2075905000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2075905SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2075905SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2075905Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-105"><span class="s2075905SENU">58-26-105</span></a><span xml:space="preserve" class="s2075905SENU">. </span><span class="s2075905CL">Exemption of certain forms or product lines of domestic insurer.</span></p><p dir="ltr" class="s2075905Normal-000000"><span xml:space="preserve" class="s2075905DefaultParagraphFont">The director may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in South Dakota from the requirements of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-91"><span class="s2075905DefaultParagraphFont">58-26-91</span></a><span xml:space="preserve" class="s2075905DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-97"><span class="s2075905DefaultParagraphFont">58-26-97</span></a><span class="s2075905DefaultParagraphFont">, inclusive, provided:</span></p><p dir="ltr" class="s2075905Normal-000001"><span class="s2075905DefaultParagraphFont">(1)    The director has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and</span></p><p dir="ltr" class="s2075905Normal-000001"><span class="s2075905DefaultParagraphFont">(2)    The company computes reserves using assumptions and methods used prior to the operative date of the valuation manual in addition to any requirements established by the director and promulgated by regulation.</span></p><p dir="ltr" class="s2075905Normal-000002"><span xml:space="preserve" class="s2075905DefaultParagraphFont">For any company granted an exemption pursuant to this section, §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075905DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075905DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-84"><span class="s2075905DefaultParagraphFont">58-26-84</span></a><span xml:space="preserve" class="s2075905DefaultParagraphFont">, inclusive, are applicable. With respect to any company applying this exemption, any reference to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-91"><span class="s2075905DefaultParagraphFont">58-26-91</span></a><span xml:space="preserve" class="s2075905DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-97"><span class="s2075905DefaultParagraphFont">58-26-97</span></a><span xml:space="preserve" class="s2075905DefaultParagraphFont">, inclusive, found in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-46"><span class="s2075905DefaultParagraphFont">58-26-46</span></a><span xml:space="preserve" class="s2075905DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26-84"><span class="s2075905DefaultParagraphFont">58-26-84</span></a><span class="s2075905DefaultParagraphFont">, inclusive, is not applicable.</span></p><p dir="ltr" class="s2075905Normal"><span xml:space="preserve" class="s2075905000003"> </span></p><p dir="ltr" class="s2075905Normal"><span class="s2075905SCL">Source:</span><span xml:space="preserve" class="s2075905SCL-000004"> SL 2015, ch 254, § 39.</span></p></div></body></html>