South Dakota Administrative Code

Rule 20:06:36:24 Use of RBC reports in ratemaking and premium setting prohibited. 20:06:36:24. Use of RBC reports in ratemaking and premium setting prohibited. The RBC instructions, RBC reports, adjusted RBC reports, RBC plans, and revised RBC plans may be used by the director on…

Rule 20:06:36:25 Exemption. 20:06:36:25. Exemption. The director may exempt from the application of this chapter any domestic property and casualty insurer which meets the following requirements: (1) Writes direct business only in this state; (2) Writes direct annual premiums of …

Rule 20:06:36:26 Foreign insurers and health organizations -- Filing of RBC reports and plans. 20:06:36:26. Foreign insurers and health organizations -- Filing of RBC reports and plans. At the written request of the director, any foreign insurer or foreign health organization sha…

Rule 20:06:36:27 Foreign insurers and health organizations -- Filing of RBC plans after certain events. 20:06:36:27. Foreign insurers and health organizations -- Filing of RBC plans after certain events. If a company action level event, regulatory action level event, or authorize…

Rule 20:06:36:28 Foreign insurers and health organizations -- Mandatory control level event. 20:06:36:28. Foreign insurers and health organizations -- Mandatory control level event. If a mandatory control level event occurs for any foreign insurer or foreign health organization a…

Rule 20:06:37:01 Definitions. 20:06:37:01. Definitions. Terms used in this chapter are defined as follows: (1) "Actuarial opinion," the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accord…

Rule 20:06:37:02 Scope. 20:06:37:02. Scope. This chapter applies to all life insurance companies and fraternal benefit societies doing business in this state and to all life insurance companies and fraternal benefit societies which are authorized to reinsure life insurance, annui…

Rule 20:06:37:03 Repealed. 20:06:37:03. Actuarial statements and supporting memorandums required yearly. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:04 Submission of statement of actuarial opinions. 20:06:37:04. Submission of statement of actuarial opinion. The statement of an appointed actuary, entitled "Statement of Actuarial Opinion," must be included on or attached to page 1 of the annual statement for each …

Rule 20:06:37:05 Qualified actuary. 20:06:37:05. Qualified actuary. A qualified actuary is an individual who meets the following requirements: (1) Is a member in good standing of the American Academy of Actuaries; (2) Is qualified to sign statements of actuarial opinion for life …

Rule 20:06:37:06 Appointed actuary. 20:06:37:06. Appointed actuary. An appointed actuary is a qualified actuary who is appointed or retained to prepare the statement of actuarial opinion required by this chapter either directly by or by the authority of the board of directors thr…

Rule 20:06:37:07 Standards for asset adequacy analysis. 20:06:37:07. Standards for asset adequacy analysis. The asset adequacy analysis required by this chapter: (1) Must conform to the standards of practice in Actuarial Standard of Practice No. 22, "Statements of Opinion Based o…

Rule 20:06:37:08 Liabilities to be covered. 20:06:37:08. Liabilities to be covered. Pursuant to SDCL 58-26-46 to 58-26-55, inclusive, the statement of actuarial opinion applies to all business in force on the statement date, whether directly issued or assumed, regardless of when …

Rule 20:06:37:09 Repealed. 20:06:37:09. Required opinions. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:10 Repealed. 20:06:37:10. Company categories. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:11 Repeated. 20:06:37:11. Criteria for Category A company exemption. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:12 Repealed. 20:06:37:12. Criteria for Category B company exemption. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:13 Repealed. 20:06:37:13. Category A or Category B companies -- Required filing of actuarial opinion. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:14 Repealed. 20:06:37:14. Criteria for Category C company exemption -- Required filing of actuarial opinion. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:15 Repealed. 20:06:37:15. Required filing of actuarial opinion. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:16 Repealed. 20:06:37:16. Category D company -- Required filing of actuarial opinion. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:17 Repealed. 20:06:37:17. Contents of statement of actuarial opinion not including an asset adequacy analysis. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:18 Repealed. 20:06:37:18. Recommended language. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:19 Repealed. 20:06:37:19. Opening paragraph. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:20 Repealed. 20:06:37:20. Regulatory paragraph. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:21 Repealed. 20:06:37:21. Scope paragraph -- General requirements. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:22 Repealed. 20:06:37:22. Scope paragraph -- Review of underlying records completed. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:23 Repealed. 20:06:37:23. Scope paragraph -- Review of underlying records not completed. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:24 Repealed. 20:06:37:24. Opinion paragraph. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:25 Repealed. 20:06:37:25. Concluding paragraph. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:26 Repealed. 20:06:37:26. Notation of change in actuarial assumptions. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:27 Repealed. 20:06:37:27. Notation if actuary is unable to form an opinion. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:28 Repealed. 20:06:37:28. Opinion as to the accuracy and completeness of the listings and summaries of policies in force. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:29 Contents of statement of actuarial opinion based on asset adequacy analysis. 20:06:37:29. Contents of statement of actuarial opinion based on asset adequacy analysis. The statement of actuarial opinion based on an asset adequacy analysis submitted in accordance w…

Rule 20:06:37:30 Recommended language. 20:06:37:30. Recommended language. The paragraphs contained in §§ 20:06:37:31 to 20:06:37:39, inclusive, must be included in the statement of actuarial opinion. The language may be modified as needed to meet the circumstances of a particular…

Rule 20:06:37:31 Opening paragraph. 20:06:37:31. Opening paragraph. The opening paragraph must generally indicate the appointed actuary's relationship to the company and the actuary's qualifications to sign the opinion. For a company actuary, the opening paragraph of the actuaria…

Rule 20:06:37:32 Scope paragraph. 20:06:37:32 Scope paragraph. The scope paragraph must indicate a statement such as the following: I have examined the actuarial assumptions and actuarial methods used in determining reserves and related actuarial items listed below, as shown in t…

Rule 20:06:37:33 Notation of actuary's reliance upon experts. 20:06:37:33. Notation of actuary's reliance upon experts. If the appointed actuary has relied on other experts to develop certain portions of the analysis, the reliance paragraph must include a statement such as the fo…

Rule 20:06:37:34 Reliance paragraph -- Examination of underlying assets and liability records completed. 20:06:37:34. Reliance paragraph -- Examination of underlying assets and liability records completed. If the appointed actuary has examined the underlying asset and liability r…

Rule 20:06:37:35 Reliance paragraph -- Examination of underlying records not completed. 20:06:37:35. Reliance paragraph -- Examination of underlying records not completed. If the appointed actuary has not examined the underlying records, but has relied upon data (e.g., listings a…

Rule 20:06:37:36 Opinion paragraph. 20:06:37:36. Opinion paragraph. The opinion paragraph must include the following: In my opinion the reserves and related actuarial values concerning the statement items identified above: (1) Are computed in accordance with presently accepted ac…

Rule 20:06:37:37 Assumptions for new issues. 20:06:37:37. Assumptions for new issues. The adoption for new issues or new claims or other new liabilities of an actuarial assumption which differs from a corresponding assumption used for prior new issues or new claims or other new l…

Rule 20:06:37:38 Adverse opinions. 20:06:37:38. Adverse opinions. If the appointed actuary is unable to form an opinion, then the actuary shall refuse to issue a statement of actuarial opinion. If the appointed actuary's opinion is adverse or qualified, then the actuary shall iss…

Rule 20:06:37:39 Reliance on information furnished by other persons. 20:06:37:39. Reliance on information furnished by other persons. If the appointed actuary relies on the certification of others on matters concerning the accuracy or completeness of any data underlying the actua…

Rule 20:06:37:40 Description of actuarial memorandum including an asset adequacy analysis and a regulatory asset adequacy issues summary. 20:06:37:40. Description of actuarial memorandum including an asset adequacy analysis and a regulatory asset adequacy issues summary. In accor…

Rule 20:06:37:41 Details of the memorandum section documenting asset adequacy analysis. 20:06:37:41. Details of the memorandum section documenting asset adequacy analysis. If an actuarial opinion is provided, the memorandum must demonstrate that the analysis has been done in acco…

Rule 20:06:37:41.01 Details of the regulatory asset adequacy issues summary. 20:06:37:41.01. Details of the regulatory asset adequacy issues summary. The regulatory asset adequacy issues summary shall be signed and dated by the appointed actuary rendering the actuarial opinion an…

Rule 20:06:37:42 Conformity to standards of practice. 20:06:37:42. Conformity to standards of practice. The memorandum must include the following statement concerning conformity to standards of practice: Actuarial methods, considerations, and analyses used in the preparation of t…

Rule 20:06:37:43 Repealed. 20:06:37:43. Additional consideration for analysis -- Aggregation. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.

Rule 20:06:37:44 Repealed. 20:06:37:44. Selection of assets for analysis. Repealed. Source: 23 SDR 236, effective July 16, 1997; repealed, 34 SDR 297, effective June 2, 2008.