Exceptions to confidentiality of information

Notwithstanding § 58-26-103 , any confidential information specified in subdivisions 58-26-102(1) and (4): (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 §§ 58-26-46 to 58-26-55.1 , 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; (2) May otherwise be released by the director with the written consent of the company; and (3) Once any portion of a memorandum in support of an opinion submitted pursuant to §§ 58-26-46 to 58-26-55.1 , 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. Source: SL 2015, ch 254 , § 38. 58-26-105 . Exemption of certain forms or product lines of domestic insurer. 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 §§ 58-26-91 to 58-26-97 , inclusive, provided: (1) The director has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and (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. For any company granted an exemption pursuant to this section, §§ 58-26-46 to 58-26-84 , inclusive, are applicable. With respect to any company applying this exemption, any reference to §§ 58-26-91 to 58-26-97 , inclusive, found in §§ 58-26-46 to 58-26-84 , inclusive, is not applicable. Source: SL 2015, ch 254 , § 39.