reglab/housing_qa huggingface dataset:
SD Codified L § 58-26-90 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-90 - Confidentiality of actuarial report, workpapers, or actuarial opinion summary provided in support of opinion.

58-26-90. Confidentiality of actuarial report, workpapers, or actuarial opinion summary provided in support of opinion.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 §1-26-2, 1-27-1, or 58-2-26, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action.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. Source: SL 2009, ch 271, §45.
SD Codified L § 58-26-91 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-91 - Minimum standard of valuation for policies issued on or after operative date of valuation manual.

58-26-91. Minimum standard of valuation for policies issued on or after operative date of valuation manual.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 §58-26-45.1, except as provided pursuant to §58-26-95 or 58-26-97. Source: SL 2015, ch 254, §25.
SD Codified L § 58-26-92 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-92 - Prerequisites for adoption of NAIC valuation manual of instruction.

58-26-92. Prerequisites for adoption of NAIC valuation manual of instruction.The director may not adopt the NAIC valuation manual of instruction until all of the following have occurred:(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;(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;(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. Source: SL 2015, ch 254, §26.
SD Codified L § 58-26-93 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-93 - Adoption of change to valuation manual.

58-26-93. Adoption of change to valuation manual.The director may approve a change to the valuation manual pursuant to rules promulgated pursuant to chapter 1-26 when the change to the valuation manual is adopted by the NAIC by an affirmative vote representing:(1)At least three-fourths of the members of the NAIC voting, but not less than a majority of the total membership; and(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. Source: SL 2015, ch 254, §27.
SD Codified L § 58-26-94 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-94 - Specifications required for adoption of valuation manual.

58-26-94. Specifications required for adoption of valuation manual.The director may adopt the NAIC valuation manual of instruction if the valuation manual specifies the following:(1)Minimum valuation standards for, and definitions of, the policies or contracts subject to §58-26-45.1. The minimum valuation standards are:(a)The commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to §58-26-45.1;(b)The commissioners annuity reserve valuation method for annuity contracts subject to §58-26-45.1; and(c)Minimum reserves for all other policies or contracts subject to §58-26-45.1;(2)Which policies or contracts or types of policies or contracts that are subject to the requirements of a principle-based valuation in §58-26-98 and the minimum valuation standards consistent with those requirements;(3)For policies and contracts subject to a principle-based valuation pursuant to §§58-26-98 to 58-26-100, inclusive:(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;(b)Assumptions are prescribed for risks over which the company does not have significant control or influence; and(c)Procedures for corporate governance and oversight of the actuarial function, and a process for appropriate waiver or modification of such procedures;(4)For policies not subject to a principle-based valuation pursuant to §§58-26-98 to 58-26-100, inclusive, the minimum valuation standard shall:(a)Be consistent with the minimum standard of valuation prior to the operative date of the valuation manual; or(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;(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(6)The data and form of the data required pursuant to §58-26-101, with whom the data must be submitted, and may specify other requirements including data analyses and reporting of analyses. Source: SL 2015, ch 254, §28.
SD Codified L § 58-26-95 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-95 - Exceptions to valuation manual requirements.

58-26-95. Exceptions to valuation manual requirements.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 1-26. Source: SL 2015, ch 254, §29.
SD Codified L § 58-26-96 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-96 - Qualified actuary engaged by director or by official of another state.

58-26-96. Qualified actuary engaged by director or by official of another state.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. Source: SL 2015, ch 254, §30.
SD Codified L § 58-26-97 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-97 - Required change in assumption or method and adjustment of reserves.

58-26-97. Required change in assumption or method and adjustment of reserves.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. Source: SL 2015, ch 254, §31.
SD Codified L § 58-26-98 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-98 - Reserves to be established using principle-based valuation--Conditions.

58-26-98. Reserves to be established using principle-based valuation--Conditions.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:(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;(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;(3)Incorporate assumptions that are derived in one of the following manners:(a)The assumption is prescribed in the valuation manual;(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;(4)Provide margins for uncertainty including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve. Source: SL 2015, ch 254, §32.
SD Codified L § 58-26-99 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-99 - Procedures, controls and report regarding principle-based valuation.

58-26-99. Procedures, controls and report regarding principle-based valuation.A company using a principle-based valuation for one or more policies or contracts subject to §§58-26-98 to 58-26-100, inclusive, as specified in the valuation manual shall:(1)Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;(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;(3)Develop, and file with the director upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual. Source: SL 2015, ch 254, §33.
SD Codified L § 58-26-100 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-100 - Prescribed formulaic reserve component.

58-26-100. Prescribed formulaic reserve component.A principle-based valuation may include a prescribed formulaic reserve component. Source: SL 2015, ch 254, §34.
SD Codified L § 58-26-101 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-101 - Data to be submitted as prescribed in valuation manual.

58-26-101. Data to be submitted as prescribed in valuation manual.A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual. Source: SL 2015, ch 254, §35.
SD Codified L § 58-26-102 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-102 - Confidential information defined.

58-26-102. Confidential information defined.For purposes of this chapter, confidential information, means:(1)A memorandum in support of an opinion submitted pursuant to §§58-26-46 to 58-26-55.1, 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;(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 §58-26-96; provided that if an examination report or other material prepared in connection with an examination made pursuant to chapter 58-3 is not held as private and confidential information pursuant to chapter 58-3, an examination report or other material prepared in connection with an examination made pursuant to §58-26-96 is not confidential information to the same extent as if such examination report or other material had been prepared pursuant to chapter 58-3;(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;(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(5)Any documents, materials, data, and other information submitted by a company pursuant to §58-26-101, 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. Source: SL 2015, ch 254, §36.
SD Codified L § 58-26-104 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-104 - Exceptions to confidentiality of information.

58-26-104. 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.
SD Codified L § 58-26-105 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-105 - Exemption of certain forms or product lines of domestic insurer.

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.
SD Codified L § 58-27-1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-1 - Application of chapter.

58-27-1. Application of chapter.Except for §58-27-68, this chapter applies to domestic insurers only. Source: SL 1966, ch 111, ch 6, §1.
SD Codified L § 58-27-2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-2 - Eligible investments by insurers--Violation as misdemeanor.

58-27-2. Eligible investments by insurers--Violation as misdemeanor.Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only eligible investments as prescribed in this chapter. Violation of this section is a Class 2 misdemeanor. Source: SL 1966, ch 111, ch 6, §2 (1); SL 1978, ch 359, §2.
SD Codified L § 58-27-3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-3 - Time of determination of eligibility of investment.

58-27-3. Time of determination of eligibility of investment.Eligibility of an investment shall be determined as of the date of its making or acquisition, except as stated in §58-27-4, and shall at all times be subject to the aggregate investment limitations set forth in this chapter. Source: SL 1966, ch 111, ch 6, §2 (3); SL 1997, ch 294, §1.
SD Codified L § 58-27-4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-4 - Prior legal investment deemed eligible.

58-27-4. Prior legal investment deemed eligible.Any particular investment held by an insurer on July 1, 1997, and which was a legal investment at the time it was made, and which the insurer was legally entitled to possess immediately prior to July 1, 1997 shall be deemed to be an eligible investment. Source: SL 1966, ch 111, ch 6, §2 (2); SL 1997, ch 294, §2.
SD Codified L § 58-27-5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-5 - Acquisition of ineligible securities or property--Disposition.

58-27-5. Acquisition of ineligible securities or property--Disposition.No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired which is not otherwise eligible under this chapter shall be disposed of pursuant to §§58-27-73 and 58-27-74 if personal property or securities, or pursuant to §§58-27-70 to 58-27-72, inclusive, if real property. Source: SL 1966, ch 111, ch 6, §3 (3).
SD Codified L § 58-27-6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-6 - Time of investment limitation based on amount of insurer's admitted assets, risk based capital, or capital and surplus.

58-27-6. Time of investment limitation based on amount of insurer's admitted assets, risk based capital, or capital and surplus.Unless otherwise specified, any investment limitation based upon the amount of the insurer's admitted assets, risk based capital, or capital and surplus, shall relate to such admitted assets, risk based capital, or capital and surplus as shown by the insurer's annual statement as of the December thirty-first next preceding date of acquisition of the investment by the insurer, or as shown by a current financial statement filed with the director. For purposes of computing any limitation based upon admitted assets, the insurer shall deduct the following to the extent included in the insurer's admitted assets, from the amount of its admitted assets:(1)Collateral received in a reverse repurchase transaction or a securities lending transaction;(2)Cash received in a dollar roll transaction; and(3)The assets in any separate accounts maintained by the insurer. Source: SL 1966, ch 111, ch 6, §2 (4); SL 1997, ch 294, §3.
SD Codified L § 58-27-7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-7 - Investments required to produce income--Exemptions--Rules.

58-27-7. Investments required to produce income--Exemptions--Rules.No security or investment, other than real and personal property acquired under §58-27-50; common shares of solvent institutions acquired under §58-27-23, 58-27-25, 58-27-26, or 58-27-51; investments acquired under §58-27-103, 58-27-104, or 58-27-111; and mutual funds acquired under subdivision 58-27-17(4) that invest less than ninety percent in bonds, is eligible for acquisition unless it is interest-bearing or interest-accruing or dividend- or income-paying, and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon. The director of the Division of Insurance may promulgate rules regarding the acquisition of over-the-counter and exchange listed options and financial futures, including the exemption of these securities from the operation of this section. Source: SL 1966, ch 111, ch 6, §3 (1); SL 1972, ch 264; SL 1983, ch 376, §2; SL 1997, ch 294, §4.