reglab/housing_qa huggingface dataset:
SD Codified L § 58-26-44.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-44.1 - Definition of terms in §§ 58-26-45 to 58-26-105.

58-26-44.1. Definition of terms in §§58-26-45 to 58-26-105.Terms used in §§58-26-45 to 58-26-105, inclusive, apply on or after the operative date of the valuation manual and mean:(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;(2)"Appointed actuary," a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required pursuant to §58-26-55.1;(3)"Company," an entity, which:(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(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;(4)"Deposit-type contract," a contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual;(5)"Life insurance," a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual;(6)"NAIC," the National Association of Insurance Commissioners;(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;(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 §§58-26-98 to 58-26-100, inclusive, as specified in the valuation manual;(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;(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;(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 1-26. Source: SL 2015, ch 254, §1.
SD Codified L § 58-26-45 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-45 - Valuation of reserve liabilities for policies and contracts issued before operative date of valuation manual--Calculating reserves.

58-26-45. Valuation of reserve liabilities for policies and contracts issued before operative date of valuation manual--Calculating reserves.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.The provisions in §§58-26-56 to 58-26-84, 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 §§58-26-91 to 58-26-100, inclusive, do not apply to any such policies and contracts.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. Source: SL 1995, ch 284, §1; SL 2015, ch 254, §2.
SD Codified L § 58-26-45.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-45.1 - Adoption of NAIC valuation manual of instruction--Valuation of reserve liabilities for contracts issued after operative date of valuation manual.

58-26-45.1. Adoption of NAIC valuation manual of instruction--Valuation of reserve liabilities for contracts issued after operative date of valuation manual.The director may, by rules promulgated pursuant to chapter 1-26, 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.The provisions in §§58-26-91 to 58-26-100, inclusive, shall apply to all policies and contracts issued on or after the operative date of the valuation manual. Source: SL 2015, ch 254, §3.
SD Codified L § 58-26-46 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-46 - Annual opinion of qualified actuary required--Promulgation of rules.

58-26-46. Annual opinion of qualified actuary required--Promulgation of rules.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 1-26 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. Source: SL 1995, ch 284, §2.
SD Codified L § 58-26-47 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-47 - Opinion required as to adequacy of reserves to provide for company's obligations.

58-26-47. Opinion required as to adequacy of reserves to provide for company's obligations.Any life insurance company shall also annually include in the opinion required by §§58-26-46 to 58-26-50, 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 1-26, 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. Source: SL 1995, ch 284, §3.
SD Codified L § 58-26-48 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-48 - Promulgation of rules for establishing higher reserves.

58-26-48. Promulgation of rules for establishing higher reserves.The director may provide by rules promulgated pursuant to chapter 1-26 for a transition period for establishing any higher reserves which the qualified actuary considers necessary in order to render the opinion required by §§58-26-46 to 58-26-50, inclusive. Source: SL 1995, ch 284, §4.
SD Codified L § 58-26-49 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-49 - Form and substance of actuary's opinion.

58-26-49. Form and substance of actuary's opinion.Each opinion required by §§58-26-47 and 58-26-48 shall be governed by the following provisions:(1)A memorandum, in form and substance acceptable to the director as specified by rules promulgated pursuant to chapter 1-26, shall be prepared to support each actuarial opinion;(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. Source: SL 1995, ch 284, §5.
SD Codified L § 58-26-50 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-50 - Provisions governing submission of actuary's opinion.

58-26-50. Provisions governing submission of actuary's opinion.Any opinion required by §§58-26-46 to 58-26-49, inclusive, shall be governed by the following provisions:(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;(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 1-26;(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. Source: SL 1995, ch 284, §6.
SD Codified L § 58-26-51 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-51 - Opinion submitted by foreign or alien company.

58-26-51. Opinion submitted by foreign or alien company.In the case of an opinion required to be submitted pursuant to §§58-26-46 to 58-26-49, 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. Source: SL 1995, ch 284, §7.
SD Codified L § 58-26-52 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-52 - Qualified actuary defined.

58-26-52. Qualified actuary defined.For the purposes of the opinion required by §§58-26-46 to 58-26-50, 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 1-26. Source: SL 1995, ch 284, §8; SL 2015, ch 254, §4.
SD Codified L § 58-26-53 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-53 - Liability of qualified actuary.

58-26-53. Liability of qualified actuary.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. Source: SL 1995, ch 284, §9.
SD Codified L § 58-26-54 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-54 - Promulgation of rules defining disciplinary action against company or qualified actuary.

58-26-54. Promulgation of rules defining disciplinary action against company or qualified actuary.The director shall promulgate rules pursuant to chapter 1-26 to define disciplinary action that may be taken by the director against the company or the qualified actuary. Source: SL 1995, ch 284, §10.
SD Codified L § 58-26-55 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-55 - Confidentiality of material supporting opinion of qualified actuary.

58-26-55. Confidentiality of material supporting opinion of qualified actuary.Any memorandum in support of the opinion, required pursuant to §§58-26-46 to 58-26-49, 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. Source: SL 1995, ch 284, §11.
SD Codified L § 58-26-56 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-56 - Minimum standard for valuation of policies and contracts.

58-26-56. Minimum standard for valuation of policies and contracts.Except as provided in §§58-26-64 to 58-26-74, inclusive, and §58-26-84, 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 §§58-26-64 to 58-26-74, inclusive, and §58-26-84, 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 §§58-26-75, 58-26-76, 58-26-81, 58-26-82, and 58-26-84, 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 §§58-26-57 to 58-26-63, inclusive. Source: SL 1995, ch 284, §12; SL 2015, ch 254, §6.
SD Codified L § 58-26-57 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-57 - Mortality tables used for ordinary life insurance policies.

58-26-57. Mortality tables used for ordinary life insurance policies.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 §§58-15-38 and 58-15-42, the Commissioners 1958 Standard Ordinary Mortality Table for policies issued on or after the operative date of §§58-15-38 and 58-15-42, and prior to the operative date of §§58-15-43.1 to 58-15-43.11, 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 §§58-15-43.1 to 58-15-43.11, 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 1-26 by the director for use in determining the minimum standard of valuation for the policies. Source: SL 1995, ch 284, §13; SL 2015, ch 254, §7.
SD Codified L § 58-26-58 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-58 - Mortality tables used for industrial life insurance policies.

58-26-58. Mortality tables used for industrial life insurance policies.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 §58-15-38, 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 1-26 by the director for use in determining the minimum standard of valuation for the policies. Source: SL 1995, ch 284, §14; SL 2015, ch 254, §8.
SD Codified L § 58-26-59 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-59 - Mortality tables used for individual annuity and pure endowment contracts.

58-26-59. Mortality tables used for individual annuity and pure endowment contracts.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. Source: SL 1995, ch 284, §15.
SD Codified L § 58-26-60 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-60 - Mortality tables used for group annuity and pure endowment contracts.

58-26-60. Mortality tables used for group annuity and pure endowment contracts.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. Source: SL 1995, ch 284, §16.
SD Codified L § 58-26-61 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-61 - Disability tables used for total and permanent disability.

58-26-61. Disability tables used for total and permanent disability.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 1-26 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. Source: SL 1995, ch 284, §17; SL 2015, ch 254, §9.
SD Codified L § 58-26-62 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-62 - Tables used for accidental death benefits.

58-26-62. Tables used for accidental death benefits.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 1-26 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. Source: SL 1995, ch 284, §18; SL 2015, ch 254, §10.
SD Codified L § 58-26-63 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-63 - Tables to be approved by director.

58-26-63. Tables to be approved by director.The tables for group life insurance, life insurance issued on the substandard basis, and other special benefits shall be approved by the director. Source: SL 1995, ch 284, §19.
SD Codified L § 58-26-64 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 26 - Valuation Of Assets, Liabilities And Reserves|Section 58-26-64 - Minimum standard of valuation for individual annuity and pure endowment contracts and group annuity and pure endowment contracts on or after July 1, 1995.

58-26-64. Minimum standard of valuation for individual annuity and pure endowment contracts and group annuity and pure endowment contracts on or after July 1, 1995.Except as provided in §§58-26-71 to 58-26-74, 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 §§58-26-75 and 58-26-76 and the tables and interest rates set forth in §§58-26-65 to 58-26-69, inclusive. Source: SL 1995, ch 284, §20; SL 2015, ch 254, §11.