reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-7 - Schedule of rates or premiums--Filing with director--Contents.

58-25-7. Schedule of rates or premiums--Filing with director--Contents.
Every insurer must file with the director, any manual or schedule of rates or premiums which it proposes to use, together with any rules or regulations governing the setting or making of such rates or premiums, and indicate the character or extent of coverage contemplated under such rates and premiums, except that insurers need not include rates or premiums for a special or unusual guarantee as defined in §58-25-5, and such rates or premiums may be classified individually and separately according to the circumstances peculiar to each case.
Source:
SL 1966, ch 111, ch 14, §3 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-8 - Contracts, policies, or guarantees required to be filed with director, exceptions.

58-25-8. Contracts, policies, or guarantees required to be filed with director, exceptions.
Every insurer must file with the director, all forms of contracts, policies, or guarantees of insurance with any and all types of modifications thereof, except as to special or unusual risks, which it proposes to use.
Source:
SL 1966, ch 111, ch 14, §3 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-9 - Change in rates or premiums or in contract forms--Filing with and approval by director required.

58-25-9. Change in rates or premiums or in contract forms--Filing with and approval by director required.
No change in rates or premiums or in the forms of contracts, policies, or guarantees of insurance shall be permitted to any insurer, unless and until a report indicating such change is filed and approved by the director.
Source:
SL 1966, ch 111, ch 14, §3 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-10 - Filing of rates and policies--Approval or disapproval by director.

58-25-10. Filing of rates and policies--Approval or disapproval by director.
Any filing made pursuant to §§58-25-7 to 58-25-9, inclusive, shall be approved by the director, unless he finds that such filing does not meet the requirements of this chapter or shall otherwise be contrary to law. As soon as reasonably possible after the filing has been made, the director shall, in writing, approve or disapprove the same; provided, however, that, if such filing has not been disapproved by the director within fifteen days from the date of filing, or within thirty days if such period be extended in writing by the director during the first fifteen days, it shall be deemed approved, and the rates, contracts, or other subject matter of such filing may be put into effect by the insurer at the expiration of such waiting period. In the event the director disapproves any filing, he shall specify in what respect he finds that such filing does not meet the requirements of this chapter or is otherwise contrary to law.
Source:
SL 1966, ch 111, ch 14, §3 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-11 - Finding of director that prior approved filing does not comply with law--Hearing on request--Affirmance or modification of prior action.

58-25-11. Finding of director that prior approved filing does not comply with law--Hearing on request--Affirmance or modification of prior action.
If at any time after the approval of a filing, the director should find that the filing does not meet the requirements of §§58-25-7 to 58-25-10, inclusive, or is otherwise contrary to law, or if any party having an interest in such filing should make complaint in writing, setting forth specific and reasonable causes for complaint to the director, or if any insurer, upon notice of disapproval by the director of a filing pursuant to this section, should so request, the director shall hold a hearing within thirty days and shall give notice of the hearing in writing to all parties in interest. The director may confirm, modify, change or rescind any previous action, if warranted by the facts shown at the hearing.
Source:
SL 1966, ch 111, ch 14, §3 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-12 - Issuance of contract, policy, or guarantee of insurance contrary to filings prohibited--Special risks excepted--Misdemeanor.

58-25-12. Issuance of contract, policy, or guarantee of insurance contrary to filings prohibited--Special risks excepted--Misdemeanor.
No insurer shall make or issue any contract, policy, or guarantee of insurance except in accordance with filings approved as provided in §58-25-10, except as to special or unusual risks for which no filing has been provided in §§58-25-7 and 58-25-8. Violation of this section is a Class 2 misdemeanor.
Source:
SL 1966, ch 111, ch 14, §3 (6); SL 1978, ch 359, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-13 - Deviations, rebates, and discounts prohibited.

58-25-13. Deviations, rebates, and discounts prohibited.
Every insurer shall hold to the rates or premiums as approved by the director and may not deviate therefrom nor allow to or for the account of any insured a rebate or discount on the rates or premiums payable. As compensation for procuring business, an insurer may pay or allow a commission to any licensed insurance producer of the insurer.
Source:
SL 1966, ch 111, ch 14, §3 (7); SL 2001, ch 286, §133.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-14 - Exchange of information and experience data--Consultation as to rate-making.

58-25-14. Exchange of information and experience data--Consultation as to rate-making.
In order to further more equitable establishment and adjustment of rates and premiums and forms of contracts, policies, or guarantees of insurance, the director and every insurer may exchange information and experience data with each other, and with the insurance supervisory officials and insurers in other states and with national organizations and associations and may consult and cooperate with them in respect to rate- and premium-making and forms of contracts, policies, and guarantees of insurance.
Source:
SL 1966, ch 111, ch 14, §3 (8).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-15 - False or misleading information as misdemeanor.

58-25-15. False or misleading information as misdemeanor.
No person or organization shall knowingly give false or misleading information to the director, to any insurer or to any other person which will in any manner affect the proper determination of rates or premiums, or the proper issuance of a contract, policy, or guarantee of insurance. Violation of this section is a Class 2 misdemeanor.
Source:
SL 1966, ch 111, ch 14, §5; SL 1978, ch 359, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-16 - Countersignature by agent or abstracter of county required--Violation as misdemeanor.

58-25-16. Countersignature by agent or abstracter of county required--Violation as misdemeanor.
No insurance company shall issue any policy of title insurance or certificate of title or other guarantee of title, covering any property located within the State of South Dakota, unless the same is countersigned by a person, partnership, or corporation, who has met the requirements of §§36-13-8 and 36-13-10 in the county in which the real property is located, or maintains an abstract plant in the county where the real property is located and meets the requirements of chapter 36-13. A violation of this section is a Class 2 misdemeanor.
Source:
SL 1966, ch 111, ch 14, §4; SL 1978, ch 359, §2; SL 1979, ch 345.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-17 - Violation of chapter--Imposition of penalties by director.

58-25-17. Violation of chapter--Imposition of penalties by director.
The director may, if he finds that any person or organization has violated any provision of this chapter, impose a penalty of not more than two hundred fifty dollars for each such violation, but, if he finds such violation to be willful he may impose a penalty of not more than one thousand dollars for each such violation. Such penalties may be in addition to any other penalty provided by law.
Source:
SL 1966, ch 111, ch 14, §6 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-18 - Suspension of license of insurer--Failure to comply with order of director--Time of taking effect--Duration.

58-25-18. Suspension of license of insurer--Failure to comply with order of director--Time of taking effect--Duration.
The director may suspend the license of any insurer who fails to comply with any lawful order of the director within the time limited by such order, or any extension thereof which the director may grant. The director shall not suspend the license of any insurer for failure to comply with an order until the time prescribed for an appeal therefrom has expired or, if any appeal has been taken, until such order has been affirmed. The director may determine when a suspension of license shall become effective, and it shall remain in effect for a period fixed by him, unless he modifies or rescinds such suspension, or until the order upon which such suspension is based is modified, rescinded, or reversed.
Source:
SL 1966, ch 111, ch 14, §6 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-19 - Written order of director for imposition of penalty and suspension of license--Hearing, notice, findings.

58-25-19. Written order of director for imposition of penalty and suspension of license--Hearing, notice, findings.
No penalty shall be imposed and no license shall be suspended except upon written order of the director, stating his findings, made after a hearing held upon not less than ten days' written notice to such person or insurer and specifying the alleged violation.
Source:
SL 1966, ch 111, ch 14, §6 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-20 - Conduct of hearings before director.

58-25-20. Conduct of hearings before director.
Hearings before the director as to matters under this chapter shall be conducted in accordance with chapter 1-26.
Source:
SL 1966, ch 111, ch 14, §7 (1); SL 1978, ch 359, §16.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-22 - Title insurance company to maintain reserve--Amount.

58-25-22. Title insurance company to maintain reserve--Amount.
A title insurance company shall establish and maintain a statutory premium reserve of not less than an amount computed in accordance with this section. The statutory premium reserve shall consist of the aggregate of the statutory premium reserve on January 1, 2002, and:
(1)A sum equal to twenty-four cents for each one thousand dollars of net retained liability under each title insurance policy written for less than five hundred thousand dollars after January 1, 2002; and
(2)A sum equal to twelve cents for each one thousand dollars of net retained liability under each title insurance policy written for five hundred thousand dollars or greater after January 1, 2002.
Source:
SL 2002, ch 239, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-23 - Reserves restored to net profits over twenty-year period--Amortization rate.

58-25-23. Reserves restored to net profits over twenty-year period--Amortization rate.
The aggregate of the amounts set aside in this reserve in any calendar year pursuant to §58-25-22 shall be released from the reserve and restored to net profits over a period of twenty years at an amortization rate not to exceed the following formula: thirty-five percent of the aggregate sum on July first of the year next succeeding the year of addition; fifteen percent of the aggregate sum on July first of each of the succeeding two years; ten percent of the aggregate sum on July first of the next succeeding year; three percent of the aggregate sum on July first of each of the next three succeeding years; two percent of the aggregate sum on July first of each of the next three succeeding years; and one percent of the aggregate sum on July first of each of the next succeeding ten years.
Source:
SL 2002, ch 239, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-24 - Calculation of adjusted statutory or unearned premium reserve.

58-25-24. Calculation of adjusted statutory or unearned premium reserve.
The insurer shall calculate an adjusted statutory or unearned premium reserve as of the year of first application of §58-25-22. The adjusted reserve must be calculated as if §58-25-22 had been in effect for each year beginning twenty years before the year of first application of §58-25-22. For purposes of this calculation, the balance of the reserve as of that date is considered to be zero. If the adjusted reserve so calculated exceeds the aggregate amount set aside for statutory or unearned premiums in the insurer's most recent annual statement filed with the director, the insurer shall, out of total charges for policies of title insurance, increase its statutory or unearned premium reserve by an amount equal to one-sixth of that excess in each of the succeeding six years, beginning with the calendar year that includes the year of first application of §58-25-22 until the entire excess has been added.
Source:
SL 2002, ch 239, §3.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-25 - Adjusted reserves restored to net profits or equity.

58-25-25. Adjusted reserves restored to net profits or equity.
The aggregate of the amounts set aside in this reserve in any calendar year as adjustments to the insurer's statutory or unearned premium reserve pursuant to §58-25-24 shall be released from the reserve and restored to net profits, or equity if the additions required by §58-25-24 reduced equity directly, over a period not exceeding ten years pursuant to the following table:
Year of Addition
Release
Year 1
Equally over ten years
Year 2
Equally over nine years
Year 3
Equally over eight years
Year 4
Equally over seven years
Year 5
Equally over six years
Year 6
Equally over five years
For purposes of this section, year is the calendar year following the year of first application of §55-25-22. Source: SL 2002, ch 239, §4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-26 - Title insurer to maintain known claim reserve--Amount.

58-25-26. Title insurer to maintain known claim reserve--Amount.
A title insurer shall establish and maintain a known claim reserve in an amount estimated to be sufficient to cover all unpaid losses, claims, and allocated loss adjustment expenses arising under title insurance policies, guaranteed certificates of title, guaranteed searches, and guaranteed abstracts of title and all unpaid losses, claims, and allocated loss adjustment expenses for which the title insurer may be liable and for which the title insurer has received notice by or on behalf of the insured, holder of a guarantee or escrow, or security depositor.
Source:
SL 2002, ch 239, §5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 25 - Title Insurance Rates And Policies › Section 58-25-27 - Supplemental reserve to cover liabilities.

58-25-27. Supplemental reserve to cover liabilities.
A supplemental reserve shall be established consisting of any other reserves necessary, when taken in combination with the reserves required by §§58-25-22 to 58-25-27, inclusive, to cover the company's liabilities with respect to all losses, claims, and loss adjustment expenses.
Source:
SL 2002, ch 239, §6.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-2 - Valuation of bonds or other evidences of debt--Method of calculation.

58-26-2. Valuation of bonds or other evidences of debt--Method of calculation.
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:
(1)If purchased at par, at the par value;
(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;
(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;
(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.
The director shall have full discretion in determining the method of calculating values according to the rules set forth in this section.
Source:
SL 1966, ch 111, ch 5, §12.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-3 - Valuation of securities other than evidences of debt.

58-26-3. Valuation of securities other than evidences of debt.
Securities, other than those referred to in §58-26-2, 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.
Source:
SL 1966, ch 111, ch 5, §13 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-4 - Preferred or guaranteed stocks--Method of computing value approved by director.

58-26-4. Preferred or guaranteed stocks--Method of computing value approved by director.
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.
Source:
SL 1966, ch 111, ch 5, §13 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-5 - Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation.

58-26-5. Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation.
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.
Source:
SL 1966, ch 111, ch 5, §14 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-6 - Purchase money mortgage on real property--Restriction as to valuation.

58-26-6. Purchase money mortgage on real property--Restriction as to valuation.
Purchase money mortgages on real property referred to in §58-26-5 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.
Source:
SL 1966, ch 111, ch 5, §15.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-7 - Appraisal for valuation of other real property.

58-26-7. Appraisal for valuation of other real property.
Real property held by an insurer, other than that described in §58-26-5, 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.
Source:
SL 1966, ch 111, ch 5, §14 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-8 - Personal property acquired pursuant to chattel mortgage--Restriction as to valuation.

58-26-8. Personal property acquired pursuant to chattel mortgage--Restriction as to valuation.
Personal property acquired pursuant to chattel mortgages made in accordance with §§58-27-45 to 58-27-47, 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.
Source:
SL 1966, ch 111, ch 5, §14 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-9 - Valuation not to be inconsistent with approved method.

58-26-9. Valuation not to be inconsistent with approved method.
No valuations under §§58-26-2 to 58-26-8, 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.
Source:
SL 1966, ch 111, ch 5, §16.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-10 - Assets not allowed in determining financial condition.

58-26-10. Assets not allowed in determining financial condition.
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:
(1)Goodwill, except goodwill permitted by §58-26-1, trade names, and other like intangible assets;
(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;
(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;
(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;
(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.
Source:
SL 1966, ch 111, ch 5, §3; SL 2001, ch 286, §134; SL 2004, ch 308, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-10.1 - Radio and television facilities allowable as assets.

58-26-10.1. Radio and television facilities allowable as assets.
If an investment pursuant to §58-27-51 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).
Source:
SDCL, §58-27-51 as added by SL 1974, ch 317.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-11 - Capital stock and liabilities chargeable against assets.

58-26-11. Capital stock and liabilities chargeable against assets.
In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include:
(1)The amount of its capital stock outstanding, if any;
(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;
(3)With reference to life insurance, annuity contracts, and disability and accidental death benefits:
(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;
(b)Reserves for disability benefits, for both active and disabled lives;
(c)Reserves for accidental death benefits; and
(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;
(4)With reference to health insurance, the amount of reserves required pursuant to §58-26-30;
(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;
(6)Taxes, expenses, and other obligations due or accrued at the date of the statement.
Source:
SL 1966, ch 111, ch 5, §4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-12 - Assets allowed as deductions from corresponding liabilities.

58-26-12. Assets allowed as deductions from corresponding liabilities.
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.
Source:
SL 1966, ch 111, ch 5, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-13.1 - Actuarial opinion of property, casualty, and health insurers.

58-26-13.1. Actuarial opinion of property, casualty, and health insurers.
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 1-26.
Source:
SL 1992, ch 349, §2; SL 1993, ch 357, §5; SL 1994, ch 375, §3; SL 1997, ch 293, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-13.2 - Time limit for compliance with actuary opinion requirements.

58-26-13.2. Time limit for compliance with actuary opinion requirements.
Each domestic insurer shall comply with §§58-26-13.1 and 58-26-44 for the year ending December 31, 1993, and each year thereafter, unless the director permits otherwise.
Each foreign insurer shall comply with §§58-26-13.1 and 58-26-44 for the year ending December 31, 1994, and each year thereafter, unless the director permits otherwise.
Source:
SL 1992, ch 349, §4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-30 - Reserve requirements for health insurance.

58-26-30. Reserve requirements for health insurance.
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.
Source:
SL 1966, ch 111, ch 5, §7.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-31 - Reserve for outstanding losses under liability insurance and workers' compensation.

58-26-31. Reserve for outstanding losses under liability insurance and workers' compensation.
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 §§58-26-32 to 58-26-35, inclusive.
Source:
SL 1966, ch 111, ch 5, §8.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-32 - Reserve for workers' compensation claims under policies written in three years preceding.

58-26-32. Reserve for workers' compensation claims under policies written in three years preceding.
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 §58-26-31 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 1-26. 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-year period.
Source:
SL 1966, ch 111, ch 5, §8 (4); SL 1995, ch 284, §44.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-33 - Reserve for workers' compensation claims under policies written more than three years preceding.

58-26-33. Reserve for workers' compensation claims under policies written more than three years preceding.
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 §58-26-31 shall be the present value at four per cent interest of the determined and the estimated future payments.
Source:
SL 1966, ch 111, ch 5, §8 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-34 - Reserve for liability policies written during three years preceding.

58-26-34. Reserve for liability policies written during three years preceding.
For all liability policies written during the three years immediately preceding the date as of which the statement is made, the reserve required by §58-26-31 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 1-26. But in any event, the reserve may not be less than the determined and estimated unpaid claims under policies written during the three-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 §58-26-31 shall be determined and estimated unpaid claims.
Source:
SL 1966, ch 111, ch 5, §8 (2); SL 1995, ch 284, §45.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-35 - Maintaining a reserve for outstanding losses under credit insurance policies.

58-26-35. Maintaining a reserve for outstanding losses under credit insurance policies.
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 1-26. But in any event, the reserve may not be less than the determined and estimated unpaid claims on all policies.
Source:
SL 1966, ch 111, ch 5, §8 (1); SL 1995, ch 284, §46.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-36 - Unearned premium reserve--Insurers required to maintain.

58-26-36. Unearned premium reserve--Insurers required to maintain.
As to insurance against loss or damage to property, except as provided in §58-26-41, and as to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force.
Source:
SL 1966, ch 111, ch 5, §5 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-37 - Unearned premium reserve--Computation--Use of table.

58-26-37. Unearned premium reserve--Computation--Use of table.
The director may require that reserves required by §58-26-36 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:
Term for which policy was written
Reserve for unearned premium
1 Year or less
1/2
2 Years
1st Year
3/4
2nd Year
1/4
3 Years
1st Year
5/6
2nd Year
1/2
3rd Year
1/6
4 Years
1st Year
7/8
2nd Year
5/8
3rd Year
3/8
4th Year
1/8
5 Years
1st Year
9/10
2nd Year
7/10
3rd Year
1/2
4th Year
3/10
5th Year
1/10
Over 5 Years
Pro Rata
Source:
SL 1966, ch 111, ch 5, §5 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-38 - Unearned premium reserve--Computation on a prorata basis.

58-26-38. Unearned premium reserve--Computation on a prorata basis.
In lieu of computation according to the table in §58-26-37, the insurer at its option may compute all of the reserves required by §58-26-36 on a monthly or more frequent prorata basis.
Source:
SL 1966, ch 111, ch 5, §5 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-39 - Change in method of computation of unearned premium reserve--Approval of director required.

58-26-39. Change in method of computation of unearned premium reserve--Approval of director required.
After adopting a method for computing the reserve required by §58-26-36, an insurer shall not change methods without approval of the director.
Source:
SL 1966, ch 111, ch 5, §5 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-40 - Unearned premium reserve provisions inapplicable to title insurance.

58-26-40. Unearned premium reserve provisions inapplicable to title insurance.
Sections 58-26-36 to 58-26-39, inclusive, do not apply to title insurance.
Source:
SL 1966, ch 111, ch 5, §5 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-41 - Unearned premium reserve on marine and transportation insurance.

58-26-41. Unearned premium reserve on marine and transportation insurance.
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.
Source:
SL 1966, ch 111, ch 5, §6.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-43 - Increase of inadequate reserves.

58-26-43. Increase of inadequate reserves.
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.
Source:
SL 1966, ch 111, ch 5, §9.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 26 - Valuation Of Assets, Liabilities And Reserves › Section 58-26-44 - Application of chapter.

58-26-44. Application of chapter.
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.
Source:
SL 1992, ch 349, §3.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.