Section 58-26-45 - Annual valuation of reserve liabilities--Calculating reserves. - South Dakota Statutes

58-26-45. Annual valuation of reserve liabilities--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, and may certify the amount of any of the reserves, specifying the mortality table or tables, rate or rates of interest, and the net level premium, or other methods used in the calculation of the reserves. 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 and if the official of the state or jurisdiction accepts as sufficient and for all valid legal purposes the certificate of valuation of the director when the certificate states the valuation to have been made in a specified manner according to which the aggregate reserves would be at least as large as if they had been computed in the manner prescribed by the law of that state or jurisdiction.

Source: SL 1995, ch 284, § 1.