S.D. Admin. R. 20:06:30:07
An agreement entered into after the effective date of this chapter which involves the reinsurance of business issued before the effective date of the agreement, along with any subsequent amendments to the agreement, must be filed by the ceding company with the director within 30 days from its date of execution. Each filing must include data detailing the financial impact of the transaction. The ceding insurer's actuary who signs the financial statement actuarial opinion regarding valuation of reserves shall consider this chapter and any applicable actuarial standards of practice when determining the proper credit in financial statements filed with this division. The actuary shall maintain documentation and be prepared upon request to describe the actuarial work performed for inclusion in the financial statements and to demonstrate that such work conforms to this chapter.
S.D. Admin. R. 20:06:30:07
General Authority: SDCL 58-14-17.
Law Implemented: SDCL 58-14-17.
Actuarial Standards of Practice, American Academy of Actuaries. Copies may be obtained free of charge on the website: http://www.actuarialstandardsboard.org/asops.htm.