S.D. Admin. R. 20:06:57:09

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:57:09 - Annual report

A multiple employer trust shall file an annual report on or before the first day of March. The annual reports must be submitted for the preceding calendar year and must be verified by at least two of the trust's principal officers. The annual report shall be on the form designated by the director. The annual report shall be completed using statutory accounting practices and shall include information required by the director. The director may request additional reports and information from a multiple employer trust as deemed necessary to supplement the annual report. The annual report shall include:

(1) An independent actuarial opinion prepared in conformance with SDCL chapter 58-26 and ARSD chapter 20:06:37. The director may conduct an independent actuarial review of a multiple employer trust in addition to the actuarial opinion required by this rule. The cost of any actuarial review shall be paid by the multiple employer trust;

(2) A certificate of compliance signed and dated by the appropriate official representing the multiple employer trust that certifies the following:

(a) That the plan meets the requirements of this rule and the applicable provisions of the South Dakota statutes and regulations;

(b) That an independent actuarial opinion is attached to the certificate which attests to the adequacy of reserves, rates, and the financial condition of the plan. The actuarial opinion must include a brief commentary about the adequacy of the reserves, rates, and other financial condition of the plan, a test of the prior year's claim reserve, a brief description of how the reserves were calculated, and whether the plan is able to cover all reasonably anticipated expenses. The actuarial opinion shall be prepared, signed, and dated by a member of the American Academy of Actuaries;

(c) That a written complaint procedure for reviewing and resolving grievances from covered persons in accordance with SDCL chapter 58-17 I has been implemented. The certificate shall list the number of complaints filed by participants under the written complaint procedure and the percentage of participants filing written complaints in the prior calendar year; and

(d) That the multiple employer trust has contracted with an insurer authorized to do business in this state or with a third-party administrator who holds a current license or registration pursuant to SDCL chapter 58-29 D.

S.D. Admin. R. 20:06:57:09

40 SDR 102, effective 12/3/2013.

General Authority: SDCL 58-17I-16, 58-18-89, 58-29D-34.

Law Implemented: SDCL ch 58-17I, 58-18-89, ch 58-26, ch 58-29D.