S.D. Codified Laws § 58-35-59
The financial reporting standards, procedures and accounting principles for farm mutuals are those set forth in the following National Association of Insurance Commissioners' manuals as amended as of December 31, 1993: Annual Statement Instructions, Property and Casualty; Examiner's Handbook; and Accounting Practices and Procedures Manual, Fire and Casualty Insurance Companies. The director may waive any standard, procedure, or accounting principle which the director determines is inapplicable to a farm mutual. The director shall establish a date by which the farm mutuals shall comply with financial reporting standards, procedures, and accounting principles or any amendment to them. The director may promulgate rules, pursuant to chapter 1-26, for the enforcement of this section.
SDCL 58-35-59