Reports required are as follows:

1. (1) Any company issuing individual variable contracts providing benefits in variable amounts shall mail to the contract holder at least once in each second and succeeding contract year, at the address last known to the company, a statement or statements reporting the investments held in the separate account and, in the case of contracts under which payments have not yet commenced, a statement as of a date not more than four months previous to the date of mailing. This statement shall contain the following:

   1. (a) The number of accumulation units credited to such contracts and the dollar value of a unit; or
   2. (b) The value of the contract holder's account;
2. (2) The company shall submit annually to the insurance director a statement of the business of its separate account or accounts on forms provided by the National Association of Insurance Commissioners.

Source: 4 SDR 6, effective August 9, 1977; 12 SDR 117, effective January 19, 1986; 12 SDR 151, 12 SDR 155, effective July 1, 1986.

General Authority: SDCL 58-28-31.

Law Implemented: SDCL 58-6-75 , 58-28-31.