Terms used in this chapter are defined as follows:

1. (1) "Actuarial opinion," the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with this chapter and with presently accepted actuarial standards as set forth in Actuarial Standards of Practice;
2. (2) "Actuarial Standards Board," the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice;
3. (3) "Annual statement," the statement required by SDCL 58-6-75 to be filed by the company with the director annually;
4. (4) "Appointed actuary," an individual who is appointed or retained in accordance with the requirements in § 20:06:37:06 to provide the actuarial opinion and supporting memorandum as required by SDCL 58-26-46 to 58-26-55, inclusive;
5. (5) "Asset adequacy analysis," an analysis that meets the standards and other requirements referred to in § 20:06:37:07;
6. (6) "Director," the director of the South Dakota Division of Insurance;
7. (7) "Company," a life insurance company, fraternal benefit society, or reinsurer subject to this chapter;

8. (8) "Qualified actuary," an individual who meets the requirements in § 20:06:37:05.

   Reference: Actuarial Standards of Practice, American Academy of Actuaries. Copies may be obtained from the American Academy of Actuaries free of charge on the website: http://www.actuarialstandardsboard.org/asops.htm.

Source: 23 SDR 236, effective July 16, 1997; 25 SDR 13, effective August 9, 1998; 26 SDR 26, effective September 1, 1999; 27 SDR 54, effective December 4, 2000; 30 SDR 39, effective September 28, 2003; 34 SDR 297, effective June 2, 2008.

General Authority: SDCL 58-26-46.

Law Implemented: SDCL 58-26-46.