A qualified actuary is an individual who meets the following requirements:

1. (1) Is a member in good standing of the American Academy of Actuaries;
2. (2) Is qualified to sign statements of actuarial opinion for life and health insurance company annual statements in accordance with the qualification standards of the American Academy of Actuaries for actuaries signing such statements, "Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States," American Academy of Actuaries, effective January 1, 2008;
3. (3) Is familiar with the valuation requirements applicable to life and health insurance companies;

4. (4) Has not been found by the director to have done any of the following pursuant to notice and hearing, or if so found and disciplined, has subsequently been reinstated as a qualified actuary:

   1. (a) Violated any provision of, or any obligation imposed by SDCL Title 58 or other law in the course of dealings as a qualified actuary;
   2. (b) Been found guilty of fraudulent or dishonest practices;
   3. (c) Demonstrated incompetency to act as a qualified actuary, a lack of cooperation, or untrustworthiness;
   4. (d) Submitted to the director after the effective date of this chapter, an actuarial opinion or memorandum that the director rejected because it did not meet the provisions of this chapter, including standards set by the Actuarial Standards Board in Actuarial Standards of Practice; or
   5. (e) Resigned or been removed as an actuary within the past five years as a result of acts or omissions indicated in any adverse report on examination or as a result of failure to adhere to generally accepted actuarial standards; and

5. (5) Has not failed to notify the director of any action taken by the director of any other state similar to that under subdivision (4) of this section.

   References

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

   2. Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States, effective January 1, 2008.

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 58-26-52.

Law Implemented: SDCL 58-26-46.