The board of directors of each insurer shall appoint one or more illustration actuaries to certify the following:

1. (1) The disciplined current scale used in illustrations is in conformity with standards contained in the Actuarial Standard of Practice No. 24 - Compliance with the NAIC Life Insurance Illustrations Model Regulation, effective March 31, 1996, to the extent that those standards are consistent with provisions of this chapter; and

2. (2) The illustrated scales used in insurer-authorized illustrations meet the requirements of this chapter.

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

Source: 23 SDR 228, effective July 1, 1997; 26 SDR 26, effective September 1, 1999; 27 SDR 54, effective December 4, 2000; 30 SDR 39, effective September 28, 2003.

General Authority: SDCL 58-33-5.1.

Law Implemented: SDCL 58-33-5.1.