The illustration actuary must meet the following requirements:

1. (1) Be a member in good standing of the American Academy of Actuaries;
2. (2) Be familiar with the standard of practice regarding life insurance policy illustrations;

3. (3) Not have been found by the director, following notice and hearing, to have done any of the following:

   1. (a) Violated any provision of, or any obligation imposed by, SDCL Title 58 or other law in the course of dealings as an illustration actuary;
   2. (b) Been found guilty of fraudulent or dishonest practices;
   3. (c) Demonstrated incompetence, lack of cooperation, or untrustworthiness to act as an illustration actuary; or
   4. (d) Resigned or been removed as an illustration 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 a failure to adhere to generally acceptable actuarial standards;
4. (4) Not fail to notify the director of any action taken by a commissioner of another state for an action similar to that under subdivision (3) of this section.

Source: 23 SDR 228, effective July 1, 1997.

General Authority: SDCL 58-33-5.1.

Law Implemented: SDCL 58-33-5.1.