58-26-76. Valuation of reserves for certain annuity or pure endowment contracts.
This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, as of January 1, 1995.
Reserves according to the commissioners' annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, are the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from the future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate or rates, specified in the contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of the contract to determine nonforfeiture values.
Source: SL 1995, ch 284, §32.
Structure South Dakota Codified Laws
Chapter 26 - Valuation Of Assets, Liabilities And Reserves
Section 58-26-1 - Assets allowed in determination of financial condition.
Section 58-26-2 - Valuation of bonds or other evidences of debt--Method of calculation.
Section 58-26-3 - Valuation of securities other than evidences of debt.
Section 58-26-4 - Preferred or guaranteed stocks--Method of computing value approved by director.
Section 58-26-6 - Purchase money mortgage on real property--Restriction as to valuation.
Section 58-26-7 - Appraisal for valuation of other real property.
Section 58-26-9 - Valuation not to be inconsistent with approved method.
Section 58-26-10 - Assets not allowed in determining financial condition.
Section 58-26-10.1 - Radio and television facilities allowable as assets.
Section 58-26-11 - Capital stock and liabilities chargeable against assets.
Section 58-26-12 - Assets allowed as deductions from corresponding liabilities.
Section 58-26-13.1 - Actuarial opinion of property, casualty, and health insurers.
Section 58-26-13.2 - Time limit for compliance with actuary opinion requirements.
Section 58-26-30 - Reserve requirements for health insurance.
Section 58-26-34 - Reserve for liability policies written during three years preceding.
Section 58-26-35 - Maintaining a reserve for outstanding losses under credit insurance policies.
Section 58-26-36 - Unearned premium reserve--Insurers required to maintain.
Section 58-26-37 - Unearned premium reserve--Computation--Use of table.
Section 58-26-38 - Unearned premium reserve--Computation on a prorata basis.
Section 58-26-40 - Unearned premium reserve provisions inapplicable to title insurance.
Section 58-26-41 - Unearned premium reserve on marine and transportation insurance.
Section 58-26-43 - Increase of inadequate reserves.
Section 58-26-44 - Application of chapter.
Section 58-26-44.1 - Definition of terms in §§ 58-26-45 to 58-26-105.
Section 58-26-46 - Annual opinion of qualified actuary required--Promulgation of rules.
Section 58-26-47 - Opinion required as to adequacy of reserves to provide for company's obligations.
Section 58-26-48 - Promulgation of rules for establishing higher reserves.
Section 58-26-49 - Form and substance of actuary's opinion.
Section 58-26-50 - Provisions governing submission of actuary's opinion.
Section 58-26-51 - Opinion submitted by foreign or alien company.
Section 58-26-52 - Qualified actuary defined.
Section 58-26-53 - Liability of qualified actuary.
Section 58-26-55 - Confidentiality of material supporting opinion of qualified actuary.
Section 58-26-56 - Minimum standard for valuation of policies and contracts.
Section 58-26-57 - Mortality tables used for ordinary life insurance policies.
Section 58-26-58 - Mortality tables used for industrial life insurance policies.
Section 58-26-59 - Mortality tables used for individual annuity and pure endowment contracts.
Section 58-26-60 - Mortality tables used for group annuity and pure endowment contracts.
Section 58-26-61 - Disability tables used for total and permanent disability.
Section 58-26-62 - Tables used for accidental death benefits.
Section 58-26-63 - Tables to be approved by director.
Section 58-26-71 - Calendar year statutory valuation interest rates defined.
Section 58-26-72 - Weighting factors.
Section 58-26-73 - Reference interest rate defined.
Section 58-26-74 - Alternative method for determination of reference interest rate.
Section 58-26-76 - Valuation of reserves for certain annuity or pure endowment contracts.
Section 58-26-77 - Minimum aggregate reserves for life insurance policies.
Section 58-26-80 - Company's greater standard of valuation may be lowered with director approval.
Section 58-26-87 - Actuarial report and workpapers to support actuarial opinion.
Section 58-26-92 - Prerequisites for adoption of NAIC valuation manual of instruction.
Section 58-26-93 - Adoption of change to valuation manual.
Section 58-26-94 - Specifications required for adoption of valuation manual.
Section 58-26-95 - Exceptions to valuation manual requirements.
Section 58-26-96 - Qualified actuary engaged by director or by official of another state.
Section 58-26-97 - Required change in assumption or method and adjustment of reserves.
Section 58-26-98 - Reserves to be established using principle-based valuation--Conditions.
Section 58-26-99 - Procedures, controls and report regarding principle-based valuation.
Section 58-26-100 - Prescribed formulaic reserve component.
Section 58-26-101 - Data to be submitted as prescribed in valuation manual.
Section 58-26-102 - Confidential information defined.
Section 58-26-103 - Confidential information privileged--Use and sharing.
Section 58-26-104 - Exceptions to confidentiality of information.
Section 58-26-105 - Exemption of certain forms or product lines of domestic insurer.