S.D. Admin. R. 20:06:09:31
The financial statement when filed with Form A must include, if available, information similar to SDCL 58-5A-4. Financial statements, exhibits, and three-year financial projections of the insurer(s) must be attached to the Form A as an appendix, and list the items attached under the financial statements and exhibits section of Form A.
The financial statements shall include the annual statements of the person identified in § 20:06:09:29(3) for the preceding five fiscal years, or for such lesser period as such applicant and its affiliates and any predecessors thereof shall have been in existence, and similar information covering the period from the end of such persons last fiscal year, if the information is available. The statements may be prepared individually or may be consolidated if consolidated statements are prepared in the usual course of business, unless the director requires otherwise.
The annual financial statements of the applicant must be accompanied by the certificate of an independent public accountant to the effect that the statements present fairly the financial position of the applicant and the results of its operations for the year then ended, in conformity with generally accepted accounting principles or with requirements of insurance or other accounting principles prescribed or permitted under law. If the applicant is an insurer which is actively engaged in the business of insurance, the financial statements need not be certified if they are based on the annual statement of the person filed with the insurance department of the person's domiciliary state and are in accordance with the requirements of insurance or other accounting principles prescribed or permitted under the law and regulations of that state.
S.D. Admin. R. 20:06:09:31
General Authority: SDCL 58-5A-70.
Law Implemented: SDCL 58-5A-4, 58-5A-70.
Valuation of assets, liabilities, and reserves, SDCL chapter 58-26; Annual statement of financial conditions of insurer, filing with director, form and contents, timeliness of filing, SDCL 58-6-75; Accounting principles, § 20:37:11:08.