S.D. Admin. R. 20:06:37:31
The opening paragraph must generally indicate the appointed actuary's relationship to the company and the actuary's qualifications to sign the opinion. For a company actuary, the opening paragraph of the actuarial opinion must read as follows:
I, [name], am [title] of [insurance company name] and a member of the American Academy of Actuaries. I was appointed by, or by the authority of, the Board of Directors of the insurer to render this opinion as stated in the letter to the director dated [insert date]. I meet the academy qualification standards for rendering the opinion and am familiar with the valuation requirements applicable to life and health insurance companies.
For a consulting actuary, the opening paragraph must contain a sentence similar to the following:
I, [name], a member of the American Academy of Actuaries, am associated with the firm of [name of consulting firm]. I have been appointed by, or by the authority of, the Board of Directors of [name of company] to render this opinion as stated in the letter to the director dated [insert date] I meet the academy qualification standards for rendering the opinion and am familiar with the valuation requirements applicable to life and health insurance companies.
S.D. Admin. R. 20:06:37:31
General Authority: SDCL 58-26-46, 58-26-47, 58-26-50.
Law Implemented: SDCL 58-26-46, 58-26-47, 58-26-50.