S.D. Admin. R. 20:06:38:25

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:38:25 - Illustration actuary requirements

(1) Be a member in good standing of the American Academy of Actuaries;

(2) Be familiar with the standard of practice regarding life insurance policy illustrations;

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

(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;

(b) Been found guilty of fraudulent or dishonest practices;

(c) Demonstrated incompetence, lack of cooperation, or untrustworthiness to act as an illustration actuary; or

(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) 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.

S.D. Admin. R. 20:06:38:25

23 SDR 228, effective 7/1/1997.

General Authority: SDCL 58-33-5.1.

Law Implemented: SDCL 58-33-5.1.

Definitions, § 20:06:37:01.