South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:06 - INSURANCE
Chapter 20:06:37 - Actuarial opinions and memorandums
Section 20:06:37:35 - Reliance paragraph - Examination of underlying records not completed

If the appointed actuary has not examined the underlying records, but has relied upon data (e.g., listings and summaries of policies in force or asset records) prepared by the company, the reliance paragraph shall include a sentence such as the following:

In forming my opinion on [specify types of reserves] I relied upon data prepared by [name and title of company officer certifying in force records or other data] as certified in the attached statements. I evaluated that data for reasonableness and consistency. I also reconciled that data to [exhibits and schedules to be listed as applicable] of the company's current annual statement. In other aspects, my examination included review of the actuarial assumptions and actuarial methods used and tests of the calculations I considered necessary.

Such a section must be accompanied by a statement by each person relied upon in the form prescribed in § 20:06:37:39.

General Authority: SDCL 58-26-46, 58-26-47, 58-26-50.

Law Implemented: SDCL 58-26-46, 58-26-47, 58-26-50.