South Dakota § 58-26-92 Prerequisites for adoption of NAIC valuation manual of instruction.

South Dakota Statutes

§ 58-26-92 — Prerequisites for adoption of NAIC valuation manual of instruction.

South Dakota·Title 58 INSURANCE·Ch. 58-26 VALUATION OF ASSETS, LIABILITIES AND RESERVES

The director may not adopt the NAIC valuation manual of instruction until all of the following have occurred:

(1)The valuation manual is adopted by the NAIC by an affirmative vote of at least forty-two members, or three-fourths of the members voting, whichever is greater;

(2)The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, is enacted by states representing greater than seventy-five percent of the direct premiums written as reported in the following annual statements submitted for 2008: life, accident, and health annual statements; health annual statements; or fraternal annual statements;

(3)The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar ter

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The director may not adopt the NAIC valuation manual of instruction until all of the following have occurred: (1) The valuation manual is adopted by the NAIC by an affirmative vote of at least forty-two members, or three-fourths of the members voting, whichever is greater; (2) The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, is enacted by states representing greater than seventy-five percent of the direct premiums written as reported in the following annual statements submitted for 2008: life, accident, and health annual statements; health annual statements; or fraternal annual statements; (3) The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, is enacted by at least forty-two of the following fifty-five jurisdictions: The fifty states of the United States, American Samoa, the American Virgin Islands, the District of Columbia, Guam, and Puerto Rico.

South Dakota § 58-26-92 (Prerequisites for adoption of NAIC valuation manual of instruction.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.