South Dakota Codified Laws 58-26-83. Requirements for reserves for life insurance providing for future premiumdetermination or for reserves undeterminable under methods in § 58-26-75,
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Any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance or annuity which is of a nature that the minimum reserves cannot be determined by the methods described in §§ 58-26-75, 58-26-76, 58-26-81, and 58-26-82, the reserves which are held under any plan must:
(1) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and
Terms Used In South Dakota Codified Laws 58-26-83
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(2) Be computed by a method which is consistent with the principles of this Standard Valuation Law, as determined by rules promulgated by the director pursuant to chapter 1-26.
Source: SL 1995, ch 284, § 39.