58-26-105. Exemption of certain forms or product lines of domestic insurer.
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/sd/title-58/chapter-58-26/58-26-105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in South Dakota from the requirements of §§ 58-26-91 to 58-26-97 , inclusive, provided:
(1)The director has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and
(2)The company computes reserves using assumptions and methods used prior to the operative date of the valuation manual in addition to any requirements established by the director and promulgated by regulation.
For any company granted an exemption pursuant to this section, §§ 58-26-46 to 58-26-84 , inclusive, are applicable. With respect to any company applying this exemption, any reference to §§ 58-26-91 to 58-26-97 , inclusive, found in §§ 58-26-46 to 58-26-84 , inclusive, is not applicable.