58-26-83. Requirements for reserves for life insurance providing for future premium determination or for reserves undeterminable under methods in § 58-26-75, 58-26-76, 58-26-81, or 58-26-82.
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/sd/title-58/chapter-58-26/58-26-83·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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
(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 .