58-27-89. Definition of terms.
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/sd/title-58/chapter-58-27/58-27-89·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Terms used in §§ 58-27-89 to 58-27-102 , inclusive, mean:
(1)"Admitted assets," assets as shown by the insurer's annual statement as of the December thirty - first next preceding date of acquisition of the investment by the insurer, or as shown by a current financial statement filed with the director, computed in the same manner as admitted assets in chapter 58-26 , and for purposes of computing any limitation based upon admitted assets, the insurer shall deduct from the amount of its admitted assets the amounts specified in subdivisions
(1)to
(3)of § 58-27-6 ;
(2)"Aggregate amount of medium to lower quality obligations," the aggregate statutory statement value thereof;
(3)"Lower grade obligations," obligations and preferred shares which are rated four, five, or six by the Securities Valuation Office of the National Associations of Insurance Commissioners;
(4)"Medium grade obligations," obligations and preferred shares which are rated three by the Securities Valuation Office of the National Association of Insurance Commissioners.