Notices of Public Hearings to Adopt Rules
Notice of Public Hearing to Adopt Rules
October 24, 2016
A public hearing will be held in the West River Conference Room, 124 South Euclid Avenue, 2nd Floor, Pierre, South Dakota, on October 24, 2016 at 2 p.m., to consider the adoption and amendment of proposed rules to the following:
See the Rules Text as posted on October 3, 2016. (in Adobe .pdf format*)
The effect of this rule change is to adopt the National Association of Insurance Commissioners’ Valuation Manual.
The reason for adopting this rule is to revise the reserving requirements for insurers. The new reserving method is Principle-Based Reserving, or PBR, and will be determined using principles specified in the Valuation Manual.
Persons interested in presenting data, opinions, and arguments for or against the proposed rules may do so by appearing in person at the hearing or by sending them to the South Dakota Division of Insurance, 124 South Euclid Avenue, 2nd Floor, Pierre, South Dakota 57501.
After the hearing, the Division of Insurance will consider all written and oral comments it receives on the proposed rules. The comment period will remain open for ten days following the public hearing. The Division may modify or amend a proposed rule at that time to include or exclude matters that are described in this notice.
Notice is further given to individuals with disabilities that this hearing is being held in a physically accessible place. Please notify the Division of Insurance at least 48 hours before the public hearing if you have special needs for which special arrangements must be made. The telephone number for making special arrangements is (605) 773-3563.
If you are unable to open the text of the proposed rules using the Rules Text link above, the rules may be obtained as a Microsoft Word attachment by email request. Paper copies of the proposed rules may be obtained without charge from:
South Dakota Division of Insurance
124 South Euclid Avenue, 2nd Floor
Pierre, South Dakota 57501
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