Rule 20:06:22:03 Rate filings.
20:06:22:03. Rate filings. Every policy form affecting
benefits which is submitted for approval must be accompanied by a rate filing
unless the form does not require a change in the rate. Any subsequent addition
to or change in rates applicable to the policy must also be filed.
The rate filing shall include the
(1) An actuarial memorandum
describing the basis on which rates were determined;
(2) An indication and
description of the calculation of the anticipated loss ratio over the entire
period for which rates are computed to provide coverage;
(3) A certification by an
actuary that, to the best of the actuary's knowledge and judgment, the entire
rate filing is in compliance with the applicable laws and rules of South Dakota
and that the benefits are reasonable in relation to premiums;
(4) A rate schedule based
on the rates to be used from the effective date of the rate filing.
16 SDR 208, effective June 3, 1990.
Authority: SDCL 58-4-1.
Implemented: SDCL 58-17-4.1, 58-17-4.2.
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