58-26-45.1. Adoption of NAIC valuation manual of instruction--Valuation of reserve liabilities for contracts issued after operative date of valuation manual.
The director may, by rules promulgated pursuant to chapter 1-26, adopt the manual of valuation instruction adopted by the NAIC after the NAIC notifies the director that the valuation manual is operative. After the director adopts the NAIC valuation manual of instruction, the director shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the director may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided pursuant to this chapter.
The provisions in §§58-26-91 to 58-26-100, inclusive, shall apply to all policies and contracts issued on or after the operative date of the valuation manual.
Source: SL 2015, ch 254, §3.