Sections 58-27-108, 58-27-109 - Rating and valuation of investments--Requirements--Divestment. "Institution" defined
58-27-108. Rating and valuation of investments--Requirements--Divestment. Any investment shall be rated and valued in accordance with standards promulgated by the Securities Valuation Office of the National Association of Insurance Commissioners as adopted by the director pursuant to rules promulgated pursuant to chapter 1-26. The rating of the investment must comply with the statutory requirement for the investment.
Any insurer may purchase any investment not rated by the Securities Valuation Office of the National Association of Insurance Commissioners if the investment has received an equivalent rating by an independent rating agency which is recognized by the Securities Valuation Office. If the insurer purchases an investment not previously rated and valued by the Securities Valuation Office, application for a rating and valuation shall be filed in accordance with the standards promulgated by the Securities Valuation Office. If the investment, when rated by the Securities Valuation Office, does not comply with the statutory requirement, the insurer must divest of the investment pursuant to § 58-27-97.
Nothing in this section is applicable to the assets in any separate accounts maintained by the insurer.
Source: SL 1994, ch 384, § 1; SL 1997, ch 294, § 30.