58-17-4.2. Premium rates required to be reasonable--Rules to establish minimum standards promulgated by director. Premium rates charged for any individual accident and health insurance policy pursuant to this chapter shall be reasonable in relation to the benefits available under the policy. The director shall promulgate rules pursuant to chapter 1-26 to establish minimum standards in accordance with accepted actuarial principles and practices, for loss ratios of individual accident and health insurance policies on the basis of incurred claims experience and earned premiums.
Source: SL 1988, ch 399, § 2.
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