SDCL § 58-28-14: Approval required to maintain guaranteed benefits and funds in separate account.

Except with the approval of the director and under such conditions as to investments and other matters as he may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for:

(1) Benefits guaranteed as to dollar amount and duration and

(2) Funds guaranteed as to principal amount or stated rate of interest shall not be maintained in a separate account.