ARSD 20:06:20:04. Administrative policies and procedures

Insurance companies must establish policies and procedures for transactions in financial futures prior to engaging in any hedging transaction. The policies and procedures must be approved by their board of directors and reviewed annually. The policies and procedures shall include, but are not limited to, the following: (1) Authorized investments; (2) Investment limitations; (3) Authorization and approval procedures; (4) Investment strategies and objectives; (5) Accounting and reporting procedures; and (6) Controls.