Each opinion required by §§ 58-26-47 and 58-26-48 shall be governed by the following provisions: (1) A memorandum, in form and substance acceptable to the director as specified by rules promulgated pursuant to chapter 1-26 , shall be prepared to support each actuarial opinion; (2) If the insurance company fails to provide a supporting memorandum at the request of the director within a period specified or the director determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the rules or is otherwise unacceptable to the director, the director may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting memorandum as is required by the director.
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