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(a) In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then-estimates of future experience, or in the case of any plan of life insurance or annuity which is of such a nature that the minimum reserves cannot be determined by the methods described in §§ 23-84-106, 23-84-107, and 23-84-110, the reserves which are held under any such plan must be:
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(1) Appropriate in relation to the benefits and the pattern of premiums for that plan; and
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(2) Computed by a method which is consistent with the principles of this chapter, as determined by rules promulgated by the Insurance Commissioner.
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(b) Notwithstanding any other provisions in the law of this state, any policy, contract, or certificate providing life insurance under any plan must be affirmatively approved by the commissioner before it can be marketed, issued, delivered, or used in this state.
