58-43-16.6Election of controlling person to designate audit committee.

To exercise the election of the controlling person to designate the audit committee for purposes of this chapter, the ultimate controlling person shall provide written notice to the directors of the affected insurer. Notification shall be made timely prior to the issuance of the statutory audit report and include a description of the basis for the election. The election can be changed through notice to the director by the insurer, which shall include a description of the basis for the change. The election shall remain in effect until rescinded.

If an audit committee is not designated by the insurer, the insurer's entire board of directors shall constitute the audit committee.

Source: SL 2009, ch 271, § 21, eff. Jan. 1, 2010.