<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.se3408881bb674c30a4b452f3607da1e6Normal { text-align: center; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.se3408881bb674c30a4b452f3607da1e6HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.se3408881bb674c30a4b452f3607da1e6HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.se3408881bb674c30a4b452f3607da1e6Normal-000000 { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.se3408881bb674c30a4b452f3607da1e6000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.se3408881bb674c30a4b452f3607da1e6B { margin-left: 1.38in; text-indent: -1.38in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A - INSURANCE HOLDING COMPANIES"><meta property="og:description" content="SDLRC Codified Law 58-5A - INSURANCE HOLDING COMPANIES"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6Normal"><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A</span></a></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6Normal"><span class="se3408881bb674c30a4b452f3607da1e6HG4C">INSURANCE HOLDING COMPANIES</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6Normal-000000"><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6000001"> </span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Definitions.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-2" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-2</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Domestic insurer defined.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-3" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Acquisition of control of or merger with domestic insurer--Information statement required--Approval by director required--Violation as misdemeanor.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-3.1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-3.1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Divestiture of controlling interest in domestic insurer--Notice to director and insurer.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-4" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-4</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Contents of information statement--Violation as misdemeanor.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-5" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-5</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Information statement required of partners or members of syndicate or group--Violation as misdemeanor.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-6" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-6</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Information required of corporations, officers, directors and certain owners of voting securities--Violation as misdemeanor.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-7" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-7</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Amendment of information statement--Violation as misdemeanor.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-8" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-8</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Federal or state registration statements utilized in furnishing information.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-9" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-9</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Approval by director of acquisition or merger--Grounds for disapproval.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-9.1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-9.1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Disapproval of dividends or distributions for violation--Order of supervision.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-10" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-10</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Time of hearing--Notice.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-10.1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-10.1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Request for public hearing on consolidated basis.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-11" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-11</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Procedure at hearing--Evidence admissible.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-11.1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-11.1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Cost of hearing officer--Retention of various experts at acquiring person's expense.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-12" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-12</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Time for director's determination after hearing.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-13" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-13</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Statements and notices mailed to shareholders--Expenses of mailing--Security required.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-14" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-14</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-14" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-14</span></a><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">. Repealed by SL 1992, ch 341, § 42</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-15" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-15</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Mergers and consolidations exempt from information and approval requirements.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-16" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-16</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Acquisitions exempt from information and approval requirements by order of director.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-17" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-17</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-17" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-17</span></a><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">. Repealed by SL 1990, ch 158, § 19</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-18" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-18</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Acquisition, divestiture, or merger without approval as misdemeanor.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-19" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-19</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Jurisdiction of court in Hughes County--Director as attorney for service of process.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-20" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-20</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Registration of subsidiary insurer--Time for registration--Statement required of foreign insurer.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-21" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-21</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Form and contents of registration statement.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-22" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-22</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Initial and annual registration fees.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-23" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-23</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Disclosure of immaterial information not required.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-24" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-24</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Report of changes required of registered insurer.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-25" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-25</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Termination of registration.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-26" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-26</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Consolidated registration statement or report by affiliated insurers.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-27" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-27</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Registration by insurer on behalf of affiliated insurer.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-28" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-28</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Insurer exempt from registration requirements on order of director.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-29" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-29</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Disclaimer of affiliation--Contents--Procedure on disallowance.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-29.1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-29.1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Annual enterprise risk report.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-30" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-30</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Failure to file registration statement or enterprise risk report--Penalty--Waiver.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-31" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-31</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Registration requirements satisfied by duplicate copies of federal filings.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-32" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-32</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Standards for material transactions by registered insurers with affiliates--Nonconformity.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-33" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-33</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-33" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-33</span></a><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">. Repealed by SL 1990, ch 158, § 26</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-34" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-34</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Adequacy of insurer's surplus--Factors considered.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-35" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-35</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Notice to director of extraordinary distribution--Approval by director.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-36" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-36</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Application for approval of extraordinary distribution--Contents.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-37" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-37</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Examination of insurers and affiliates.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-38" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-38</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Grounds for director's examination.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-38.1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-38.1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Production of records, books, and other information.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-38.2" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-38.2</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Examination of registered insurer's affiliates to obtain information.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-39" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-39</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Personnel employed by department for conduct of examination.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-40" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-40</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Insurer to pay expense of examination.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-41</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Confidentiality of information in possession or control of Division--Use in regulatory or legal action--Grounds for publication by director.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41.1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-41.1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Testimony in private civil action concerning confidential information prohibited.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41.2" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-41.2</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Certain sharing of confidential information permitted.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41.3" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-41.3</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Agreements regarding sharing of confidential information.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41.4" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-41.4</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Information in possession or control of NAIC or third-party consultant confidential.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41.5" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-41.5</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Confidentiality not waived by disclosure of information.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-42" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-42</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-42" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-42</span></a><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">. Repealed by SL 1978, ch 359, § 3</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-43" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-43</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Acquisition of subsidiaries--Limitations.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-44" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-44</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Disposition of investment in subsidiary upon cessation of control--Waiver.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-45" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-45</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Pre-acquisition notification--Person defined.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-46" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-46</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Acquisition and Involved insurer defined--Limited application.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-47" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-47</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Application of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-46" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-46</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-53" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-53</span></a><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">--Exceptions.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-48" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-48</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Pre-acquisition notification--Contents--Waiting period.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-49" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-49</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Action by director when acquisition lessens competition--Promulgation of rules establishing competitive standards.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-50" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-50</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Acquisitions subject to order under § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-69" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-69</span></a><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-51" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-51</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Plan for limiting anticompetitive impact of acquisition--Time limit.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-52" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-52</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Fine, suspension, or revocation for violation of cease and desist order.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-53" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-53</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Failure to comply with filing requirements--Fine.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-54" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-54</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Report of dividends and distributions to shareholders--Time limit.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-55" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-55</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Persons subject to registration to provide complete and accurate information to insurer.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-56" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-56</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Notification to director of certain transactions required.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-57" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-57</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Transactions entered into to avoid director's review prohibited.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-58" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-58</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Considerations in decision to approve or disapprove transactions.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-59" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-59</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Notification to director of certain investments into one corporation.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-60" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-60</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Certain securities not to be voted at shareholder's meeting--Application for injunction.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-61" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-61</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Petition to seize or sequester voting securities acquired in violation of chapter.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-62" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-62</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Violations by officers subject to fine--Determining amount of fine.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-63" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-63</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Transactions or contracts entered into without approval--Cease and desist order by director.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-64" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-64</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Criminal proceedings for violation committed knowingly--Fine.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-65" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-65</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    False statements, reports, or filings as felony.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-66" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-66</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Order for conservation, liquidation, or rehabilitation--Distribution and recovery--Liability.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-67" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-67</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Suspension, revocation, or refusal to renew license for violation.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-68" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-68</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Stay of director's action upon appeal to circuit court.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-69" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-69</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Order by director upon violation of standards--Cease and desist--Denial of license.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-70" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-70</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Promulgation of rules by director.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-71" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-71</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Application of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-60" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-60</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-61" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-61</span></a><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-72" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-72</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Ownership situs of voting securities.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-73" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-73</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Additional investments by domestic insurer.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-74" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-74</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Determining whether investments meet applicable requirements.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-75" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-75</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Investments subject to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=58-27" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-27</span></a><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-76" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-76</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Application to insurer not a member of same holding company.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-77" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-77</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Dividends paid from earned surplus--Exclusions--Promulgation of rules for ordinary dividends.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-78" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-78</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Director's participation in supervisory college to determine insurer compliance.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-79" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-79</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Expenses of director's participation in supervisory college.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Director's participation in supervisory college with other regulators.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.1" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.1</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Internationally active insurance group--Supervision.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.2" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.2</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    International active insurance group--Group-wide supervisor determination.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.3" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.3</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Internationally active insurance group--Group-wide supervisor acknowledgment.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.4" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.4</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Group-wide supervisor--Information for determination.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.5" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.5</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Group-wide supervisor--Director supervision--Permitted activities.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.6" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.6</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Group-wide supervisor--Director cooperation.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.7" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.7</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Information sharing.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.8" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.8</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Promulgation of rules.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.9" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-80.9</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Reasonable expenses.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-81" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Maintenance of risk management framework.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-82" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-82</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Regular conduct of ORSA.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-83" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-83</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Submission of ORSA summary report or comparable reports to division.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-84" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-84</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    ORSA summary report requirements.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-85" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-85</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Exemption from requirements.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-86" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-86</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Requirements where insurer or insurer's group does not qualify for exemption.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-87" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-87</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Insurer's application for waiver.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-88" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-88</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    One year period to comply with requirements following loss of qualification for exemption.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-89" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-89</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-90" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-90</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Confidentiality of information submitted to division.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-91" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-91</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Powers and duties of director regarding ORSA.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-92" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-92</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Sharing of information and documents by director--Confidentiality.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-93" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-93</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Promulgation of rules regarding ORSA.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-94" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-94</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Group capital calculation--Annual filing required--Promulgation of rules.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-95" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-95</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Group capital calculation--Annual filing exemptions.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-96" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-96</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Group capital calculation required.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-97" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-97</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Liquidity stress test framework--Scope criteria--Promulgation of rules.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-98" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-98</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Confidentiality of group capital calculation and liquidity stress test.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-99" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-99</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Insurer disclosure of certain confidential information permitted--Response to false or inappropriate statements.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-100" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-100</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Deposit or bond required for insurer in hazardous financial condition.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-101" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-101</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Insurer records and data held by affiliate--Property of insurer.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-102" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-102</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Premiums--Property of insurer.</span></p><p dir="ltr" class="se3408881bb674c30a4b452f3607da1e6B"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-103" rel="noopener"><span class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">58-5A-103</span></a><span xml:space="preserve" class="se3408881bb674c30a4b452f3607da1e6DefaultParagraphFont">    Affiliate of certain domestic insurers--Jurisdiction of insurer's appointees.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sac8696d4a0214fb2bf232d7a5d8c65a0Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sac8696d4a0214fb2bf232d7a5d8c65a0SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sac8696d4a0214fb2bf232d7a5d8c65a0CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; 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content="SDLRC Codified Law 58-5A-1 - Definitions."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-1"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0Normal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-1" rel="noopener"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0SENU">58-5A-1</span></a><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0SENU">. </span><span class="sac8696d4a0214fb2bf232d7a5d8c65a0CL">Definitions.</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0Statute"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(1)    "Affiliate of, or a person affiliated with, a specific person," any person who directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(2)    "Control," including "controlling," "controlled by," and "under common control with," the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is solely the result of an official position with, or a corporate office held by, the person. Control is presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten percent or more of the voting securities of any other person. This presumption may be rebutted by a showing made in the manner provided by § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-29" rel="noopener"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">58-5A-29</span></a><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont"> that control does not exist in fact;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(3)    "Enterprise risk," any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including anything that may cause the insurer's risk-based capital to fall into company action level or may cause the insurer to be in hazardous financial condition pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=58-4" rel="noopener"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">58-4</span></a><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(4)    "Group-wide supervisor," the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities who is determined or acknowledged by the director under the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.1" rel="noopener"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">58-5A-80.1</span></a><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80.8" rel="noopener"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">58-5A-80.8</span></a><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">, inclusive, to have sufficient significant contacts with the internationally active insurance group;</span><a id="_pagenumber2" class="sac8696d4a0214fb2bf232d7a5d8c65a0000000" rel="noopener"></a></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(5)    "Insurance group," for the purposes of conducting an ORSA, those insurers and affiliates included within an insurance holding company system;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(6)    "Insurance holding company system," any two or more affiliated persons, one or more of which is an insurer;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(7)    "Insurer," a company qualified and licensed by the director of the Division of Insurance to transact the business of insurance in this state. For ORSA purposes, the term, insurer, does not include agencies, authorities or instrumentalities of the United States, its possessions or territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(8)    "Internationally active insurance group," an insurance holding company system that includes an insurer registered under chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A" rel="noopener"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">58-5A</span></a><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont"> and that:</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber2"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(a)    Writes premiums in at least three countries;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber2"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(b)    Writes at least ten percent of its total gross premium outside the United States; and</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber2"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(c)    Based on a three-year rolling average, has total assets in the insurance holding company system of at least fifty billion dollars or the total gross written premiums of the insurance holding company system are at least ten billion dollars;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(9)    "NAIC," the National Association of Insurance Commissioners;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(10)    "NAIC liquidity stress test framework," the NAIC publication that includes a history of the NAIC's development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year, the liquidity stress test instructions, and reporting templates for a specific data year as approved by the NAIC and adopted by the director pursuant to rules promulgated under chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=1-26" rel="noopener"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">1-26</span></a><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(11)    "ORSA guidance manual," the version of the NAIC own risk and solvency assessment guidance manual as adopted by the director for use in South Dakota by administrative rule;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(12)    "ORSA summary report," a confidential high-level summary of an insurer or insurance group's ORSA;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(13)    "Own risk and solvency assessment" or "ORSA," a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan and the sufficiency of capital resources to support those risks;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(14)    "Security holder" of a specified person is one who owns any security of the person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(15)    "Scope criteria," the designated exposure bases along with minimum magnitudes thereof for the specified data year, used to establish a preliminary list of insurers considered scoped into the NAIC liquidity stress test framework for that data year as detailed in the NAIC liquidity stress test framework;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(16)    "Subsidiary of a specified person," any affiliate controlled by a person directly, or indirectly, through one or more intermediaries;</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0StatuteNumber1"><a id="_pagenumber3" class="sac8696d4a0214fb2bf232d7a5d8c65a0000000" rel="noopener"></a><span class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont">(17)    "Voting security," any security convertible into or evidencing a right to acquire a voting security.</span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0Normal"><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0000001"> </span></p><p dir="ltr" class="sac8696d4a0214fb2bf232d7a5d8c65a0NoIndent"><span xml:space="preserve" class="sac8696d4a0214fb2bf232d7a5d8c65a0DefaultParagraphFont-000002">Source: </span><span class="sac8696d4a0214fb2bf232d7a5d8c65a0SCL">SL 1972, ch 267, § 1; SL 1992, ch 341, § 1; SL 2015, ch 246, § 1; SL 2017, ch 210, § 1; SL 2020, ch 213, § 1; SL 2024, ch 201, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074153Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074153SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074153CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074153Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074153DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074153000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074153SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074153SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074153Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-2"><span class="s2074153SENU">58-5A-2</span></a><span xml:space="preserve" class="s2074153SENU">. </span><span class="s2074153CL">Domestic insurer defined.</span></p><p dir="ltr" class="s2074153Normal-000000"><span xml:space="preserve" class="s2074153DefaultParagraphFont">For purposes of §§ 58-5A-3 to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-18"><span class="s2074153DefaultParagraphFont">58-5A-18</span></a><span class="s2074153DefaultParagraphFont">, inclusive, a domestic insurer shall include any other person controlling a domestic insurer unless such other person is either directly or through its affiliates primarily engaged in business other than the business of insurance.</span></p><p dir="ltr" class="s2074153Normal"><span xml:space="preserve" class="s2074153000001"> </span></p><p dir="ltr" class="s2074153Normal"><span class="s2074153SCL">Source:</span><span xml:space="preserve" class="s2074153SCL-000002"> SL 1972, ch 267, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074154Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074154SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074154CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074154Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074154DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074154Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074154000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074154SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074154SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074154Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074154SENU">58-5A-3</span></a><span xml:space="preserve" class="s2074154SENU">. </span><span class="s2074154CL">Acquisition of control of or merger with domestic insurer--Information statement required--Approval by director required--Violation as misdemeanor.</span></p><p dir="ltr" class="s2074154Normal-000000"><span xml:space="preserve" class="s2074154DefaultParagraphFont">No person other than the issuer may make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, after the consummation thereof, such person would, directly or indirectly (or by conversion or by exercise of any right to acquire) be in control of such insurer, and no person may enter into an agreement to merge with or otherwise to acquire control of a domestic insurer unless, at the time any such offer, request, or invitation is made or any such agreement is entered into, or prior to the acquisition of such securities if no offer or agreement is involved, such person has filed with the director and has sent to such insurer, and such insurer has sent to its shareholders, a statement containing the information required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-4"><span class="s2074154DefaultParagraphFont">58-5A-4</span></a><span xml:space="preserve" class="s2074154DefaultParagraphFont"> and such offer, request, invitation, agreement, or acquisition has been approved by the director in the manner hereinafter prescribed.</span></p><p dir="ltr" class="s2074154Normal-000001"><span class="s2074154DefaultParagraphFont">A violation of this section is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2074154Normal"><span xml:space="preserve" class="s2074154000002"> </span></p><p dir="ltr" class="s2074154Normal"><span class="s2074154SCL">Source:</span><span xml:space="preserve" class="s2074154SCL-000003"> SL 1972, ch 267, § 2; SL 1990, ch 158, § 20.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074155Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074155SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074155CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074155Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074155DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074155Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074155000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074155SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074155SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074155Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3.1"><span class="s2074155SENU">58-5A-3.1</span></a><span xml:space="preserve" class="s2074155SENU">. </span><span class="s2074155CL">Divestiture of controlling interest in domestic insurer--Notice to director and insurer.</span></p><p dir="ltr" class="s2074155Normal-000000"><span class="s2074155DefaultParagraphFont">For purposes of this chapter, any controlling person of a domestic insurer seeking to divest the controlling interest in the domestic insurer, in any manner, shall file with the director, with a copy to the insurer, confidential notice of its proposed divestiture at least thirty days prior to the cessation of control. The director shall determine any instance in which a party seeking to divest or to acquire a controlling interest in an insurer is required to file for and obtain approval of the transaction.</span></p><p dir="ltr" class="s2074155Normal-000001"><span xml:space="preserve" class="s2074155DefaultParagraphFont">The information shall remain confidential until the conclusion of the transaction unless the director determines that confidential treatment interferes with enforcement of this section. If the statement referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074155DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074155DefaultParagraphFont"> is otherwise filed, the provisions of this section do not apply.</span></p><p dir="ltr" class="s2074155Normal"><span xml:space="preserve" class="s2074155000002"> </span></p><p dir="ltr" class="s2074155Normal"><span class="s2074155SCL">Source:</span><span xml:space="preserve" class="s2074155SCL-000003"> SL 2015, ch 246, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074156Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074156SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074156CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074156Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074156DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074156Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074156Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074156000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074156Normal-000004 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074156SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074156SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074156Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-4"><span class="s2074156SENU">58-5A-4</span></a><span xml:space="preserve" class="s2074156SENU">. </span><span class="s2074156CL">Contents of information statement--Violation as misdemeanor.</span></p><p dir="ltr" class="s2074156Normal-000000"><span xml:space="preserve" class="s2074156DefaultParagraphFont">The statement to be filed with the director as required pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> shall be made under oath or affirmation and shall contain the following information:</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(1)    The name and address of each person by whom or on whose behalf the merger or other acquisition of control referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> is to be effected (hereinafter called acquiring party); and</span></p><p dir="ltr" class="s2074156Normal-000002"><span class="s2074156DefaultParagraphFont">(a)    If the person is an individual, the person's principal occupation and all offices and positions held during the past five years, and any conviction of crimes other than minor traffic violations during the past ten years;</span></p><p dir="ltr" class="s2074156Normal-000002"><span class="s2074156DefaultParagraphFont">(b)    If the person is not an individual, a report of the nature of its business operations during the past five years or for a lesser period as the person and any predecessors thereof shall have been in existence; an informative description of the business intended to be done by the person and the person's subsidiaries; and a list of all individuals who are or who have been selected to become directors or executive officers of the person, or who perform or will perform functions appropriate to such positions. The list shall include for each such individual the information required by subsection (a) of this subdivision;</span></p><p dir="ltr" class="s2074156Normal-000001"><span class="s2074156DefaultParagraphFont">(2)    The source, nature, and amount of the consideration used or to be used in effecting the merger or other acquisition of control, a description of any transaction wherein funds were or are to be obtained for any such purpose, and the identity of persons furnishing the consideration. However, where a source of the consideration is a loan made in the lender's ordinary course of business, the identity of the lender is confidential, if the person filing the statement so requests;</span></p><p dir="ltr" class="s2074156Normal-000001"><span class="s2074156DefaultParagraphFont">(3)    Fully audited financial information as to the earnings and financial condition of each acquiring party for the preceding five fiscal years of each acquiring party (or for a lesser period as the acquiring party and any predecessors thereof have been in existence), and similar unaudited information as of a date not earlier than ninety days prior to the filing of the statement;</span></p><p dir="ltr" class="s2074156Normal-000001"><span class="s2074156DefaultParagraphFont">(4)    Any plans or proposals which each acquiring party may have to liquidate the insurer, to sell the insurer's assets or merge or consolidate the insurer with any person, or to make any other material change in the insurer's business or corporate structure or management;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(5)    The number of shares of any security referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> which each acquiring party proposes to acquire, and the terms of the offer, request, invitation, agreement, or acquisition referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span class="s2074156DefaultParagraphFont">, and a statement as to the method by which the fairness of the proposal was arrived at;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(6)    The amount of each class of any security referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> which is beneficially owned or concerning which there is a right to acquire beneficial ownership by each acquiring party;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(7)    A full description of any contract, arrangement, or understanding with respect to any security referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> in which any acquiring party is involved, including transfer of any of the securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss or guarantees of profits, division of losses or profits, or the giving or withholding of proxies. The description shall identify each person with whom the contract, arrangement, or understanding has been entered into;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(8)    A description of the purchase of any security referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> during the twelve calendar months preceding the filing of the statement, by any acquiring party, including the dates of purchase, names of the purchasers, and consideration paid or agreed to be paid therefor;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156000003"> </span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(9)    A description of any recommendations to purchase any security referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> made during the twelve calendar months preceding the filing of the statement, by any acquiring party, or by anyone based upon interviews or at the suggestion of the acquiring party;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(10)    A copy of all tender offers for, requests or invitations for tenders of exchange offers for, and agreements to acquire or exchange any securities referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span class="s2074156DefaultParagraphFont">, and, if distributed, of additional soliciting material related thereto;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(11)    The terms of any agreement, contract or understanding made with any broker-dealer as to solicitation of securities referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> for tender, and the amount of any fees, commissions or other compensation to be paid to broker-dealers with regard thereto;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(12)    An agreement by the person required to file the statement specified in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> that the person shall provide the annual report specified in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-29.1"><span class="s2074156DefaultParagraphFont">58-5A-29.1</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> if control exists;</span></p><p dir="ltr" class="s2074156Normal-000001"><span xml:space="preserve" class="s2074156DefaultParagraphFont">(13)    An acknowledgment by the person required to file the statement referred to in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074156DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3.1"><span class="s2074156DefaultParagraphFont">58-5A-3.1</span></a><span xml:space="preserve" class="s2074156DefaultParagraphFont"> that the person and all subsidiaries within the person's control in the insurance holding company system shall provide information to the director upon request as necessary to evaluate enterprise risk to the insurer; and</span></p><p dir="ltr" class="s2074156Normal-000001"><span class="s2074156DefaultParagraphFont">(14)    Such additional information as the director may require by rule as necessary or appropriate for the protection of policyholders and security holders of the insurer or in the public interest.</span></p><p dir="ltr" class="s2074156Normal-000004"><span class="s2074156DefaultParagraphFont">A violation of this section is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2074156Normal"><span xml:space="preserve" class="s2074156000003"> </span></p><p dir="ltr" class="s2074156Normal"><span class="s2074156SCL">Source:</span><span xml:space="preserve" class="s2074156SCL-000005"> SL 1972, ch 267, § 4; SL 1990, ch 158, § 21; SL 2015, ch 246, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074157Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074157SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074157CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074157Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074157DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074157Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074157000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074157SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074157SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074157Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-5"><span class="s2074157SENU">58-5A-5</span></a><span xml:space="preserve" class="s2074157SENU">. </span><span class="s2074157CL">Information statement required of partners or members of syndicate or group--Violation as misdemeanor.</span></p><p dir="ltr" class="s2074157Normal-000000"><span xml:space="preserve" class="s2074157DefaultParagraphFont">If the person required to file the statement referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074157DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074157DefaultParagraphFont"> is a partnership, limited partnership, syndicate or other group, the director may require that the information called for by subdivisions 58-5A-4(1) to (14), inclusive, shall be given with respect to each partner of the partnership or limited partnership, each member of the syndicate or group, and each person who controls a partner or member.</span></p><p dir="ltr" class="s2074157Normal-000001"><span class="s2074157DefaultParagraphFont">A violation of this section is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2074157Normal"><span xml:space="preserve" class="s2074157000002"> </span></p><p dir="ltr" class="s2074157Normal"><span class="s2074157SCL">Source:</span><span xml:space="preserve" class="s2074157SCL-000003"> SL 1972, ch 267, § 5; SL 1990, ch 158, § 22; SL 2015, ch 246, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074158Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074158SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074158CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074158Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074158DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074158Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074158000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074158SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074158SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074158Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-6"><span class="s2074158SENU">58-5A-6</span></a><span xml:space="preserve" class="s2074158SENU">. </span><span class="s2074158CL">Information required of corporations, officers, directors and certain owners of voting securities--Violation as misdemeanor.</span></p><p dir="ltr" class="s2074158Normal-000000"><span xml:space="preserve" class="s2074158DefaultParagraphFont">If any partner, member, or person is a corporation or the person required to file the statement referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074158DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074158DefaultParagraphFont"> is a corporation, the director may require that the information called for by subdivisions 58-5A-4(1) to (14), inclusive, shall be given with respect to a corporation, each officer and director of the corporation, and each person who is directly or indirectly the beneficial owner of more than ten percent of the outstanding voting securities of the corporation.</span></p><p dir="ltr" class="s2074158Normal-000001"><span class="s2074158DefaultParagraphFont">A violation of this section is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2074158Normal"><span xml:space="preserve" class="s2074158000002"> </span></p><p dir="ltr" class="s2074158Normal"><span class="s2074158SCL">Source:</span><span xml:space="preserve" class="s2074158SCL-000003"> SL 1972, ch 267, § 5; SL 1990, ch 158, § 23; SL 2015, ch 246, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074159Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074159SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074159CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074159Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074159DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074159Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074159000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074159SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074159SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074159Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-7"><span class="s2074159SENU">58-5A-7</span></a><span xml:space="preserve" class="s2074159SENU">. </span><span class="s2074159CL">Amendment of information statement--Violation as misdemeanor.</span></p><p dir="ltr" class="s2074159Normal-000000"><span xml:space="preserve" class="s2074159DefaultParagraphFont">If any material change occurs in the facts set forth in the statement filed with the director and sent to such insurer pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074159DefaultParagraphFont">58-5A-3</span></a><span class="s2074159DefaultParagraphFont">, an amendment setting forth such change, together with copies of all documents and other material relevant to such change, shall be filed with the director and sent to such insurer within two business days after the person learns of such change. Such insurer shall send such amendment to its shareholders.</span></p><p dir="ltr" class="s2074159Normal-000001"><span class="s2074159DefaultParagraphFont">A violation of this section is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2074159Normal"><span xml:space="preserve" class="s2074159000002"> </span></p><p dir="ltr" class="s2074159Normal"><span class="s2074159SCL">Source:</span><span xml:space="preserve" class="s2074159SCL-000003"> SL 1972, ch 267, § 6; SL 1990, ch 158, § 24.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074160Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074160SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074160CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074160Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074160DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074160000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074160SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074160SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074160Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-8"><span class="s2074160SENU">58-5A-8</span></a><span xml:space="preserve" class="s2074160SENU">. </span><span class="s2074160CL">Federal or state registration statements utilized in furnishing information.</span></p><p dir="ltr" class="s2074160Normal-000000"><span xml:space="preserve" class="s2074160DefaultParagraphFont">If any offer, request, invitation, agreement, or acquisition referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074160DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074160DefaultParagraphFont"> is proposed to be made by means of a registration statement under the Securities Act of 1933 or in circumstances requiring the disclosure of similar information under the Securities Exchange Act of 1934, or under a state law requiring similar registration or disclosure, the person required to file the statement referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074160DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074160DefaultParagraphFont"> may utilize such documents in furnishing the information called for by that statement.</span></p><p dir="ltr" class="s2074160Normal"><span xml:space="preserve" class="s2074160000001"> </span></p><p dir="ltr" class="s2074160Normal"><span class="s2074160SCL">Source:</span><span xml:space="preserve" class="s2074160SCL-000002"> SL 1972, ch 267, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074161Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074161SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074161CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074161Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074161DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074161Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074161Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074161000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074161SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074161SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074161Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-9"><span class="s2074161SENU">58-5A-9</span></a><span xml:space="preserve" class="s2074161SENU">. </span><span class="s2074161CL">Approval by director of acquisition or merger--Grounds for disapproval.</span></p><p dir="ltr" class="s2074161Normal-000000"><span xml:space="preserve" class="s2074161DefaultParagraphFont">The director shall approve any merger or other acquisition of control referred to in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074161DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074161DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-45"><span class="s2074161DefaultParagraphFont">58-5A-45</span></a><span xml:space="preserve" class="s2074161DefaultParagraphFont"> unless, after a public hearing he finds that:</span></p><p dir="ltr" class="s2074161Normal-000001"><span class="s2074161DefaultParagraphFont">(1)    After the change of control the domestic insurer would not be able to satisfy the requirements for the issuance of a license to write the line or lines of insurance for which it is presently licensed;</span></p><p dir="ltr" class="s2074161Normal-000001"><span class="s2074161DefaultParagraphFont">(2)    The effect of the merger or other acquisition of control would be substantially to lessen competition in insurance in this state or tend to create a monopoly. In applying the competitive standard in this subdivision:</span></p><p dir="ltr" class="s2074161Normal-000002"><span xml:space="preserve" class="s2074161DefaultParagraphFont">(a)    The informational requirements of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-48"><span class="s2074161DefaultParagraphFont">58-5A-48</span></a><span xml:space="preserve" class="s2074161DefaultParagraphFont"> and the standards of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-50"><span class="s2074161DefaultParagraphFont">58-5A-50</span></a><span xml:space="preserve" class="s2074161DefaultParagraphFont"> shall apply;</span></p><p dir="ltr" class="s2074161Normal-000002"><span xml:space="preserve" class="s2074161DefaultParagraphFont">(b)    The merger or other acquisition shall not be disapproved if the director finds that any of the situations meeting the criteria provided by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-50"><span class="s2074161DefaultParagraphFont">58-5A-50</span></a><span xml:space="preserve" class="s2074161DefaultParagraphFont"> exist; and</span></p><p dir="ltr" class="s2074161Normal-000002"><span class="s2074161DefaultParagraphFont">(c)    The director may condition the approval of the merger or other acquisition on the removal of the basis of disapproval within a specified period of time;</span></p><p dir="ltr" class="s2074161Normal-000001"><span class="s2074161DefaultParagraphFont">(3)    The financial condition of any acquiring party is such as might jeopardize the financial stability of the insurer, or prejudice the interest of its policyholders;</span></p><p dir="ltr" class="s2074161Normal-000001"><span class="s2074161DefaultParagraphFont">(4)    The plans or proposals which the acquiring party has to liquidate the insurer, sell its assets or consolidate or merge it with any person, or to make any other material change in its business or corporate structure or management, are unfair and unreasonable to policyholders of the insurer and not in the public interest;</span></p><p dir="ltr" class="s2074161Normal-000001"><span class="s2074161DefaultParagraphFont">(5)    The competence, experience, and integrity of those persons who would control the operation of the insurer are such that it would not be in the interest of policyholders of the insurer and of the public to permit the merger or other acquisition of control; or</span></p><p dir="ltr" class="s2074161Normal-000001"><span class="s2074161DefaultParagraphFont">(6)    The acquisition is likely to be hazardous or prejudicial to the insurance buying public.</span></p><p dir="ltr" class="s2074161Normal"><span xml:space="preserve" class="s2074161000003"> </span></p><p dir="ltr" class="s2074161Normal"><span class="s2074161SCL">Source:</span><span xml:space="preserve" class="s2074161SCL-000004"> SL 1972, ch 267, § 8; SL 1986, ch 416; SL 1992, ch 341, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074162Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074162SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074162CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074162Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074162DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074162000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074162SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074162SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074162Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-9.1"><span class="s2074162SENU">58-5A-9.1</span></a><span xml:space="preserve" class="s2074162SENU">. </span><span class="s2074162CL">Disapproval of dividends or distributions for violation--Order of supervision.</span></p><p dir="ltr" class="s2074162Normal-000000"><span xml:space="preserve" class="s2074162DefaultParagraphFont">If the director determines that any person fails to comply with the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074162DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074162DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3.1"><span class="s2074162DefaultParagraphFont">58-5A-3.1</span></a><span xml:space="preserve" class="s2074162DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-4"><span class="s2074162DefaultParagraphFont">58-5A-4</span></a><span xml:space="preserve" class="s2074162DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-8"><span class="s2074162DefaultParagraphFont">58-5A-8</span></a><span xml:space="preserve" class="s2074162DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-9"><span class="s2074162DefaultParagraphFont">58-5A-9</span></a><span xml:space="preserve" class="s2074162DefaultParagraphFont">, or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-45"><span class="s2074162DefaultParagraphFont">58-5A-45</span></a><span xml:space="preserve" class="s2074162DefaultParagraphFont"> preventing the full understanding of the enterprise risk to the insurer by the affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions. The director may place the insurer under an order of supervision pursuant to the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-29B"><span class="s2074162DefaultParagraphFont">58-29B</span></a><span class="s2074162DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074162Normal"><span xml:space="preserve" class="s2074162000001"> </span></p><p dir="ltr" class="s2074162Normal"><span class="s2074162SCL">Source:</span><span xml:space="preserve" class="s2074162SCL-000002"> SL 2015, ch 246, § 26.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074163Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074163SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074163CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074163Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074163DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074163000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074163SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074163SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074163Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-10"><span class="s2074163SENU">58-5A-10</span></a><span xml:space="preserve" class="s2074163SENU">. </span><span class="s2074163CL">Time of hearing--Notice.</span></p><p dir="ltr" class="s2074163Normal-000000"><span xml:space="preserve" class="s2074163DefaultParagraphFont">The public hearing required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-9"><span class="s2074163DefaultParagraphFont">58-5A-9</span></a><span xml:space="preserve" class="s2074163DefaultParagraphFont"> shall be held within thirty days after the statement required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074163DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074163DefaultParagraphFont"> is filed, and at least twenty days' notice thereof shall be given by the director to the person filing the statement. Not less than seven days' notice of such public hearing shall be given by the person filing the statement to the insurer and to such other persons as may be designated by the director. The insurer shall give such notice to its security holders.</span></p><p dir="ltr" class="s2074163Normal"><span xml:space="preserve" class="s2074163000001"> </span></p><p dir="ltr" class="s2074163Normal"><span class="s2074163SCL">Source:</span><span xml:space="preserve" class="s2074163SCL-000002"> SL 1972, ch 267, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074164Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074164SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074164CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074164Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074164DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074164000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074164SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074164SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074164Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-10.1"><span class="s2074164SENU">58-5A-10.1</span></a><span xml:space="preserve" class="s2074164SENU">. </span><span class="s2074164CL">Request for public hearing on consolidated basis.</span></p><p dir="ltr" class="s2074164Normal-000000"><span xml:space="preserve" class="s2074164DefaultParagraphFont">If a proposed acquisition of control requires the approval of more than one director or commissioner, the public hearing referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-10"><span class="s2074164DefaultParagraphFont">58-5A-10</span></a><span xml:space="preserve" class="s2074164DefaultParagraphFont"> may be held on a consolidated basis upon request of the person filing the statement referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-2"><span class="s2074164DefaultParagraphFont">58-5A-2</span></a><span xml:space="preserve" class="s2074164DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074164DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074164DefaultParagraphFont">, or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3.1"><span class="s2074164DefaultParagraphFont">58-5A-3.1</span></a><span class="s2074164DefaultParagraphFont">. The statement shall be filed with the NAIC within five days of making the request for public hearing. A director or commissioner may opt out of a consolidated hearing, and shall provide notice to the applicant within ten days of the receipt of the statement. A hearing conducted on a consolidated basis shall be public and shall be held within the United States before the directors or commissioners of the states in which the insurers are domiciled. The directors or commissioners shall hear and receive evidence. A director or commissioner may attend the hearing, in person or by telecommunication.</span></p><p dir="ltr" class="s2074164Normal"><span xml:space="preserve" class="s2074164000001"> </span></p><p dir="ltr" class="s2074164Normal"><span class="s2074164SCL">Source:</span><span xml:space="preserve" class="s2074164SCL-000002"> SL 2015, ch 246, § 22.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074165Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074165SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074165CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074165Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074165DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074165DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074165000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074165SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074165SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074165Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-11"><span class="s2074165SENU">58-5A-11</span></a><span xml:space="preserve" class="s2074165SENU">. </span><span class="s2074165CL">Procedure at hearing--Evidence admissible.</span></p><p dir="ltr" class="s2074165Normal-000000"><span xml:space="preserve" class="s2074165DefaultParagraphFont">At the public hearing required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-9"><span class="s2074165DefaultParagraphFont">58-5A-9</span></a><span class="s2074165DefaultParagraphFont">, the person filing the statement, the insurer, any person to whom notice of hearing was sent, and any other person whose interests may be affected thereby shall have the right to present evidence, examine and cross</span><span class="s2074165DefaultParagraphFont-000001">-</span><span class="s2074165DefaultParagraphFont">examine witnesses, and offer oral and written arguments and in connection therewith shall be entitled to conduct discovery proceedings in the same manner as is presently allowed in the circuit court of this state. All discovery proceedings shall be concluded not later than three days prior to the commencement of the public hearing.</span></p><p dir="ltr" class="s2074165Normal"><span xml:space="preserve" class="s2074165000002"> </span></p><p dir="ltr" class="s2074165Normal"><span class="s2074165SCL">Source:</span><span xml:space="preserve" class="s2074165SCL-000003"> SL 1972, ch 267, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074166Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074166SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074166CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074166Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074166DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074166Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074166000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074166SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074166SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074166Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-11.1"><span class="s2074166SENU">58-5A-11.1</span></a><span xml:space="preserve" class="s2074166SENU">. </span><span class="s2074166CL">Cost of hearing officer--Retention of various experts at acquiring person's expense.</span></p><p dir="ltr" class="s2074166Normal-000000"><span xml:space="preserve" class="s2074166DefaultParagraphFont">If the director appoints a hearing officer to preside at the hearing pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-9"><span class="s2074166DefaultParagraphFont">58-5A-9</span></a><span xml:space="preserve" class="s2074166DefaultParagraphFont">, the cost of employing the hearing officer shall be borne entirely by the entity making the filing of the information statement required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-4"><span class="s2074166DefaultParagraphFont">58-5A-4</span></a><span class="s2074166DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074166Normal-000001"><span class="s2074166DefaultParagraphFont">The director may retain at the acquiring person's expense any attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff as may be reasonably necessary to assist the director in reviewing the proposed acquisition of control.</span></p><p dir="ltr" class="s2074166Normal"><span xml:space="preserve" class="s2074166000002"> </span></p><p dir="ltr" class="s2074166Normal"><span class="s2074166SCL">Source:</span><span xml:space="preserve" class="s2074166SCL-000003"> SL 1985, ch 388; SL 1992, ch 341, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074167Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074167SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074167CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074167Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074167DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074167000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074167SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074167SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074167Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-12"><span class="s2074167SENU">58-5A-12</span></a><span xml:space="preserve" class="s2074167SENU">. </span><span class="s2074167CL">Time for director's determination after hearing.</span></p><p dir="ltr" class="s2074167Normal-000000"><span xml:space="preserve" class="s2074167DefaultParagraphFont">The director shall make a determination within thirty days after the conclusion of the public hearing required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-9"><span class="s2074167DefaultParagraphFont">58-5A-9</span></a><span class="s2074167DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074167Normal"><span xml:space="preserve" class="s2074167000001"> </span></p><p dir="ltr" class="s2074167Normal"><span class="s2074167SCL">Source:</span><span xml:space="preserve" class="s2074167SCL-000002"> SL 1972, ch 267, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074168Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074168SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074168CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074168Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074168DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074168000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074168SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074168SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074168Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-13"><span class="s2074168SENU">58-5A-13</span></a><span xml:space="preserve" class="s2074168SENU">. </span><span class="s2074168CL">Statements and notices mailed to shareholders--Expenses of mailing--Security required.</span></p><p dir="ltr" class="s2074168Normal-000000"><span xml:space="preserve" class="s2074168DefaultParagraphFont">All statements, amendments, or other material filed pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074168DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074168DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-7"><span class="s2074168DefaultParagraphFont">58-5A-7</span></a><span xml:space="preserve" class="s2074168DefaultParagraphFont">, inclusive, and all notices of public hearings held pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-9"><span class="s2074168DefaultParagraphFont">58-5A-9</span></a><span xml:space="preserve" class="s2074168DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-12"><span class="s2074168DefaultParagraphFont">58-5A-12</span></a><span class="s2074168DefaultParagraphFont">, inclusive, shall be mailed by the insurer to its shareholders within five business days after the insurer has received such statements, amendments, other material, or notices. The expenses of mailing shall be borne by the person making the filing. As security for the payment of such expenses, such person shall file with the director an acceptable bond or other deposit in an amount to be determined by the director.</span></p><p dir="ltr" class="s2074168Normal"><span xml:space="preserve" class="s2074168000001"> </span></p><p dir="ltr" class="s2074168Normal"><span class="s2074168SCL">Source:</span><span xml:space="preserve" class="s2074168SCL-000002"> SL 1972, ch 267, § 10.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES58-5A-14 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-5A-14 "> <META NAME="Description" Content="South Dakota Codified Laws 58-5A-14"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 58-5A-14. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1992, ch 341, &#167;&nbsp;42<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074170Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074170SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074170CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074170Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074170DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074170000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074170SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074170SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074170Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-15"><span class="s2074170SENU">58-5A-15</span></a><span xml:space="preserve" class="s2074170SENU">. </span><span class="s2074170CL">Mergers and consolidations exempt from information and approval requirements.</span></p><p dir="ltr" class="s2074170Normal-000000"><span xml:space="preserve" class="s2074170DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074170DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074170DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-13"><span class="s2074170DefaultParagraphFont">58-5A-13</span></a><span xml:space="preserve" class="s2074170DefaultParagraphFont">, inclusive, shall not apply to any transaction which is subject to the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5"><span class="s2074170DefaultParagraphFont">58-5</span></a><span xml:space="preserve" class="s2074170DefaultParagraphFont"> and dealing with the merger or consolidation of two or more insurers.</span></p><p dir="ltr" class="s2074170Normal"><span xml:space="preserve" class="s2074170000001"> </span></p><p dir="ltr" class="s2074170Normal"><span class="s2074170SCL">Source:</span><span xml:space="preserve" class="s2074170SCL-000002"> SL 1972, ch 267, § 11 (2).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074171Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074171SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074171CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074171Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074171DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074171000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074171SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074171SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074171Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-16"><span class="s2074171SENU">58-5A-16</span></a><span xml:space="preserve" class="s2074171SENU">. </span><span class="s2074171CL">Acquisitions exempt from information and approval requirements by order of director.</span></p><p dir="ltr" class="s2074171Normal-000000"><span xml:space="preserve" class="s2074171DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074171DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074171DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-13"><span class="s2074171DefaultParagraphFont">58-5A-13</span></a><span class="s2074171DefaultParagraphFont">, inclusive, shall not apply to any offer, request, invitation, agreement, or acquisition which the director by order shall exempt therefrom as not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer, or as otherwise not comprehended within the purposes of this chapter.</span></p><p dir="ltr" class="s2074171Normal"><span xml:space="preserve" class="s2074171000001"> </span></p><p dir="ltr" class="s2074171Normal"><span class="s2074171SCL">Source:</span><span xml:space="preserve" class="s2074171SCL-000002"> SL 1972, ch 267, § 11 (3).</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES58-5A-17 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-5A-17 "> <META NAME="Description" Content="South Dakota Codified Laws 58-5A-17"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 58-5A-17. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1990, ch 158, &#167;&nbsp;19<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074173Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074173SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074173CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074173Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074173DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074173000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074173SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074173SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074173Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-18"><span class="s2074173SENU">58-5A-18</span></a><span xml:space="preserve" class="s2074173SENU">. </span><span class="s2074173CL">Acquisition, divestiture, or merger without approval as misdemeanor.</span></p><p dir="ltr" class="s2074173Normal-000000"><span class="s2074173DefaultParagraphFont">No person may effectuate or attempt to effectuate an acquisition of control of, divestiture of, or merger with, a domestic insurer unless it has been approved by the director. A violation of this section is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2074173Normal"><span xml:space="preserve" class="s2074173000001"> </span></p><p dir="ltr" class="s2074173Normal"><span class="s2074173SCL">Source:</span><span xml:space="preserve" class="s2074173SCL-000002"> SL 1972, ch 267, §§ 12 (2), 36; SDCL Supp, § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-42"><span class="s2074173SCL-000002">58-5A-42</span></a><span class="s2074173SCL-000002">; SL 1978, ch 359, § 2; SL 2015, ch 246, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074174Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074174SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074174CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074174Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074174DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074174000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074174SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074174SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074174Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-19"><span class="s2074174SENU">58-5A-19</span></a><span xml:space="preserve" class="s2074174SENU">. </span><span class="s2074174CL">Jurisdiction of court in Hughes County--Director as attorney for service of process.</span></p><p dir="ltr" class="s2074174Normal-000000"><span xml:space="preserve" class="s2074174DefaultParagraphFont">The court in Hughes County has jurisdiction over every person not resident, domiciled or authorized to do business in this state that is required to file a statement with the director under §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-3"><span class="s2074174DefaultParagraphFont">58-5A-3</span></a><span xml:space="preserve" class="s2074174DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-7"><span class="s2074174DefaultParagraphFont">58-5A-7</span></a><span class="s2074174DefaultParagraphFont">, inclusive, and over all actions involving such person arising out of violations of this chapter. Each person shall appoint the director to be his true and lawful attorney for all lawful process in any action, suit or proceeding arising out of violations of this chapter. Copies of all lawful process shall be served on the director and forthwith transmitted by registered or certified mail by the director to such person at his last known address.</span></p><p dir="ltr" class="s2074174Normal"><span xml:space="preserve" class="s2074174000001"> </span></p><p dir="ltr" class="s2074174Normal"><span class="s2074174SCL">Source:</span><span xml:space="preserve" class="s2074174SCL-000002"> SL 1972, ch 267, § 13; SL 1992, ch 341, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074175Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074175SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074175CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074175Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074175DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074175000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074175SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074175SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074175Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-20"><span class="s2074175SENU">58-5A-20</span></a><span xml:space="preserve" class="s2074175SENU">. </span><span class="s2074175CL">Registration of subsidiary insurer--Time for registration--Statement required of foreign insurer.</span></p><p dir="ltr" class="s2074175Normal-000000"><span class="s2074175DefaultParagraphFont">Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the director. However, this requirement does not apply to a foreign insurer domiciled in a jurisdiction which has adopted by statute or regulation disclosure requirements and standards substantially similar to those contained herein. Any insurer which is subject to registration under the provisions of this section shall register within fifteen days after it becomes subject to registration and annually thereafter by July first of each year for the previous calendar year, unless the director, for good cause shown, extends the time for registration, and then within the extended time. Nothing in this section prohibits the director from requesting any authorized insurer, which is a member of a holding company system, which is not subject to registration under the provisions of this section for a copy of the registration statement or other information filed by such insurance company with the insurance regulatory authority of its state of domicile.</span></p><p dir="ltr" class="s2074175Normal"><span xml:space="preserve" class="s2074175000001"> </span></p><p dir="ltr" class="s2074175Normal"><span class="s2074175SCL">Source:</span><span xml:space="preserve" class="s2074175SCL-000002"> SL 1972, ch 267, § 14; SL 1992, ch 341, § 43.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074176Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074176SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074176CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074176Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074176DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074176Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074176Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074176Normal-000003 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074176000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074176SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074176SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074176Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-21"><span class="s2074176SENU">58-5A-21</span></a><span xml:space="preserve" class="s2074176SENU">. </span><span class="s2074176CL">Form and contents of registration statement.</span></p><p dir="ltr" class="s2074176Normal-000000"><span xml:space="preserve" class="s2074176DefaultParagraphFont">Each insurer subject to registration pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-20"><span class="s2074176DefaultParagraphFont">58-5A-20</span></a><span xml:space="preserve" class="s2074176DefaultParagraphFont"> shall file a registration statement with the director on a form and in the format provided by the division, which contains current information about:</span></p><p dir="ltr" class="s2074176Normal-000001"><span class="s2074176DefaultParagraphFont">(1)    The capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer;</span></p><p dir="ltr" class="s2074176Normal-000001"><span class="s2074176DefaultParagraphFont">(2)    The following agreements in force and transactions currently outstanding between the insurer and its affiliates:</span></p><p dir="ltr" class="s2074176Normal-000002"><span class="s2074176DefaultParagraphFont">(a)    Loans, or other investments, or purchases, sales or exchanges of securities of the affiliate by the insurer or of the insurer by its affiliates;</span></p><p dir="ltr" class="s2074176Normal-000002"><span class="s2074176DefaultParagraphFont">(b)    Purchases, sales, or exchanges of assets;</span></p><p dir="ltr" class="s2074176Normal-000002"><span class="s2074176DefaultParagraphFont">(c)    Transactions not in the ordinary course of business;</span></p><p dir="ltr" class="s2074176Normal-000002"><span class="s2074176DefaultParagraphFont">(d)    Guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability, other than insurance contracts entered into in the ordinary course of the insurer's business;</span></p><p dir="ltr" class="s2074176Normal-000002"><span class="s2074176DefaultParagraphFont">(e)    All management and service contracts and all cost sharing arrangements;</span></p><p dir="ltr" class="s2074176Normal-000002"><span class="s2074176DefaultParagraphFont">(f)    Dividends and other distributions to shareholders; and</span></p><p dir="ltr" class="s2074176Normal-000002"><span class="s2074176DefaultParagraphFont">(g)    Consolidated tax allocation agreements;</span></p><p dir="ltr" class="s2074176Normal-000001"><span class="s2074176DefaultParagraphFont">(3)    Other matters concerning transactions between a registered insurer and any affiliate as may be required by the director;</span></p><p dir="ltr" class="s2074176Normal-000001"><span xml:space="preserve" class="s2074176DefaultParagraphFont">(4)    The identity and relationship of each member of the insurance holding company system; </span></p><p dir="ltr" class="s2074176Normal-000001"><span class="s2074176DefaultParagraphFont">(5)    Any pledge of the insurer's stock, including stock of any subsidiary of or controlling affiliate, for a loan made to any member of the insurance holding company system;</span></p><p dir="ltr" class="s2074176Normal-000001"><span class="s2074176DefaultParagraphFont">(6)    The financial statement of or within an insurance holding company system, including each affiliate. The financial statement may include the annual audited financial statement filed with the U.S. Securities and Exchange Commission (SEC) pursuant to the Securities Act of 1933, as of January 1, 2015, or the Securities Exchange Act of 1934, as of January 1, 2015. An insurer required to file a financial statement pursuant to this section shall satisfy the requirements by providing the director with the most recently filed parent corporation financial statements that have been filed with the SEC;</span></p><p dir="ltr" class="s2074176Normal-000001"><span class="s2074176DefaultParagraphFont">(7)    A statement that the insurer's board of directors oversees corporate governance and internal controls and that the insurer's officers or senior management have approved, implemented, and continue to maintain and monitor corporate governance and internal control procedures; and</span></p><p dir="ltr" class="s2074176Normal-000001"><span class="s2074176DefaultParagraphFont">(8)    Any other information required by the director pursuant to law or rule.</span></p><p dir="ltr" class="s2074176Normal-000003"><span class="s2074176DefaultParagraphFont">All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement.</span></p><p dir="ltr" class="s2074176Normal"><span xml:space="preserve" class="s2074176000004"> </span></p><p dir="ltr" class="s2074176Normal"><span class="s2074176SCL">Source:</span><span xml:space="preserve" class="s2074176SCL-000005"> SL 1972, ch 267, § 15; SL 1992, ch 341, § 16; SL 2015, ch 246, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074177Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074177SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074177CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074177Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074177DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074177000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074177SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074177SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074177Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-22"><span class="s2074177SENU">58-5A-22</span></a><span xml:space="preserve" class="s2074177SENU">. </span><span class="s2074177CL">Initial and annual registration fees.</span></p><p dir="ltr" class="s2074177Normal-000000"><span class="s2074177DefaultParagraphFont">The initial fee for registration required under the provisions of this chapter shall be fifty dollars and an additional fee of fifty dollars shall be payable on July first of each calendar year thereafter so long as such registration continues.</span></p><p dir="ltr" class="s2074177Normal"><span xml:space="preserve" class="s2074177000001"> </span></p><p dir="ltr" class="s2074177Normal"><span class="s2074177SCL">Source:</span><span xml:space="preserve" class="s2074177SCL-000002"> SL 1972, ch 267, § 16.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s919fd3b592a54730a737e4a3a856bd3bNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s919fd3b592a54730a737e4a3a856bd3bSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s919fd3b592a54730a737e4a3a856bd3bCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s919fd3b592a54730a737e4a3a856bd3bStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s919fd3b592a54730a737e4a3a856bd3b000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s919fd3b592a54730a737e4a3a856bd3bNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s919fd3b592a54730a737e4a3a856bd3bSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-23 - Disclosure of immaterial information not required."><meta property="og:description" content="SDLRC Codified Law 58-5A-23 - Disclosure of immaterial information not required."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-23"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s919fd3b592a54730a737e4a3a856bd3bNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-23" rel="noopener"><span class="s919fd3b592a54730a737e4a3a856bd3bSENU">58-5A-23</span></a><span xml:space="preserve" class="s919fd3b592a54730a737e4a3a856bd3bSENU">. </span><span class="s919fd3b592a54730a737e4a3a856bd3bCL">Disclosure of immaterial information not required.</span></p><p dir="ltr" class="s919fd3b592a54730a737e4a3a856bd3bStatute"><span xml:space="preserve" class="s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont">No information need be disclosed on the registration statement filed pursuant to the provisions of § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-20" rel="noopener"><span class="s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont">58-5A-20</span></a><span xml:space="preserve" class="s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont"> if the information is not material for the purposes of this chapter. Unless the director by rule or order provides otherwise, sales, purchases, exchanges, loans, or extensions of credit, or investments, involving one percent or less of an insurer's admitted assets as of December thirty</span><span class="s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont-000000">-</span><span class="s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont">first immediately preceding are not material for purposes of this section. The definition of materiality provided in this section does not apply for purposes of the group capital calculation or the liquidity stress test framework.</span></p><p dir="ltr" class="s919fd3b592a54730a737e4a3a856bd3bNormal"><span xml:space="preserve" class="s919fd3b592a54730a737e4a3a856bd3b000001"> </span></p><p dir="ltr" class="s919fd3b592a54730a737e4a3a856bd3bNoIndent"><span xml:space="preserve" class="s919fd3b592a54730a737e4a3a856bd3bDefaultParagraphFont-000002">Source: </span><span class="s919fd3b592a54730a737e4a3a856bd3bSCL">SL 1972, ch 267, § 17; SL 2024, ch 201, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074179Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074179SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074179CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074179Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074179DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074179000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074179SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074179SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074179Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-24"><span class="s2074179SENU">58-5A-24</span></a><span xml:space="preserve" class="s2074179SENU">. </span><span class="s2074179CL">Report of changes required of registered insurer.</span></p><p dir="ltr" class="s2074179Normal-000000"><span class="s2074179DefaultParagraphFont">Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on forms provided by the division on or before the fifteenth day of the following month in which it learns of each such change or addition.</span></p><p dir="ltr" class="s2074179Normal"><span xml:space="preserve" class="s2074179000001"> </span></p><p dir="ltr" class="s2074179Normal"><span class="s2074179SCL">Source:</span><span xml:space="preserve" class="s2074179SCL-000002"> SL 1972, ch 267, § 18.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074180Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074180SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074180CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074180Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074180DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074180000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074180SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074180SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074180Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-25"><span class="s2074180SENU">58-5A-25</span></a><span xml:space="preserve" class="s2074180SENU">. </span><span class="s2074180CL">Termination of registration.</span></p><p dir="ltr" class="s2074180Normal-000000"><span class="s2074180DefaultParagraphFont">The director shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.</span></p><p dir="ltr" class="s2074180Normal"><span xml:space="preserve" class="s2074180000001"> </span></p><p dir="ltr" class="s2074180Normal"><span class="s2074180SCL">Source:</span><span xml:space="preserve" class="s2074180SCL-000002"> SL 1972, ch 267, § 19.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074181Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074181SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074181CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074181Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074181DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074181000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074181SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074181SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074181Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-26"><span class="s2074181SENU">58-5A-26</span></a><span xml:space="preserve" class="s2074181SENU">. </span><span class="s2074181CL">Consolidated registration statement or report by affiliated insurers.</span></p><p dir="ltr" class="s2074181Normal-000000"><span class="s2074181DefaultParagraphFont">Two or more affiliated insurers subject to registration hereunder may file a consolidated registration statement or consolidated reports amending their respective consolidated statements or their individual registration statements so long as such consolidated filings correctly reflect the condition of and transactions between such persons.</span></p><p dir="ltr" class="s2074181Normal"><span xml:space="preserve" class="s2074181000001"> </span></p><p dir="ltr" class="s2074181Normal"><span class="s2074181SCL">Source:</span><span xml:space="preserve" class="s2074181SCL-000002"> SL 1972, ch 267, § 20.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074182Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074182SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074182CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074182Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074182DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074182000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074182SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074182SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074182Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-27"><span class="s2074182SENU">58-5A-27</span></a><span xml:space="preserve" class="s2074182SENU">. </span><span class="s2074182CL">Registration by insurer on behalf of affiliated insurer.</span></p><p dir="ltr" class="s2074182Normal-000000"><span xml:space="preserve" class="s2074182DefaultParagraphFont">The director may allow any insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-20"><span class="s2074182DefaultParagraphFont">58-5A-20</span></a><span class="s2074182DefaultParagraphFont">, and to file all information and material required to be filed under the provisions hereof.</span></p><p dir="ltr" class="s2074182Normal"><span xml:space="preserve" class="s2074182000001"> </span></p><p dir="ltr" class="s2074182Normal"><span class="s2074182SCL">Source:</span><span xml:space="preserve" class="s2074182SCL-000002"> SL 1972, ch 267, § 21.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074183Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074183SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074183CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074183Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074183DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074183000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074183SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074183SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074183Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-28"><span class="s2074183SENU">58-5A-28</span></a><span xml:space="preserve" class="s2074183SENU">. </span><span class="s2074183CL">Insurer exempt from registration requirements on order of director.</span></p><p dir="ltr" class="s2074183Normal-000000"><span xml:space="preserve" class="s2074183DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-20"><span class="s2074183DefaultParagraphFont">58-5A-20</span></a><span xml:space="preserve" class="s2074183DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-34"><span class="s2074183DefaultParagraphFont">58-5A-34</span></a><span class="s2074183DefaultParagraphFont">, inclusive, shall not apply to any insurer, information or transaction if and to the extent that the director by rule, regulation, or order shall exempt the same from the provisions hereof as not comprehended within the purposes thereof.</span></p><p dir="ltr" class="s2074183Normal"><span xml:space="preserve" class="s2074183000001"> </span></p><p dir="ltr" class="s2074183Normal"><span class="s2074183SCL">Source:</span><span xml:space="preserve" class="s2074183SCL-000002"> SL 1972, ch 267, § 22.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074184Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074184SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074184CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074184Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074184DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074184000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074184SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074184SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074184Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-29"><span class="s2074184SENU">58-5A-29</span></a><span xml:space="preserve" class="s2074184SENU">. </span><span class="s2074184CL">Disclaimer of affiliation--Contents--Procedure on disallowance.</span></p><p dir="ltr" class="s2074184Normal-000000"><span xml:space="preserve" class="s2074184DefaultParagraphFont">Any person may file with the director a disclaimer of affiliation with any authorized insurer or the disclaimer may be filed by the insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and basis for affiliation between the person and insurer as well as the basis for disclaiming the affiliation. A disclaimer of affiliation is deemed to have been granted unless the director, within thirty days following receipt of a complete disclaimer, notifies the filing party the disclaimer is disallowed. If disallowed, the disclaiming party may request an administrative hearing pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2074184DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2074184DefaultParagraphFont"> within thirty days of the director's disallowance. A notice of hearing shall be issued within thirty days of a written request by the disclaiming party. The disclaiming party is relieved of the duty to register pursuant to this section if the director approves the disclaimer, or if the disclaimer is deemed to have been approved.</span></p><p dir="ltr" class="s2074184Normal"><span xml:space="preserve" class="s2074184000001"> </span></p><p dir="ltr" class="s2074184Normal"><span class="s2074184SCL">Source:</span><span xml:space="preserve" class="s2074184SCL-000002"> SL 1972, ch 267, § 23; SL 2015, ch 246, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074185Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074185SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074185CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074185Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074185DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074185000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074185SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074185SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074185Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-29.1"><span class="s2074185SENU">58-5A-29.1</span></a><span xml:space="preserve" class="s2074185SENU">. </span><span class="s2074185CL">Annual enterprise risk report.</span></p><p dir="ltr" class="s2074185Normal-000000"><span xml:space="preserve" class="s2074185DefaultParagraphFont">The ultimate controlling person of each insurer subject to registration shall also file an annual enterprise risk report. The report shall, to the best of the ultimate controlling person's knowledge and belief, identify the material risks within the insurance holding company system that could pose enterprise risk to the insurer. The report shall be filed with the lead state director of the insurance holding company system as determined by rules promulgated, pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2074185DefaultParagraphFont">1-26</span></a><span class="s2074185DefaultParagraphFont">, by the director.</span></p><p dir="ltr" class="s2074185Normal"><span xml:space="preserve" class="s2074185000001"> </span></p><p dir="ltr" class="s2074185Normal"><span class="s2074185SCL">Source:</span><span xml:space="preserve" class="s2074185SCL-000002"> SL 2015, ch 246, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074186Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074186SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074186CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074186Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074186DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074186000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074186SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074186SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074186Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-30"><span class="s2074186SENU">58-5A-30</span></a><span xml:space="preserve" class="s2074186SENU">. </span><span class="s2074186CL">Failure to file registration statement or enterprise risk report--Penalty--Waiver.</span></p><p dir="ltr" class="s2074186Normal-000000"><span class="s2074186DefaultParagraphFont">Failure to file a registration statement, enterprise risk report, or keep the registration statement current within the time specified in this chapter is a violation of this title. Any insurer failing, without just cause, to file any registration statement or amendment as required in this chapter shall pay a penalty of not less than one hundred dollars for each day's delay, but not to exceed twenty-five thousand dollars. The director may reduce or waive the penalty if the insurer demonstrates to the director that the imposition of the penalty constitutes a financial hardship to the insurer.</span></p><p dir="ltr" class="s2074186Normal"><span xml:space="preserve" class="s2074186000001"> </span></p><p dir="ltr" class="s2074186Normal"><span class="s2074186SCL">Source:</span><span xml:space="preserve" class="s2074186SCL-000002"> SL 1972, ch 267, §§ 24, 36; SDCL Supp, § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-42"><span class="s2074186SCL-000002">58-5A-42</span></a><span class="s2074186SCL-000002">; SL 1978, ch 359, § 2; SL 1992, ch 341, § 19; SL 2015, ch 246, § 10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074187Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074187SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074187CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074187Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074187DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074187000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074187SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074187SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074187Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-31"><span class="s2074187SENU">58-5A-31</span></a><span xml:space="preserve" class="s2074187SENU">. </span><span class="s2074187CL">Registration requirements satisfied by duplicate copies of federal filings.</span></p><p dir="ltr" class="s2074187Normal-000000"><span xml:space="preserve" class="s2074187DefaultParagraphFont">The provisions for filings required under the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-20"><span class="s2074187DefaultParagraphFont">58-5A-20</span></a><span xml:space="preserve" class="s2074187DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-29"><span class="s2074187DefaultParagraphFont">58-5A-29</span></a><span class="s2074187DefaultParagraphFont">, inclusive, except for subsection 58-5A-21(2)(e), shall be satisfied by the simultaneous filing with the director of duplicate copies of all filings of an insurer or person in control of an insurer which are required by the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940, unless the director finds in any such case that the information relating to the insurer and any person controlling the insurer necessary to fairly disclose the relationship between them is not provided by such duplicate filings in which case he may by order after notice and hearing require additional filings.</span></p><p dir="ltr" class="s2074187Normal"><span xml:space="preserve" class="s2074187000001"> </span></p><p dir="ltr" class="s2074187Normal"><span class="s2074187SCL">Source:</span><span xml:space="preserve" class="s2074187SCL-000002"> SL 1972, ch 267, § 25.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074188Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074188SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074188CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074188Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074188DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074188Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074188Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074188000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074188SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074188SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074188Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-32"><span class="s2074188SENU">58-5A-32</span></a><span xml:space="preserve" class="s2074188SENU">. </span><span class="s2074188CL">Standards for material transactions by registered insurers with affiliates--Nonconformity.</span></p><p dir="ltr" class="s2074188Normal-000000"><span class="s2074188DefaultParagraphFont">Any material transaction by a registered insurer with an affiliate is subject to the following standards:</span></p><p dir="ltr" class="s2074188Normal-000001"><span class="s2074188DefaultParagraphFont">(1)    The terms shall be fair and reasonable;</span></p><p dir="ltr" class="s2074188Normal-000001"><span class="s2074188DefaultParagraphFont">(2)    The books, accounts, and records of each party shall be maintained to clearly and accurately disclose the precise nature and details of the transaction including information necessary to support the reasonableness of the charges or fees to the respective parties;</span></p><p dir="ltr" class="s2074188Normal-000001"><span class="s2074188DefaultParagraphFont">(3)    The insurer's surplus to policyholders following any dividends or distributions to shareholders or affiliates shall be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs;</span></p><p dir="ltr" class="s2074188Normal-000001"><span xml:space="preserve" class="s2074188DefaultParagraphFont">(4)    Charges or fees for services performed shall be reasonable; </span></p><p dir="ltr" class="s2074188Normal-000001"><span class="s2074188DefaultParagraphFont">(5)    Expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied; and</span></p><p dir="ltr" class="s2074188Normal-000001"><span class="s2074188DefaultParagraphFont">(6)    Any agreement for cost sharing services and management shall include provisions as required by law or rule.</span></p><p dir="ltr" class="s2074188Normal-000002"><span xml:space="preserve" class="s2074188DefaultParagraphFont">Any transaction which is not in conformity with this section is subject to the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-64"><span class="s2074188DefaultParagraphFont">58-5A-64</span></a><span xml:space="preserve" class="s2074188DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-65"><span class="s2074188DefaultParagraphFont">58-5A-65</span></a><span xml:space="preserve" class="s2074188DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-67"><span class="s2074188DefaultParagraphFont">58-5A-67</span></a><span class="s2074188DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074188Normal"><span xml:space="preserve" class="s2074188000003"> </span></p><p dir="ltr" class="s2074188Normal"><span class="s2074188SCL">Source:</span><span xml:space="preserve" class="s2074188SCL-000004"> SL 1972, ch 267, § 26; SL 1990, ch 158, § 25; SL 1992, ch 341, § 20; SL 2015, ch 246, § 11.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES58-5A-33 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-5A-33 "> <META NAME="Description" Content="South Dakota Codified Laws 58-5A-33"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 58-5A-33. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1990, ch 158, &#167;&nbsp;26<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074190Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074190SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074190CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074190Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074190DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074190Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074190000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074190SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074190SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074190Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-34"><span class="s2074190SENU">58-5A-34</span></a><span xml:space="preserve" class="s2074190SENU">. </span><span class="s2074190CL">Adequacy of insurer's surplus--Factors considered.</span></p><p dir="ltr" class="s2074190Normal-000000"><span class="s2074190DefaultParagraphFont">For purposes of this chapter in determining whether an insurer's surplus to policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered:</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(1)    The size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force, and other appropriate criteria;</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(2)    The extent to which the insurer's business is diversified among the several lines of insurance;</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(3)    The number and size of risks insured in each line of business;</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(4)    The extent of the geographical dispersion of the insurer's insured risks;</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(5)    The nature and extent of the insurer's reinsurance program;</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(6)    The quality, diversification, and liquidity of the insurer's investment portfolio;</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(7)    The recent past and projected future trend in the size of the insurer's surplus to policyholders;</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(8)    The surplus to policyholders maintained by other comparable insurers;</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(9)    The adequacy of the insurer's reserves;</span></p><p dir="ltr" class="s2074190Normal-000001"><span xml:space="preserve" class="s2074190DefaultParagraphFont">(10)    The quality and liquidity of investments in affiliates made pursuant to this chapter and chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-26"><span class="s2074190DefaultParagraphFont">58-26</span></a><span xml:space="preserve" class="s2074190DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-27"><span class="s2074190DefaultParagraphFont">58-27</span></a><span class="s2074190DefaultParagraphFont">. The director may treat any investment under this subdivision as a disallowed asset; and</span></p><p dir="ltr" class="s2074190Normal-000001"><span class="s2074190DefaultParagraphFont">(11)    The quality of the company's earnings and the extent to which the reported earnings include extraordinary items.</span></p><p dir="ltr" class="s2074190Normal"><span xml:space="preserve" class="s2074190000002"> </span></p><p dir="ltr" class="s2074190Normal"><span class="s2074190SCL">Source:</span><span xml:space="preserve" class="s2074190SCL-000003"> SL 1972, ch 267, § 28; SL 1992, ch 341, § 26; SL 1993, ch 359, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074191Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074191SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074191CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074191Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074191DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074191DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074191000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074191SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074191SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074191Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-35"><span class="s2074191SENU">58-5A-35</span></a><span xml:space="preserve" class="s2074191SENU">. </span><span class="s2074191CL">Notice to director of extraordinary distribution--Approval by director.</span></p><p dir="ltr" class="s2074191Normal-000000"><span class="s2074191DefaultParagraphFont">No insurer subject to this chapter may pay any extraordinary dividend or make any other extraordinary distribution to its stockholders until thirty days after the director has received notice of the declaration thereof and has approved or has not disapproved the payment within the thirty</span><span class="s2074191DefaultParagraphFont-000001">-</span><span class="s2074191DefaultParagraphFont">day period. For purposes of this section, an extraordinary dividend or distribution is any dividend or distribution which, together with other dividends or distributions made within the preceding twelve months, exceeds, as of December thirty</span><span class="s2074191DefaultParagraphFont-000001">-</span><span class="s2074191DefaultParagraphFont">first of the year immediately preceding, the greater of ten percent of the insurer's surplus to policyholders, or the net gain from operations of the insurer if the insurer is a life insurer, or the net income if the insurer is not a life insurer but does not include pro rata distribution of any class of the insurer's own securities. For the purpose of this section, net gain from operations and net income includes net realized capital gains in an amount not to exceed twenty percent of net unrealized capital gains. An insurer may declare an extraordinary dividend or distribution which is conditional upon the director's approval thereof, and the declaration shall confer no rights upon stockholders until the director has approved or has not disapproved the payment within the thirty</span><span class="s2074191DefaultParagraphFont-000001">-</span><span class="s2074191DefaultParagraphFont">day period.</span></p><p dir="ltr" class="s2074191Normal"><span xml:space="preserve" class="s2074191000002"> </span></p><p dir="ltr" class="s2074191Normal"><span class="s2074191SCL">Source:</span><span xml:space="preserve" class="s2074191SCL-000003"> SL 1972, ch 267, § 29; SL 1993, ch 359, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074192Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074192SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074192CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074192Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074192DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074192Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074192000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074192SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074192SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074192Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-36"><span class="s2074192SENU">58-5A-36</span></a><span xml:space="preserve" class="s2074192SENU">. </span><span class="s2074192CL">Application for approval of extraordinary distribution--Contents.</span></p><p dir="ltr" class="s2074192Normal-000000"><span class="s2074192DefaultParagraphFont">Requests for approval of extraordinary dividends or any other extraordinary distribution to security holders shall include the following:</span></p><p dir="ltr" class="s2074192Normal-000001"><span class="s2074192DefaultParagraphFont">(1)    The date established for payment of the dividend;</span></p><p dir="ltr" class="s2074192Normal-000001"><span class="s2074192DefaultParagraphFont">(2)    A statement as to whether the dividend is to be in cash or other property and, if in property, a description thereof, its cost, and its fair market value together with an explanation of the basis for valuation;</span></p><p dir="ltr" class="s2074192Normal-000001"><span class="s2074192DefaultParagraphFont">(3)    The amounts and dates of all dividends, including regular dividends, paid within the period of twelve consecutive months ending on the date fixed for payment of the proposed dividend for which approval is sought and commencing on the day after the same day of the same month in the last preceding year;</span></p><p dir="ltr" class="s2074192Normal-000001"><span class="s2074192DefaultParagraphFont">(4)    A balance sheet and statement of income for the period intervening from the last annual statement filed with the director and the end of the month preceding the month in which the request for dividend approval is submitted;</span></p><p dir="ltr" class="s2074192Normal-000001"><span class="s2074192DefaultParagraphFont">(5)    A brief statement as to the effect of the proposed dividend upon the insurer's surplus and the reasonableness of surplus in relation to the insurer's outstanding liabilities and the adequacy of surplus relative to the insurer's financial needs.</span></p><p dir="ltr" class="s2074192Normal"><span xml:space="preserve" class="s2074192000002"> </span></p><p dir="ltr" class="s2074192Normal"><span class="s2074192SCL">Source:</span><span xml:space="preserve" class="s2074192SCL-000003"> SL 1972, ch 267, § 30.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074193Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074193SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074193CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074193Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074193DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074193000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074193SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074193SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074193Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-37"><span class="s2074193SENU">58-5A-37</span></a><span xml:space="preserve" class="s2074193SENU">. </span><span class="s2074193CL">Examination of insurers and affiliates.</span></p><p dir="ltr" class="s2074193Normal-000000"><span xml:space="preserve" class="s2074193DefaultParagraphFont">Subject to the limitations contained in this section and §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-38"><span class="s2074193DefaultParagraphFont">58-5A-38</span></a><span xml:space="preserve" class="s2074193DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-40"><span class="s2074193DefaultParagraphFont">58-5A-40</span></a><span class="s2074193DefaultParagraphFont">, inclusive, and in addition to the powers which the director has under the provision of this title relating to the examination of insurers, the director may examine any registered insurer and the insurer's affiliates to ascertain the financial condition of the insurer, including enterprise risk to the insurer by the ultimate controlling party, or by any entity or combination of entities within the insurance holding company system, or by the insurance holding company on a consolidated basis.</span></p><p dir="ltr" class="s2074193Normal"><span xml:space="preserve" class="s2074193000001"> </span></p><p dir="ltr" class="s2074193Normal"><span class="s2074193SCL">Source:</span><span xml:space="preserve" class="s2074193SCL-000002"> SL 1972, ch 267, § 31; SL 2015, ch 246, § 12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074194Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074194SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074194CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074194Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074194DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074194000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074194SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074194SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074194Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-38"><span class="s2074194SENU">58-5A-38</span></a><span xml:space="preserve" class="s2074194SENU">. </span><span class="s2074194CL">Grounds for director's examination.</span></p><p dir="ltr" class="s2074194Normal-000000"><span xml:space="preserve" class="s2074194DefaultParagraphFont">The director shall exercise his power under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-37"><span class="s2074194DefaultParagraphFont">58-5A-37</span></a><span xml:space="preserve" class="s2074194DefaultParagraphFont"> only if the examination of the insurer under the provisions of this title is inadequate or the interests of the policyholders of such insurer may be adversely affected.</span></p><p dir="ltr" class="s2074194Normal"><span xml:space="preserve" class="s2074194000001"> </span></p><p dir="ltr" class="s2074194Normal"><span class="s2074194SCL">Source:</span><span xml:space="preserve" class="s2074194SCL-000002"> SL 1972, ch 267, § 32.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074195Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074195SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074195CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074195Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074195DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074195000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074195SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074195SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074195Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-38.1"><span class="s2074195SENU">58-5A-38.1</span></a><span xml:space="preserve" class="s2074195SENU">. </span><span class="s2074195CL">Production of records, books, and other information.</span></p><p dir="ltr" class="s2074195Normal-000000"><span xml:space="preserve" class="s2074195DefaultParagraphFont">The director may order any registered insurer to produce records, books, or other information papers in the possession of the insurer or the insurer's affiliates as are reasonably necessary to determine compliance with the provisions of this chapter. The director may order any registered insurer to produce information not in the possession of the insurer if the insurer is able to obtain access to the information pursuant to contractual relationships, statutory obligations, or other method. If the insurer is unable to obtain the information requested by the director, the insurer shall provide the director a detailed explanation of the reason the insurer is unable to obtain the information and the identity of the holder of the information. If an insurer's detailed explanation is found to be without merit, it is grounds for the revocation of the insurer's license at a hearing held pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2074195DefaultParagraphFont">1-26</span></a><span class="s2074195DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074195Normal"><span xml:space="preserve" class="s2074195000001"> </span></p><p dir="ltr" class="s2074195Normal"><span class="s2074195SCL">Source:</span><span xml:space="preserve" class="s2074195SCL-000002"> SL 2015, ch 246, § 13.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074196Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074196SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074196CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074196Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074196DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074196000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074196SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074196SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074196Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-38.2"><span class="s2074196SENU">58-5A-38.2</span></a><span xml:space="preserve" class="s2074196SENU">. </span><span class="s2074196CL">Examination of registered insurer's affiliates to obtain information.</span></p><p dir="ltr" class="s2074196Normal-000000"><span xml:space="preserve" class="s2074196DefaultParagraphFont">If the insurer fails to comply with an order made pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-38.1"><span class="s2074196DefaultParagraphFont">58-5A-38.1</span></a><span xml:space="preserve" class="s2074196DefaultParagraphFont">, the director may examine the registered insurer's affiliates to obtain the information. The director may issue subpoenas, administer oaths, and examine under oath any person for purposes of determining compliance with the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-37"><span class="s2074196DefaultParagraphFont">58-5A-37</span></a><span xml:space="preserve" class="s2074196DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-40"><span class="s2074196DefaultParagraphFont">58-5A-40</span></a><span class="s2074196DefaultParagraphFont">, inclusive. Each person is obliged to attend as a witness at the place specified in the subpoena, if the witness is subpoenaed within this state. The witness is entitled to the same fees and mileage, if claimed, as a witness in appearing in any state court and the fees shall be itemized and paid by the insurer being examined.</span></p><p dir="ltr" class="s2074196Normal"><span xml:space="preserve" class="s2074196000001"> </span></p><p dir="ltr" class="s2074196Normal"><span class="s2074196SCL">Source:</span><span xml:space="preserve" class="s2074196SCL-000002"> SL 2015, ch 246, § 14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074197Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074197SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074197CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074197Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074197DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074197000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074197SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074197SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074197Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-39"><span class="s2074197SENU">58-5A-39</span></a><span xml:space="preserve" class="s2074197SENU">. </span><span class="s2074197CL">Personnel employed by department for conduct of examination.</span></p><p dir="ltr" class="s2074197Normal-000000"><span xml:space="preserve" class="s2074197DefaultParagraphFont">The department may retain at the registered insurer's expense such attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff as shall be reasonably necessary to assist in the conduct of the examination under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-37"><span class="s2074197DefaultParagraphFont">58-5A-37</span></a><span class="s2074197DefaultParagraphFont">. Any person so retained shall be under the direction and control of the director and shall act in a purely advisory capacity.</span></p><p dir="ltr" class="s2074197Normal"><span xml:space="preserve" class="s2074197000001"> </span></p><p dir="ltr" class="s2074197Normal"><span class="s2074197SCL">Source:</span><span xml:space="preserve" class="s2074197SCL-000002"> SL 1972, ch 267, § 33.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074198Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074198SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074198CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074198Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074198DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074198000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074198SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074198SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074198Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-40"><span class="s2074198SENU">58-5A-40</span></a><span xml:space="preserve" class="s2074198SENU">. </span><span class="s2074198CL">Insurer to pay expense of examination.</span></p><p dir="ltr" class="s2074198Normal-000000"><span xml:space="preserve" class="s2074198DefaultParagraphFont">Each registered insurer producing for examination records, books, and papers pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-37"><span class="s2074198DefaultParagraphFont">58-5A-37</span></a><span xml:space="preserve" class="s2074198DefaultParagraphFont"> shall be liable for and shall pay the expense of such examination.</span></p><p dir="ltr" class="s2074198Normal"><span xml:space="preserve" class="s2074198000001"> </span></p><p dir="ltr" class="s2074198Normal"><span class="s2074198SCL">Source:</span><span xml:space="preserve" class="s2074198SCL-000002"> SL 1972, ch 267, § 34.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s6713c13f36f7425685a964d089151fe7Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s6713c13f36f7425685a964d089151fe7SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s6713c13f36f7425685a964d089151fe7CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s6713c13f36f7425685a964d089151fe7Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s6713c13f36f7425685a964d089151fe7DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s6713c13f36f7425685a964d089151fe7000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s6713c13f36f7425685a964d089151fe7NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s6713c13f36f7425685a964d089151fe7DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s6713c13f36f7425685a964d089151fe7SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-41 - Confidentiality of information in possession or control of Division--Use in regulatory or legal action--Grounds for publication by director."><meta property="og:description" content="SDLRC Codified Law 58-5A-41 - Confidentiality of information in possession or control of Division--Use in regulatory or legal action--Grounds for publication by director."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-41"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s6713c13f36f7425685a964d089151fe7Normal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41" rel="noopener"><span class="s6713c13f36f7425685a964d089151fe7SENU">58-5A-41</span></a><span xml:space="preserve" class="s6713c13f36f7425685a964d089151fe7SENU">. </span><span class="s6713c13f36f7425685a964d089151fe7CL">Confidentiality of information in possession or control of Division--Use in regulatory or legal action--Grounds for publication by director.</span></p><p dir="ltr" class="s6713c13f36f7425685a964d089151fe7Statute"><span class="s6713c13f36f7425685a964d089151fe7DefaultParagraphFont">Documents, materials, or other information including filings in the possession or control of the Division of Insurance that are obtained by or disclosed to the director or any other person in the course of an examination or investigation made pursuant to this chapter and all information reported pursuant to this chapter are recognized as being proprietary and to contain trade secrets, and are confidential by law and privileged, are not subject to open records, freedom of information, sunshine, or other related laws, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action. However, the director is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the director's official duties. The director may not otherwise make the documents, materials, or other information public without the prior written consent of the insurer to which it pertains unless the director, after giving the insurer and its affiliates who would be affected thereby notice and opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by the publication thereof, in which event the director may publish all or any part.</span></p><p dir="ltr" class="s6713c13f36f7425685a964d089151fe7Statute"><span xml:space="preserve" class="s6713c13f36f7425685a964d089151fe7DefaultParagraphFont">For purposes of the information reported and provided to the director pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-94" rel="noopener"><span class="s6713c13f36f7425685a964d089151fe7DefaultParagraphFont">58-5A-94</span></a><span class="s6713c13f36f7425685a964d089151fe7DefaultParagraphFont">, the director shall maintain the confidentiality of the group capital calculation and group capital ratio produced within the calculation and any group capital information received from an insurance holding company supervised by the Federal Reserve Board or any U.S. group-wide supervisor.</span></p><p dir="ltr" class="s6713c13f36f7425685a964d089151fe7Statute"><span xml:space="preserve" class="s6713c13f36f7425685a964d089151fe7DefaultParagraphFont">For purposes of the information reported and provided to the director pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-97" rel="noopener"><span class="s6713c13f36f7425685a964d089151fe7DefaultParagraphFont">58-5A-97</span></a><span class="s6713c13f36f7425685a964d089151fe7DefaultParagraphFont">, the director shall maintain the confidentiality of the liquidity stress test results and supporting disclosures and any liquidity stress test information received from an insurance holding company supervised by the Federal Reserve Board and non-U.S. group-wide supervisors.</span></p><p dir="ltr" class="s6713c13f36f7425685a964d089151fe7Normal"><span xml:space="preserve" class="s6713c13f36f7425685a964d089151fe7000000"> </span></p><p dir="ltr" class="s6713c13f36f7425685a964d089151fe7NoIndent"><span xml:space="preserve" class="s6713c13f36f7425685a964d089151fe7DefaultParagraphFont-000001">Source: </span><span class="s6713c13f36f7425685a964d089151fe7SCL">SL 1972, ch 267, § 35; SL 2015, ch 246, § 27; SL 2024, ch 201, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074200Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074200SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074200CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074200Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074200DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074200000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074200SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074200SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074200Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-41.1"><span class="s2074200SENU">58-5A-41.1</span></a><span xml:space="preserve" class="s2074200SENU">. </span><span class="s2074200CL">Testimony in private civil action concerning confidential information prohibited.</span></p><p dir="ltr" class="s2074200Normal-000000"><span xml:space="preserve" class="s2074200DefaultParagraphFont">Neither the director nor any person who receives documents, materials, or other information while acting under the authority of the director or with whom the documents, materials, or other information are shared pursuant to the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-41"><span class="s2074200DefaultParagraphFont">58-5A-41</span></a><span xml:space="preserve" class="s2074200DefaultParagraphFont"> is permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-41"><span class="s2074200DefaultParagraphFont">58-5A-41</span></a><span class="s2074200DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074200Normal"><span xml:space="preserve" class="s2074200000001"> </span></p><p dir="ltr" class="s2074200Normal"><span class="s2074200SCL">Source:</span><span xml:space="preserve" class="s2074200SCL-000002"> SL 2015, ch 246, § 15.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s5bc451b140d445caa71efb6e01c50d6cNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5bc451b140d445caa71efb6e01c50d6cSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5bc451b140d445caa71efb6e01c50d6cCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s5bc451b140d445caa71efb6e01c50d6cStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s5bc451b140d445caa71efb6e01c50d6cStatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s5bc451b140d445caa71efb6e01c50d6c000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s5bc451b140d445caa71efb6e01c50d6cNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5bc451b140d445caa71efb6e01c50d6cSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-41.2 - Certain sharing of confidential information permitted."><meta property="og:description" content="SDLRC Codified Law 58-5A-41.2 - Certain sharing of confidential information permitted."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-41.2"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s5bc451b140d445caa71efb6e01c50d6cNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41.2" rel="noopener"><span class="s5bc451b140d445caa71efb6e01c50d6cSENU">58-5A-41.2</span></a><span xml:space="preserve" class="s5bc451b140d445caa71efb6e01c50d6cSENU">. </span><span class="s5bc451b140d445caa71efb6e01c50d6cCL">Certain sharing of confidential information permitted.</span></p><p dir="ltr" class="s5bc451b140d445caa71efb6e01c50d6cStatute"><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">To assist in the performance of the duties assigned to the director pursuant to the provisions of this chapter:</span></p><p dir="ltr" class="s5bc451b140d445caa71efb6e01c50d6cStatuteNumber1"><span xml:space="preserve" class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">(1)    The director may, upon request, share documents, materials, or other information, including the confidential and privileged documents, materials, or information, including proprietary materials, trade secrets, documents, and materials disclosed pursuant to this chapter with a state, federal, and international regulatory agency, the NAIC, any third-party consultant designated by the director, and a state, federal, and international law enforcement authority, including a member of any supervisory college described in §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-78" rel="noopener"><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">58-5A-78</span></a><span xml:space="preserve" class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-80" rel="noopener"><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">58-5A-80</span></a><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">, inclusive, if the recipient agrees in writing to maintain the confidentiality and privileged status of the document, material, or other information, and verifies in writing the legal authority to maintain confidentiality;</span></p><p dir="ltr" class="s5bc451b140d445caa71efb6e01c50d6cStatuteNumber1"><span xml:space="preserve" class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">(2)    Notwithstanding the provisions of subdivision (1), the director may only share information reported pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-29.1" rel="noopener"><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">58-5A-29.1</span></a><span xml:space="preserve" class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">, with a director of a state that has laws substantially similar to the provisions of § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41" rel="noopener"><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">58-5A-41</span></a><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">, and who agrees in writing not to disclose such information; and</span></p><p dir="ltr" class="s5bc451b140d445caa71efb6e01c50d6cStatuteNumber1"><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">(3)    The director may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, including proprietary materials and trade secret information from the NAIC and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information.</span></p><p dir="ltr" class="s5bc451b140d445caa71efb6e01c50d6cStatute"><span class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont">The sharing of information by the director pursuant to this chapter is not a delegation of regulatory authority or rule-making authority, and the director is solely responsible for the administration, execution, and enforcement of the provisions of this chapter.</span></p><p dir="ltr" class="s5bc451b140d445caa71efb6e01c50d6cNormal"><span xml:space="preserve" class="s5bc451b140d445caa71efb6e01c50d6c000000"> </span></p><p dir="ltr" class="s5bc451b140d445caa71efb6e01c50d6cNoIndent"><span xml:space="preserve" class="s5bc451b140d445caa71efb6e01c50d6cDefaultParagraphFont-000001">Source: </span><span class="s5bc451b140d445caa71efb6e01c50d6cSCL">SL 2015, ch 246, § 16; SL 2024, ch 201, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sf76db94d15124380a599e1e9b0d51e39Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sf76db94d15124380a599e1e9b0d51e39SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sf76db94d15124380a599e1e9b0d51e39CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sf76db94d15124380a599e1e9b0d51e39Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sf76db94d15124380a599e1e9b0d51e39StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.sf76db94d15124380a599e1e9b0d51e39000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sf76db94d15124380a599e1e9b0d51e39NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sf76db94d15124380a599e1e9b0d51e39SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-41.3 - Agreements regarding sharing of confidential information."><meta property="og:description" content="SDLRC Codified Law 58-5A-41.3 - Agreements regarding sharing of confidential information."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-41.3"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39Normal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41.3" rel="noopener"><span class="sf76db94d15124380a599e1e9b0d51e39SENU">58-5A-41.3</span></a><span xml:space="preserve" class="sf76db94d15124380a599e1e9b0d51e39SENU">. </span><span class="sf76db94d15124380a599e1e9b0d51e39CL">Agreements regarding sharing of confidential information.</span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39Statute"><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">The director must enter into written agreements with the NAIC and any third-party consultant designated by the director governing the sharing and use of information provided pursuant to this chapter that:</span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39StatuteNumber1"><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">(1)    Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC or a third-party consultant designated by the director pursuant to this chapter, including procedures and protocols for sharing by the NAIC with any other state, federal, or international regulator. The agreement must provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the documents, materials, or other information and has verified in writing the legal authority to maintain the confidentiality;</span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39StatuteNumber1"><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">(2)    Specify that ownership of information shared with the NAIC or a third-party consultant pursuant to this chapter remains with the director and that the NAIC or a third-party consultant, as designated by the director, use of the information is subject to the direction of the director;</span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39StatuteNumber1"><span xml:space="preserve" class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">(3)    Prohibit the NAIC or a third-party consultant designated by the director from storing the information shared pursuant to this chapter in a permanent database after the underlying analysis is completed, except as for those materials reported pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-94" rel="noopener"><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">58-5A-94</span></a><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">;</span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39StatuteNumber1"><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">(4)    Require prompt notice to be given to an insurer whose confidential information is in the possession of the NAIC or a third-party consultant designated by the director pursuant to this chapter and is subject to a request or subpoena issued to the NAIC for disclosure or production;</span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39StatuteNumber1"><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">(5)    Require the NAIC or a third-party consultant designated by the director to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant designated by the director may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant designated by the director pursuant to this chapter; and</span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39StatuteNumber1"><span xml:space="preserve" class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">(6)    If applicable, provide the identity of the consultant to applicable insurers for documents, materials, or information reporting pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-97" rel="noopener"><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">58-5A-97</span></a><span class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont">, in the case of an agreement involving a third-party consultant.</span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39Normal"><span xml:space="preserve" class="sf76db94d15124380a599e1e9b0d51e39000000"> </span></p><p dir="ltr" class="sf76db94d15124380a599e1e9b0d51e39NoIndent"><span xml:space="preserve" class="sf76db94d15124380a599e1e9b0d51e39DefaultParagraphFont-000001">Source: </span><span class="sf76db94d15124380a599e1e9b0d51e39SCL">SL 2015, ch 246, § 17; SL 2024, ch 201, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sd69a1a8219024248b3f6f8fb6b3bb97cNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd69a1a8219024248b3f6f8fb6b3bb97cSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd69a1a8219024248b3f6f8fb6b3bb97cCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sd69a1a8219024248b3f6f8fb6b3bb97cStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd69a1a8219024248b3f6f8fb6b3bb97cDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sd69a1a8219024248b3f6f8fb6b3bb97c000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sd69a1a8219024248b3f6f8fb6b3bb97cNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd69a1a8219024248b3f6f8fb6b3bb97cDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd69a1a8219024248b3f6f8fb6b3bb97cSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-41.4 - Information in possession or control of NAIC or third-party consultant confidential."><meta property="og:description" content="SDLRC Codified Law 58-5A-41.4 - Information in possession or control of NAIC or third-party consultant confidential."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-41.4"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sd69a1a8219024248b3f6f8fb6b3bb97cNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-41.4" rel="noopener"><span class="sd69a1a8219024248b3f6f8fb6b3bb97cSENU">58-5A-41.4</span></a><span xml:space="preserve" class="sd69a1a8219024248b3f6f8fb6b3bb97cSENU">. </span><span class="sd69a1a8219024248b3f6f8fb6b3bb97cCL">Information in possession or control of NAIC or third-party consultant confidential.</span></p><p dir="ltr" class="sd69a1a8219024248b3f6f8fb6b3bb97cStatute"><span class="sd69a1a8219024248b3f6f8fb6b3bb97cDefaultParagraphFont">Any document, material, or other information in the possession or control of the NAIC or a third-party consultant as designated by the director, shared pursuant to this chapter, is confidential by law and privileged, is not subject to subpoena, open records laws, and is not subject to discovery or admissible as evidence in any private civil action.</span></p><p dir="ltr" class="sd69a1a8219024248b3f6f8fb6b3bb97cNormal"><span xml:space="preserve" class="sd69a1a8219024248b3f6f8fb6b3bb97c000000"> </span></p><p dir="ltr" class="sd69a1a8219024248b3f6f8fb6b3bb97cNoIndent"><span xml:space="preserve" class="sd69a1a8219024248b3f6f8fb6b3bb97cDefaultParagraphFont-000001">Source: </span><span class="sd69a1a8219024248b3f6f8fb6b3bb97cSCL">SL 2015, ch 246, § 25; SL 2024, ch 201, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074204Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074204SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074204CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074204Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074204DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074204000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074204SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074204SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074204Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-41.5"><span class="s2074204SENU">58-5A-41.5</span></a><span xml:space="preserve" class="s2074204SENU">. </span><span class="s2074204CL">Confidentiality not waived by disclosure of information.</span></p><p dir="ltr" class="s2074204Normal-000000"><span class="s2074204DefaultParagraphFont">No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information may occur as a result of disclosure to the director pursuant to this chapter or as a result of sharing as authorized pursuant to this chapter.</span></p><p dir="ltr" class="s2074204Normal"><span xml:space="preserve" class="s2074204000001"> </span></p><p dir="ltr" class="s2074204Normal"><span class="s2074204SCL">Source:</span><span xml:space="preserve" class="s2074204SCL-000002"> SL 2015, ch 246, § 28.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES58-5A-42 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 58-5A-42 "> <META NAME="Description" Content="South Dakota Codified Laws 58-5A-42"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 58-5A-42. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1978, ch 359, &#167;&nbsp;3<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074206Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074206SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074206CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074206Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074206DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074206000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074206SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074206SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074206Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-43"><span class="s2074206SENU">58-5A-43</span></a><span xml:space="preserve" class="s2074206SENU">. </span><span class="s2074206CL">Acquisition of subsidiaries--Limitations.</span></p><p dir="ltr" class="s2074206Normal-000000"><span class="s2074206DefaultParagraphFont">Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries with the approval of the director and within those acquisitions allowed by this title as long as the aggregate investment by the insurer and its subsidiaries acquired or organized do not exceed the limitations applicable to the investment.</span></p><p dir="ltr" class="s2074206Normal"><span xml:space="preserve" class="s2074206000001"> </span></p><p dir="ltr" class="s2074206Normal"><span class="s2074206SCL">Source:</span><span xml:space="preserve" class="s2074206SCL-000002"> SL 1992, ch 341, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074207Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074207SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074207CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074207Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074207DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074207000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074207SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074207SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074207Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-44"><span class="s2074207SENU">58-5A-44</span></a><span xml:space="preserve" class="s2074207SENU">. </span><span class="s2074207CL">Disposition of investment in subsidiary upon cessation of control--Waiver.</span></p><p dir="ltr" class="s2074207Normal-000000"><span class="s2074207DefaultParagraphFont">If an insurer ceases to control a subsidiary, it shall dispose of the investment in the subsidiary within three years from the time of the cessation of control or within further time as the director may prescribe upon written request by the insurer. If the investment qualifies for investment under any other section of this chapter, and the insurer has notified the director in writing of that qualification, the disposition requirement may be waived by the director.</span></p><p dir="ltr" class="s2074207Normal"><span xml:space="preserve" class="s2074207000001"> </span></p><p dir="ltr" class="s2074207Normal"><span class="s2074207SCL">Source:</span><span xml:space="preserve" class="s2074207SCL-000002"> SL 1992, ch 341, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074208Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074208SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074208CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074208CL-000000 { font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074208Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074208DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074208DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074208000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074208SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074208SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074208Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-45"><span class="s2074208SENU">58-5A-45</span></a><span xml:space="preserve" class="s2074208SENU">. </span><span class="s2074208CL">Pre</span><span class="s2074208CL-000000">-</span><span class="s2074208CL">acquisition notification--Person defined.</span></p><p dir="ltr" class="s2074208Normal-000001"><span class="s2074208DefaultParagraphFont">Any person acquiring assets pursuant to § 58-5A-3 shall file a pre</span><span class="s2074208DefaultParagraphFont-000002">-</span><span xml:space="preserve" class="s2074208DefaultParagraphFont">acquisition notification with the director containing the information set forth in § 58-5A-48 thirty days prior to the proposed effective date of the acquisition. Any person failing to file is subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-53"><span class="s2074208DefaultParagraphFont">58-5A-53</span></a><span class="s2074208DefaultParagraphFont">. For the purposes of this section, "person" does not include any securities broker holding, in the usual and customary brokers function, less than twenty percent of the voting securities of an insurance company or of any person which controls an insurance company.</span></p><p dir="ltr" class="s2074208Normal"><span xml:space="preserve" class="s2074208000003"> </span></p><p dir="ltr" class="s2074208Normal"><span class="s2074208SCL">Source:</span><span xml:space="preserve" class="s2074208SCL-000004"> SL 1992, ch 341, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074209Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074209SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074209CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074209Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074209DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074209Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2074209000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074209SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074209SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074209Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-46"><span class="s2074209SENU">58-5A-46</span></a><span xml:space="preserve" class="s2074209SENU">. </span><span class="s2074209CL">Acquisition and involved insurer defined.</span></p><p dir="ltr" class="s2074209Normal-000000"><span xml:space="preserve" class="s2074209DefaultParagraphFont">The following definitions shall only apply to §§ 58-5A-47 to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-53"><span class="s2074209DefaultParagraphFont">58-5A-53</span></a><span class="s2074209DefaultParagraphFont">, inclusive:</span></p><p dir="ltr" class="s2074209Normal-000001"><span class="s2074209DefaultParagraphFont">(1)    "Acquisition," any agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes the acquisition of voting securities, assets, bulk reinsurance, and mergers; and</span></p><p dir="ltr" class="s2074209Normal-000001"><span class="s2074209DefaultParagraphFont">(2)    "Involved insurer," an insurer which either acquires or is acquired, is affiliated with an acquirer or acquired or is the result of a merger.</span></p><p dir="ltr" class="s2074209Normal"><span xml:space="preserve" class="s2074209000002"> </span></p><p dir="ltr" class="s2074209Normal"><span class="s2074209SCL">Source:</span><span xml:space="preserve" class="s2074209SCL-000003"> SL 1992, ch 341, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074210Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074210SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074210CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074210Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074210DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074210Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074210Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074210Normal-000003 { margin-left: 0.70in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074210000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074210SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074210SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074210Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-47"><span class="s2074210SENU">58-5A-47</span></a><span xml:space="preserve" class="s2074210SENU">. </span><span xml:space="preserve" class="s2074210CL">Application of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-46"><span class="s2074210CL">58-5A-46</span></a><span xml:space="preserve" class="s2074210CL"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-53"><span class="s2074210CL">58-5A-53</span></a><span class="s2074210CL">--Exceptions.</span></p><p dir="ltr" class="s2074210Normal-000000"><span xml:space="preserve" class="s2074210DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-46"><span class="s2074210DefaultParagraphFont">58-5A-46</span></a><span xml:space="preserve" class="s2074210DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-53"><span class="s2074210DefaultParagraphFont">58-5A-53</span></a><span class="s2074210DefaultParagraphFont">, inclusive, apply to any acquisition in which there is a change in control of an insurer authorized to do business in this state except the following:</span></p><p dir="ltr" class="s2074210Normal-000001"><span class="s2074210DefaultParagraphFont">(1)    A purchase of securities solely for investment purposes as long as the securities are not used by voting or otherwise to lessen the competition in any insurance market in this state to the detriment of policyholders or consumers. If a purchase of securities results in a presumption of control pursuant to subdivision 58-5A-1(2), it is not solely for investment purposes unless the director or commissioner of the insurer's state of domicile accepts a disclaimer of control or affirmatively finds that control does not exist and the disclaimer or affirmative finding is communicated by the domiciliary director or commissioner to the director of this state;</span></p><p dir="ltr" class="s2074210Normal-000001"><span xml:space="preserve" class="s2074210DefaultParagraphFont">(2)    The acquisition of any person by another person if both persons are neither directly nor through affiliates primarily engaged in the business of insurance, if pre-acquisition notification is filed with the director in accordance with the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-48"><span class="s2074210DefaultParagraphFont">58-5A-48</span></a><span xml:space="preserve" class="s2074210DefaultParagraphFont"> thirty days prior to the proposed effective date of the acquisition. Pre-acquisition notification is not required for exclusion from this subdivision if the acquisition would otherwise be excluded from this subdivision by any other subdivision of this section;</span></p><p dir="ltr" class="s2074210Normal-000001"><span class="s2074210DefaultParagraphFont">(3)    The acquisition of already affiliated persons;</span></p><p dir="ltr" class="s2074210Normal-000001"><span class="s2074210DefaultParagraphFont">(4)    An acquisition if, as an immediate result of the acquisition,</span></p><p dir="ltr" class="s2074210Normal-000002"><span class="s2074210DefaultParagraphFont">(a)    In no market would the combined market share of the involved insurers exceed five percent of the total market;</span></p><p dir="ltr" class="s2074210Normal-000002"><span class="s2074210DefaultParagraphFont">(b)    There would be no increase in any market share; or</span></p><p dir="ltr" class="s2074210Normal-000002"><span class="s2074210DefaultParagraphFont">(c)    In no market would the combined market share of the involved insurers exceed twelve percent of the total market, and the market share increase by more than two percent of the total market.</span></p><p dir="ltr" class="s2074210Normal-000003"><span class="s2074210DefaultParagraphFont">For the purpose of this subdivision, a market means direct written insurance premium in this state for a line of business as contained in the annual statement required to be filed by insurers licensed to do business in this state;</span></p><p dir="ltr" class="s2074210Normal-000001"><span class="s2074210DefaultParagraphFont">(5)    An acquisition for which a pre-acquisition notification would be required pursuant to this section due solely to the resulting effect on the ocean marine insurance line of business; and</span></p><p dir="ltr" class="s2074210Normal-000001"><span class="s2074210DefaultParagraphFont">(6)    An acquisition of an insurer whose domiciliary director or commissioner affirmatively finds that the insurer is in failing condition; there is a lack of feasible alternatives to improving the condition; the public benefits of improving the insurer's condition through the acquisition exceed the public benefits that would arise from not lessening competition; and the findings are communicated by the domiciliary director or commissioner to the director of this state.</span></p><p dir="ltr" class="s2074210Normal"><span xml:space="preserve" class="s2074210000004"> </span></p><p dir="ltr" class="s2074210Normal"><span class="s2074210SCL">Source:</span><span xml:space="preserve" class="s2074210SCL-000005"> SL 1992, ch 341, § 9; SL 2015, ch 246, § 23.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074211Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074211SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074211CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074211Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074211DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074211Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074211Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074211000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074211SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074211SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074211Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-48"><span class="s2074211SENU">58-5A-48</span></a><span xml:space="preserve" class="s2074211SENU">. </span><span class="s2074211CL">Pre-acquisition notification--Contents--Waiting period.</span></p><p dir="ltr" class="s2074211Normal-000000"><span xml:space="preserve" class="s2074211DefaultParagraphFont">An acquisition covered pursuant to the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-47"><span class="s2074211DefaultParagraphFont">58-5A-47</span></a><span xml:space="preserve" class="s2074211DefaultParagraphFont"> may be subject to an order pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-69"><span class="s2074211DefaultParagraphFont">58-5A-69</span></a><span xml:space="preserve" class="s2074211DefaultParagraphFont"> unless the acquiring or acquired person files a pre-acquisition notification and the waiting period has expired. The director shall give confidential treatment to information submitted under this section in the same manner as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-41"><span class="s2074211DefaultParagraphFont">58-5A-41</span></a><span class="s2074211DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074211Normal-000001"><span class="s2074211DefaultParagraphFont">The notification shall be as follows:</span></p><p dir="ltr" class="s2074211Normal-000002"><span xml:space="preserve" class="s2074211DefaultParagraphFont">(1)    The pre-acquisition notification of this chapter shall be in a form and contain information as prescribed by the National Association of Insurance Commissioners relating to those markets which, under subdivision 58-5A-47(4), cause the acquisition not to be exempted from the provisions of this section. The director may require additional material and information to determine whether the proposed acquisition, if consummated, would violate the competitive standard of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-49"><span class="s2074211DefaultParagraphFont">58-5A-49</span></a><span xml:space="preserve" class="s2074211DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-50"><span class="s2074211DefaultParagraphFont">58-5A-50</span></a><span class="s2074211DefaultParagraphFont">. The required information may include an opinion of an economist as to the competitive impact of the acquisition in this state accompanied by a summary of the education and experience of the person indicating his ability to render an informed opinion;</span></p><p dir="ltr" class="s2074211Normal-000002"><span class="s2074211DefaultParagraphFont">(2)    The waiting period required shall begin on the date of receipt of the director of a pre-acquisition notification and shall end on the earlier of the thirtieth day after the date of the receipt, or termination of the waiting period by the director. Prior to the end of the waiting period, the director on a one-time basis may require the submission of additional needed information relevant to the proposed acquisition, in which event the waiting period shall end on the earlier of the thirtieth day after receipt of the additional information by the director or termination of the waiting period by the director.</span></p><p dir="ltr" class="s2074211Normal"><span xml:space="preserve" class="s2074211000003"> </span></p><p dir="ltr" class="s2074211Normal"><span class="s2074211SCL">Source:</span><span xml:space="preserve" class="s2074211SCL-000004"> SL 1992, ch 341, § 10; SL 2015, ch 246, § 24.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074212Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074212SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074212CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074212Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074212DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074212000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074212SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074212SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074212Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-49"><span class="s2074212SENU">58-5A-49</span></a><span xml:space="preserve" class="s2074212SENU">. </span><span class="s2074212CL">Action by director when acquisition lessens competition--Promulgation of rules establishing competitive standards.</span></p><p dir="ltr" class="s2074212Normal-000000"><span xml:space="preserve" class="s2074212DefaultParagraphFont">The director may enter an order under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-67"><span class="s2074212DefaultParagraphFont">58-5A-67</span></a><span xml:space="preserve" class="s2074212DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-69"><span class="s2074212DefaultParagraphFont">58-5A-69</span></a><span xml:space="preserve" class="s2074212DefaultParagraphFont"> with respect to an acquisition if there is substantial evidence that the effect of the acquisition lessens competition in any line of insurance in this state to the detriment of consumers or tends to create a monopoly or if the insurer fails to file adequate information in compliance with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-48"><span class="s2074212DefaultParagraphFont">58-5A-48</span></a><span xml:space="preserve" class="s2074212DefaultParagraphFont">. The director may promulgate rules pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2074212DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2074212DefaultParagraphFont"> to establish criteria and factors for competitive standards. The director may disapprove the acquisition or act to prevent the acquisition by invoking the laws of this state.</span></p><p dir="ltr" class="s2074212Normal"><span xml:space="preserve" class="s2074212000001"> </span></p><p dir="ltr" class="s2074212Normal"><span class="s2074212SCL">Source:</span><span xml:space="preserve" class="s2074212SCL-000002"> SL 1992, ch 341, § 11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074213Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074213SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074213CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074213Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074213DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074213Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074213000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074213SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074213SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074213Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-50"><span class="s2074213SENU">58-5A-50</span></a><span xml:space="preserve" class="s2074213SENU">. </span><span xml:space="preserve" class="s2074213CL">Acquisitions subject to order under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-69"><span class="s2074213CL">58-5A-69</span></a><span class="s2074213CL">.</span></p><p dir="ltr" class="s2074213Normal-000000"><span xml:space="preserve" class="s2074213DefaultParagraphFont">An order may not be entered under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-69"><span class="s2074213DefaultParagraphFont">58-5A-69</span></a><span xml:space="preserve" class="s2074213DefaultParagraphFont"> if:</span></p><p dir="ltr" class="s2074213Normal-000001"><span class="s2074213DefaultParagraphFont">(1)    The acquisition will yield substantial economies of scale or economies in resource utilization that cannot be feasibly achieved in any other way, and the public benefits which would arise from the economies would exceed the public benefits which would arise from not lessening competition; or</span></p><p dir="ltr" class="s2074213Normal-000001"><span class="s2074213DefaultParagraphFont">(2)    The acquisition will substantially increase the availability of insurance, and the public benefits of the increase would exceed the public benefits which would arise from not lessening competition.</span></p><p dir="ltr" class="s2074213Normal"><span xml:space="preserve" class="s2074213000002"> </span></p><p dir="ltr" class="s2074213Normal"><span class="s2074213SCL">Source:</span><span xml:space="preserve" class="s2074213SCL-000003"> SL 1992, ch 341, § 12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074214Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074214SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074214CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074214Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074214DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074214Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074214000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074214SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074214SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074214Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-51"><span class="s2074214SENU">58-5A-51</span></a><span xml:space="preserve" class="s2074214SENU">. </span><span class="s2074214CL">Plan for limiting anticompetitive impact of acquisition--Time limit.</span></p><p dir="ltr" class="s2074214Normal-000000"><span xml:space="preserve" class="s2074214DefaultParagraphFont">An order entered pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-49"><span class="s2074214DefaultParagraphFont">58-5A-49</span></a><span xml:space="preserve" class="s2074214DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-50"><span class="s2074214DefaultParagraphFont">58-5A-50</span></a><span xml:space="preserve" class="s2074214DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-69"><span class="s2074214DefaultParagraphFont">58-5A-69</span></a><span xml:space="preserve" class="s2074214DefaultParagraphFont"> may not become final earlier than thirty days after it is issued, during which time the insurer may submit a plan or notification of submission of a plan to remedy the anticompetitive impact of the acquisition. The director may allow the insurer up to ninety days to complete the submission of the plan. Based upon the plan or other information, the director shall specify the conditions, if any, under the time period during which the aspects of the acquisition causing a violation of the standards of this section would be remedied and the order vacated or modified.</span></p><p dir="ltr" class="s2074214Normal-000001"><span class="s2074214DefaultParagraphFont">An order pursuant to this section does not apply if the acquisition is not consummated.</span></p><p dir="ltr" class="s2074214Normal"><span xml:space="preserve" class="s2074214000002"> </span></p><p dir="ltr" class="s2074214Normal"><span class="s2074214SCL">Source:</span><span xml:space="preserve" class="s2074214SCL-000003"> SL 1992, ch 341, § 13.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074215Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074215SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074215CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074215Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074215DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074215Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074215000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074215SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074215SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074215Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-52"><span class="s2074215SENU">58-5A-52</span></a><span xml:space="preserve" class="s2074215SENU">. </span><span class="s2074215CL">Fine, suspension, or revocation for violation of cease and desist order.</span></p><p dir="ltr" class="s2074215Normal-000000"><span class="s2074215DefaultParagraphFont">Any person who violates a cease and desist order of the director may, after notice and hearing, be subject to one or more of the following:</span></p><p dir="ltr" class="s2074215Normal-000001"><span class="s2074215DefaultParagraphFont">(1)    An administrative fine of not more than ten thousand dollars for every day of violation; and</span></p><p dir="ltr" class="s2074215Normal-000001"><span class="s2074215DefaultParagraphFont">(2)    Suspension or revocation of the person's license.</span></p><p dir="ltr" class="s2074215Normal"><span xml:space="preserve" class="s2074215000002"> </span></p><p dir="ltr" class="s2074215Normal"><span class="s2074215SCL">Source:</span><span xml:space="preserve" class="s2074215SCL-000003"> SL 1992, ch 341, § 14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074216Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074216SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074216CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074216Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074216DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074216000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074216SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074216SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074216Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-53"><span class="s2074216SENU">58-5A-53</span></a><span xml:space="preserve" class="s2074216SENU">. </span><span class="s2074216CL">Failure to comply with filing requirements--Fine.</span></p><p dir="ltr" class="s2074216Normal-000000"><span xml:space="preserve" class="s2074216DefaultParagraphFont">Any insurer or other person that fails to make any filing required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-46"><span class="s2074216DefaultParagraphFont">58-5A-46</span></a><span xml:space="preserve" class="s2074216DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-52"><span class="s2074216DefaultParagraphFont">58-5A-52</span></a><span class="s2074216DefaultParagraphFont">, inclusive, and that fails to demonstrate a good faith effort to comply with any filing requirement is subject to an administrative fine of not less than two thousand five hundred dollars and not more than fifty thousand dollars.</span></p><p dir="ltr" class="s2074216Normal"><span xml:space="preserve" class="s2074216000001"> </span></p><p dir="ltr" class="s2074216Normal"><span class="s2074216SCL">Source:</span><span xml:space="preserve" class="s2074216SCL-000002"> SL 1992, ch 341, § 15.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074217Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074217SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074217CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074217Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074217DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074217000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074217SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074217SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074217Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-54"><span class="s2074217SENU">58-5A-54</span></a><span xml:space="preserve" class="s2074217SENU">. </span><span class="s2074217CL">Report of dividends and distributions to shareholders--Time limit.</span></p><p dir="ltr" class="s2074217Normal-000000"><span xml:space="preserve" class="s2074217DefaultParagraphFont">In addition to the filing requirements of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-23"><span class="s2074217DefaultParagraphFont">58-5A-23</span></a><span xml:space="preserve" class="s2074217DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-35"><span class="s2074217DefaultParagraphFont">58-5A-35</span></a><span class="s2074217DefaultParagraphFont">, each registered insurer shall file with the director a report of all dividends and other distributions to shareholders within fifteen business days following the declaration thereof. However, payment may not be made until ten days after the division receives the report. However, payment of an ordinary dividend may be made on the day that it is declared if an intention to declare the dividend is received by the division ten days before the date of payment. The division shall hold the notice of intention to declare a dividend confidential until the dividend has been declared.</span></p><p dir="ltr" class="s2074217Normal"><span xml:space="preserve" class="s2074217000001"> </span></p><p dir="ltr" class="s2074217Normal"><span class="s2074217SCL">Source:</span><span xml:space="preserve" class="s2074217SCL-000002"> SL 1992, ch 341, § 17; SL 1993, ch 359, § 2; SL 1994, ch 373.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074218Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074218SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074218CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074218Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074218DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074218000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074218SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074218SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074218Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-55"><span class="s2074218SENU">58-5A-55</span></a><span xml:space="preserve" class="s2074218SENU">. </span><span class="s2074218CL">Persons subject to registration to provide complete and accurate information to insurer.</span></p><p dir="ltr" class="s2074218Normal-000000"><span class="s2074218DefaultParagraphFont">Any person within an insurance holding company system subject to registration shall be required to provide to an insurer complete and accurate information reasonably necessary to enable the insurer to comply with the provisions of this chapter.</span></p><p dir="ltr" class="s2074218Normal"><span xml:space="preserve" class="s2074218000001"> </span></p><p dir="ltr" class="s2074218Normal"><span class="s2074218SCL">Source:</span><span xml:space="preserve" class="s2074218SCL-000002"> SL 1992, ch 341, § 18.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074219Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074219SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074219CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074219Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074219DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074219Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074219Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074219000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074219SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074219SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074219Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-56"><span class="s2074219SENU">58-5A-56</span></a><span xml:space="preserve" class="s2074219SENU">. </span><span class="s2074219CL">Notification to director of certain transactions required.</span></p><p dir="ltr" class="s2074219Normal-000000"><span class="s2074219DefaultParagraphFont">A domestic insurer and any person in its insurance holding company system may not enter into transactions, including any amendment or modification of an affiliate agreement previously filed pursuant to this chapter, that is subject to any materiality standard provided in this section, unless the director has received a written notification from the insurer of the transaction at least thirty days prior to its effective date. The director has thirty days from receipt to approve or disapprove the transaction. If the director takes no action within the thirty days, the transaction is deemed approved. The director may allow less than thirty days notification if the insurer can show cause why a lesser time is necessary. Transactions of which the insurer needs to notify the director are:</span></p><p dir="ltr" class="s2074219Normal-000001"><span class="s2074219DefaultParagraphFont">(1)    Sales, purchases, exchanges, loans, or extensions of credit, guarantees, or investments provided the transactions are equal to or exceed as of December thirty-first next preceding:</span></p><p dir="ltr" class="s2074219Normal-000002"><span class="s2074219DefaultParagraphFont">(a)    With respect to nonlife insurers, the lesser of three percent of the insurer's admitted assets or twenty-five percent of surplus as regards policyholders; or</span></p><p dir="ltr" class="s2074219Normal-000002"><span class="s2074219DefaultParagraphFont">(b)    With respect to life insurers, three percent of the insurer's admitted assets;</span></p><p dir="ltr" class="s2074219Normal-000001"><span class="s2074219DefaultParagraphFont">(2)    Loans or extensions of credit by the insurer to any person that is not an affiliate, with the agreement or that the proceeds of the transactions, in whole or in substantial part, are to be used to make loans or extensions of credit to, to purchase assets of, or to make investments in any affiliate of the insurer provided the transactions are equal to or exceed as of December thirty-first next preceding:</span></p><p dir="ltr" class="s2074219Normal-000002"><span class="s2074219DefaultParagraphFont">(a)    With respect to nonlife insurers, the lesser of three percent of the insurer's admitted assets or twenty-five percent of surplus as regards policyholders; or</span></p><p dir="ltr" class="s2074219Normal-000002"><span class="s2074219DefaultParagraphFont">(b)    With respect to life insurers, three percent of the insurer's admitted assets;</span></p><p dir="ltr" class="s2074219Normal-000001"><span class="s2074219DefaultParagraphFont">(3)    Reinsurance agreements or modifications to the agreements, including:</span></p><p dir="ltr" class="s2074219Normal-000002"><span class="s2074219DefaultParagraphFont">(a)    Any reinsurance pooling agreement; and</span></p><p dir="ltr" class="s2074219Normal-000002"><span class="s2074219DefaultParagraphFont">(b)    Any agreement in which the reinsurance premium or a change in the insurer's liabilities, or the projected reinsurance premium or a change in the insurer's liabilities in any of the next three years, equal or exceeds five percent of the insurer's surplus as regards policyholders as of December thirty-first next preceding, including any agreement that requires as consideration the transfer of assets from an insurer to a nonaffiliate, if an agreement or understanding exists between the insurer and nonaffiliate that any portion of the assets will be transferred to one or more affiliates of the insurer;</span></p><p dir="ltr" class="s2074219Normal-000001"><span class="s2074219DefaultParagraphFont">(4)    All management agreements, service contracts, tax allocation agreements, and all cost-sharing arrangements; and</span></p><p dir="ltr" class="s2074219Normal-000001"><span class="s2074219DefaultParagraphFont">(5)    Any transactions which the director determines may adversely affect the interests of the insurer's policyholders.</span></p><p dir="ltr" class="s2074219Normal"><span xml:space="preserve" class="s2074219000003"> </span></p><p dir="ltr" class="s2074219Normal"><span class="s2074219SCL">Source:</span><span xml:space="preserve" class="s2074219SCL-000004"> SL 1992, ch 341, § 21; SL 2015, ch 246, § 18.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074220Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074220SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074220CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074220Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074220DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074220DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074220000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074220SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074220SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074220Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-57"><span class="s2074220SENU">58-5A-57</span></a><span xml:space="preserve" class="s2074220SENU">. </span><span class="s2074220CL">Transactions entered into to avoid director's review prohibited.</span></p><p dir="ltr" class="s2074220Normal-000000"><span xml:space="preserve" class="s2074220DefaultParagraphFont">A domestic insurer may not enter into transactions which are part of a plan or series of like transactions with persons within the holding company system if the purpose of those separate transactions is to avoid the statutory amounts in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-56"><span class="s2074220DefaultParagraphFont">58-5A-56</span></a><span xml:space="preserve" class="s2074220DefaultParagraphFont"> and thus the review. If the director determines that transactions were entered into over any twelve</span><span class="s2074220DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2074220DefaultParagraphFont">month period to avoid § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-56"><span class="s2074220DefaultParagraphFont">58-5A-56</span></a><span xml:space="preserve" class="s2074220DefaultParagraphFont">, the director may exercise his authority under §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-62"><span class="s2074220DefaultParagraphFont">58-5A-62</span></a><span xml:space="preserve" class="s2074220DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-67"><span class="s2074220DefaultParagraphFont">58-5A-67</span></a><span class="s2074220DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2074220Normal"><span xml:space="preserve" class="s2074220000002"> </span></p><p dir="ltr" class="s2074220Normal"><span class="s2074220SCL">Source:</span><span xml:space="preserve" class="s2074220SCL-000003"> SL 1992, ch 341, § 22.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074221Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074221SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074221CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074221Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074221DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074221000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074221SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074221SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074221Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-58"><span class="s2074221SENU">58-5A-58</span></a><span xml:space="preserve" class="s2074221SENU">. </span><span class="s2074221CL">Considerations in decision to approve or disapprove transactions.</span></p><p dir="ltr" class="s2074221Normal-000000"><span xml:space="preserve" class="s2074221DefaultParagraphFont">The director in making the decision to approve or disapprove the transactions in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-56"><span class="s2074221DefaultParagraphFont">58-5A-56</span></a><span xml:space="preserve" class="s2074221DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-57"><span class="s2074221DefaultParagraphFont">58-5A-57</span></a><span xml:space="preserve" class="s2074221DefaultParagraphFont"> shall consider whether the transactions comply with the standards set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-32"><span class="s2074221DefaultParagraphFont">58-5A-32</span></a><span xml:space="preserve" class="s2074221DefaultParagraphFont"> and whether they may adversely affect the interests of policyholders or of the insurer.</span></p><p dir="ltr" class="s2074221Normal"><span xml:space="preserve" class="s2074221000001"> </span></p><p dir="ltr" class="s2074221Normal"><span class="s2074221SCL">Source:</span><span xml:space="preserve" class="s2074221SCL-000002"> SL 1992, ch 341, § 23.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074222Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074222SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074222CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074222Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074222DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074222000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074222SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074222SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074222Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-59"><span class="s2074222SENU">58-5A-59</span></a><span xml:space="preserve" class="s2074222SENU">. </span><span class="s2074222CL">Notification to director of certain investments into one corporation.</span></p><p dir="ltr" class="s2074222Normal-000000"><span class="s2074222DefaultParagraphFont">The director shall be notified within thirty days of any investment of the domestic insurer in any one corporation if the total investment in the corporation by the insurance holding company system exceeds ten percent of the corporation's voting securities.</span></p><p dir="ltr" class="s2074222Normal"><span xml:space="preserve" class="s2074222000001"> </span></p><p dir="ltr" class="s2074222Normal"><span class="s2074222SCL">Source:</span><span xml:space="preserve" class="s2074222SCL-000002"> SL 1992, ch 341, § 24.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074223Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074223SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074223CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074223Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074223DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074223000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074223SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074223SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074223Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-60"><span class="s2074223SENU">58-5A-60</span></a><span xml:space="preserve" class="s2074223SENU">. </span><span class="s2074223CL">Certain securities not to be voted at shareholder's meeting--Application for injunction.</span></p><p dir="ltr" class="s2074223Normal-000000"><span class="s2074223DefaultParagraphFont">No security, which is the subject of any acquisition, agreement, or arrangement, or which is acquired or to be acquired, in contravention of the provisions of this chapter or order issued by the director, may be voted at any shareholder's meeting, or may be counted for quorum purposes. Any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though those securities were not issued and outstanding; but no action taken at any meeting may be invalidated by the voting of those securities, unless the action would materially affect control of the insurer or unless the circuit court of Hughes County has so ordered. If an insurer or the director has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of this chapter, an order issued by the director, the insurer or the director may apply to the circuit court in Hughes County to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of this chapter or order issued by the director, to enjoin the voting of any security so acquired, or to void any vote of a security already cast at any meeting of shareholders.</span></p><p dir="ltr" class="s2074223Normal"><span xml:space="preserve" class="s2074223000001"> </span></p><p dir="ltr" class="s2074223Normal"><span class="s2074223SCL">Source:</span><span xml:space="preserve" class="s2074223SCL-000002"> SL 1992, ch 341, § 27.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074224Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074224SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074224CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074224Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074224DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074224000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074224SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074224SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074224Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-61"><span class="s2074224SENU">58-5A-61</span></a><span xml:space="preserve" class="s2074224SENU">. </span><span class="s2074224CL">Petition to seize or sequester voting securities acquired in violation of chapter.</span></p><p dir="ltr" class="s2074224Normal-000000"><span class="s2074224DefaultParagraphFont">An insurer or the director may petition the court in Hughes County for an order to seize or sequester any voting securities of the insurer owned directly or indirectly by a person if that person has acquired or is proposed to acquire any voting securities in violation of this chapter.</span></p><p dir="ltr" class="s2074224Normal"><span xml:space="preserve" class="s2074224000001"> </span></p><p dir="ltr" class="s2074224Normal"><span class="s2074224SCL">Source:</span><span xml:space="preserve" class="s2074224SCL-000002"> SL 1992, ch 341, § 28.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074225Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074225SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074225CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074225Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074225DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074225000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074225SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074225SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074225Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-62"><span class="s2074225SENU">58-5A-62</span></a><span xml:space="preserve" class="s2074225SENU">. </span><span class="s2074225CL">Violations by officers subject to fine--Determining amount of fine.</span></p><p dir="ltr" class="s2074225Normal-000000"><span class="s2074225DefaultParagraphFont">Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly permits any of the officers or agents of the insurer to engage in transactions or make investments which have not been properly reported or submitted pursuant to this chapter shall pay, in their individual capacity, an administrative fine of not more than five thousand dollars per violation. In determining the amount of the fine, the director shall take into account the gravity of the violation, previous violations, and other matters.</span></p><p dir="ltr" class="s2074225Normal"><span xml:space="preserve" class="s2074225000001"> </span></p><p dir="ltr" class="s2074225Normal"><span class="s2074225SCL">Source:</span><span xml:space="preserve" class="s2074225SCL-000002"> SL 1992, ch 341, § 29.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074226Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074226SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074226CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074226Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074226DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074226000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074226SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074226SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074226Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-63"><span class="s2074226SENU">58-5A-63</span></a><span xml:space="preserve" class="s2074226SENU">. </span><span class="s2074226CL">Transactions or contracts entered into without approval--Cease and desist order by director.</span></p><p dir="ltr" class="s2074226Normal-000000"><span xml:space="preserve" class="s2074226DefaultParagraphFont">If any insurer subject to this chapter or any director, officer, employee, or agent has engaged in any transaction or entered into a contract which is subject to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-32"><span class="s2074226DefaultParagraphFont">58-5A-32</span></a><span xml:space="preserve" class="s2074226DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-34"><span class="s2074226DefaultParagraphFont">58-5A-34</span></a><span xml:space="preserve" class="s2074226DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-35"><span class="s2074226DefaultParagraphFont">58-5A-35</span></a><span xml:space="preserve" class="s2074226DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-56"><span class="s2074226DefaultParagraphFont">58-5A-56</span></a><span xml:space="preserve" class="s2074226DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-58"><span class="s2074226DefaultParagraphFont">58-5A-58</span></a><span xml:space="preserve" class="s2074226DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-59"><span class="s2074226DefaultParagraphFont">58-5A-59</span></a><span xml:space="preserve" class="s2074226DefaultParagraphFont"> and which would not have been approved had approval been requested, the director may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing, the director may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors, or the public.</span></p><p dir="ltr" class="s2074226Normal"><span xml:space="preserve" class="s2074226000001"> </span></p><p dir="ltr" class="s2074226Normal"><span class="s2074226SCL">Source:</span><span xml:space="preserve" class="s2074226SCL-000002"> SL 1992, ch 341, § 30.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074227Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074227SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074227CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074227Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074227DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074227Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074227DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074227000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074227SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074227SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074227Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-64"><span class="s2074227SENU">58-5A-64</span></a><span xml:space="preserve" class="s2074227SENU">. </span><span class="s2074227CL">Criminal proceedings for violation committed knowingly--Fine.</span></p><p dir="ltr" class="s2074227Normal-000000"><span class="s2074227DefaultParagraphFont">If it appears to the director that any insurer or any director, officer, employee, or agent thereof has knowingly committed a violation of this chapter, the director may request of the attorney general that criminal proceedings be instituted in the circuit court of Hughes County.</span></p><p dir="ltr" class="s2074227Normal-000001"><span class="s2074227DefaultParagraphFont">Any insurer which knowingly violates this chapter may be fined not more than twenty</span><span class="s2074227DefaultParagraphFont-000002">-</span><span class="s2074227DefaultParagraphFont">five thousand dollars per violation. Any individual who knowingly violates this chapter may be fined in his individual capacity not more than two thousand dollars per violation.</span></p><p dir="ltr" class="s2074227Normal"><span xml:space="preserve" class="s2074227000003"> </span></p><p dir="ltr" class="s2074227Normal"><span class="s2074227SCL">Source:</span><span xml:space="preserve" class="s2074227SCL-000004"> SL 1992, ch 341, § 31.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074228Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074228SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074228CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074228Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074228DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074228000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074228SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074228SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074228Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-65"><span class="s2074228SENU">58-5A-65</span></a><span xml:space="preserve" class="s2074228SENU">. </span><span class="s2074228CL">False statements, reports, or filings as felony.</span></p><p dir="ltr" class="s2074228Normal-000000"><span class="s2074228DefaultParagraphFont">Any officer, director, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the director is guilty of a Class 6 felony.</span></p><p dir="ltr" class="s2074228Normal"><span xml:space="preserve" class="s2074228000001"> </span></p><p dir="ltr" class="s2074228Normal"><span class="s2074228SCL">Source:</span><span xml:space="preserve" class="s2074228SCL-000002"> SL 1992, ch 341, § 32.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074229Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074229SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074229CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074229Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074229DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074229Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074229Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074229000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074229SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074229SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074229Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-66"><span class="s2074229SENU">58-5A-66</span></a><span xml:space="preserve" class="s2074229SENU">. </span><span class="s2074229CL">Order for conservation, liquidation, or rehabilitation--Distribution and recovery--Liability.</span></p><p dir="ltr" class="s2074229Normal-000000"><span class="s2074229DefaultParagraphFont">If an order for conservation, liquidation, or rehabilitation of a domestic insurer has been entered, the receiver may recover on behalf of the insurer:</span></p><p dir="ltr" class="s2074229Normal-000001"><span class="s2074229DefaultParagraphFont">(1)    From any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions (other than distributions of shares of the same class of stock) paid by the insurer on its capital stock; or</span></p><p dir="ltr" class="s2074229Normal-000001"><span class="s2074229DefaultParagraphFont">(2)    Any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the insurer or its subsidiary to a director, officer, or employee;</span></p><p dir="ltr" class="s2074229Normal"><span class="s2074229DefaultParagraphFont">where the distribution or payment pursuant to subdivision (1) or (2) of this section is made at any time during the one year preceding the petition for liquidation, conservation or rehabilitation subject to the limitations of this section.</span></p><p dir="ltr" class="s2074229Normal-000002"><span class="s2074229DefaultParagraphFont">No such distribution is recoverable if the parent or affiliate shows that when paid the distribution was lawful and reasonable and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.</span></p><p dir="ltr" class="s2074229Normal-000002"><span class="s2074229DefaultParagraphFont">Any person that was a parent corporation or holding company or any person that otherwise controlled the insurer or affiliate at the time distributions were paid is liable up to the amount of distributions or payments the person received. Any person that otherwise controlled the insurer at the time the distributions were declared is liable up to the amount of distributions he would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable.</span></p><p dir="ltr" class="s2074229Normal-000002"><span class="s2074229DefaultParagraphFont">The maximum amount recoverable shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.</span></p><p dir="ltr" class="s2074229Normal-000002"><span class="s2074229DefaultParagraphFont">To the extent that any person liable under this section is insolvent or otherwise fails to pay claims due from it, its parent corporation or holding company or person that otherwise controlled it at the time the distribution was paid is jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person that otherwise controlled it.</span></p><p dir="ltr" class="s2074229Normal"><span xml:space="preserve" class="s2074229000003"> </span></p><p dir="ltr" class="s2074229Normal"><span class="s2074229SCL">Source:</span><span xml:space="preserve" class="s2074229SCL-000004"> SL 1992, ch 341, § 33.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074230Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074230SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074230CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074230Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074230DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074230000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074230SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074230SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074230Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-67"><span class="s2074230SENU">58-5A-67</span></a><span xml:space="preserve" class="s2074230SENU">. </span><span class="s2074230CL">Suspension, revocation, or refusal to renew license for violation.</span></p><p dir="ltr" class="s2074230Normal-000000"><span class="s2074230DefaultParagraphFont">If any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the director may, suspend, revoke, or refuse to renew the insurer's license or authority to do business in this state.</span></p><p dir="ltr" class="s2074230Normal"><span xml:space="preserve" class="s2074230000001"> </span></p><p dir="ltr" class="s2074230Normal"><span class="s2074230SCL">Source:</span><span xml:space="preserve" class="s2074230SCL-000002"> SL 1992, ch 341, § 34.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074231Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074231SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074231CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074231Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074231DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074231000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074231SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074231SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074231Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-68"><span class="s2074231SENU">58-5A-68</span></a><span xml:space="preserve" class="s2074231SENU">. </span><span class="s2074231CL">Stay of director's action upon appeal to circuit court.</span></p><p dir="ltr" class="s2074231Normal-000000"><span class="s2074231DefaultParagraphFont">The filing of an appeal to the circuit court for any administrative act shall stay the application of any rule, order, or other action of the director to the appealing party unless the court, after giving the party notice and an opportunity to be heard, determines that a stay would be detrimental to the interest of policyholders, shareholders, creditors, or the public.</span></p><p dir="ltr" class="s2074231Normal"><span xml:space="preserve" class="s2074231000001"> </span></p><p dir="ltr" class="s2074231Normal"><span class="s2074231SCL">Source:</span><span xml:space="preserve" class="s2074231SCL-000002"> SL 1992, ch 341, § 35.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074232Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074232SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074232CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074232Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074232DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074232Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074232000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074232SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074232SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074232Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-69"><span class="s2074232SENU">58-5A-69</span></a><span xml:space="preserve" class="s2074232SENU">. </span><span class="s2074232CL">Order by director upon violation of standards--Cease and desist--Denial of license.</span></p><p dir="ltr" class="s2074232Normal-000000"><span class="s2074232DefaultParagraphFont">If an acquisition violates the standards of this chapter, the director may enter an order:</span></p><p dir="ltr" class="s2074232Normal-000001"><span class="s2074232DefaultParagraphFont">(1)    Requiring an involved insurer to cease and desist from doing business in this state with respect to the line or lines of insurance involved in the violation; or</span></p><p dir="ltr" class="s2074232Normal-000001"><span class="s2074232DefaultParagraphFont">(2)    Denying the application of an acquired or acquiring insurer for a license to do business in this state.</span></p><p dir="ltr" class="s2074232Normal"><span xml:space="preserve" class="s2074232000002"> </span></p><p dir="ltr" class="s2074232Normal"><span class="s2074232SCL">Source:</span><span xml:space="preserve" class="s2074232SCL-000003"> SL 1992, ch 341, § 36.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074233Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074233SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074233CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074233Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074233DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074233000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074233SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074233SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074233Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-70"><span class="s2074233SENU">58-5A-70</span></a><span xml:space="preserve" class="s2074233SENU">. </span><span class="s2074233CL">Promulgation of rules by director.</span></p><p dir="ltr" class="s2074233Normal-000000"><span xml:space="preserve" class="s2074233DefaultParagraphFont">The director may promulgate rules pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2074233DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2074233DefaultParagraphFont"> covering requirements, standards, criteria, and limitations on acquisitions, mergers, and divestitures; notification of acquisitions or divestitures and the format for notification; competitive impact and the plans to remedy anticompetitive impact; the registration statement, information needed for compliance with the chapter, and material transactions; loans, extensions of credit; reinsurance agreements; extraordinary dividends; admittance or disallowance of assets and transactions of which the director needs notification; and standards and criteria for determining transactions which may adversely affect policyholders or the insurer.</span></p><p dir="ltr" class="s2074233Normal"><span xml:space="preserve" class="s2074233000001"> </span></p><p dir="ltr" class="s2074233Normal"><span class="s2074233SCL">Source:</span><span xml:space="preserve" class="s2074233SCL-000002"> SL 1992, ch 341, § 37.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074234Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074234SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074234CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074234Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074234DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074234000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074234SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074234SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074234Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-71"><span class="s2074234SENU">58-5A-71</span></a><span xml:space="preserve" class="s2074234SENU">. </span><span xml:space="preserve" class="s2074234CL">Application of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-60"><span class="s2074234CL">58-5A-60</span></a><span xml:space="preserve" class="s2074234CL"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-61"><span class="s2074234CL">58-5A-61</span></a><span class="s2074234CL">.</span></p><p dir="ltr" class="s2074234Normal-000000"><span xml:space="preserve" class="s2074234DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-60"><span class="s2074234DefaultParagraphFont">58-5A-60</span></a><span xml:space="preserve" class="s2074234DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-61"><span class="s2074234DefaultParagraphFont">58-5A-61</span></a><span xml:space="preserve" class="s2074234DefaultParagraphFont"> do not apply to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-47"><span class="s2074234DefaultParagraphFont">58-5A-47</span></a><span class="s2074234DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074234Normal"><span xml:space="preserve" class="s2074234000001"> </span></p><p dir="ltr" class="s2074234Normal"><span class="s2074234SCL">Source:</span><span xml:space="preserve" class="s2074234SCL-000002"> SL 1992, ch 341, § 38.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074235Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074235SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074235CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074235Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074235DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074235000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074235SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074235SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074235Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-72"><span class="s2074235SENU">58-5A-72</span></a><span xml:space="preserve" class="s2074235SENU">. </span><span class="s2074235CL">Ownership situs of voting securities.</span></p><p dir="ltr" class="s2074235Normal-000000"><span class="s2074235DefaultParagraphFont">For the purposes of this chapter, the situs of the ownership of the voting securities of a domestic insurer in a holding company system shall be construed to be in this state.</span></p><p dir="ltr" class="s2074235Normal"><span xml:space="preserve" class="s2074235000001"> </span></p><p dir="ltr" class="s2074235Normal"><span class="s2074235SCL">Source:</span><span xml:space="preserve" class="s2074235SCL-000002"> SL 1992, ch 341, § 39.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074236Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074236SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074236CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074236Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074236DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074236Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074236Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074236000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074236SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074236SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074236Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-73"><span class="s2074236SENU">58-5A-73</span></a><span xml:space="preserve" class="s2074236SENU">. </span><span class="s2074236CL">Additional investments by domestic insurer.</span></p><p dir="ltr" class="s2074236Normal-000000"><span class="s2074236DefaultParagraphFont">In addition to investments in common stock, preferred stock, debt obligations, and other securities permitted, a domestic insurer under this chapter may also:</span></p><p dir="ltr" class="s2074236Normal-000001"><span class="s2074236DefaultParagraphFont">(1)    Invest, in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries, amounts which do not exceed the lesser of ten percent of the insurer's assets or fifty percent of the insurer's surplus as regards policyholders, provided that after investing, the insurer's surplus as regards policyholders will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs. In calculating the amount of the investments, investments in domestic or foreign insurance subsidiaries shall be excluded, and there shall be included:</span></p><p dir="ltr" class="s2074236Normal-000002"><span class="s2074236DefaultParagraphFont">(a)    Total net moneys or other consideration expended and obligations assumed in the acquisition or formation of a subsidiary, including all organizational expenses and contributions to capital and surplus of the subsidiary whether or not represented by the purchase of capital stock or issuance of other securities; and</span></p><p dir="ltr" class="s2074236Normal-000002"><span class="s2074236DefaultParagraphFont">(b)    All amounts expended in acquiring additional common stock, preferred stock, debt obligations, and other securities and all contributions to the capital or surplus, of a subsidiary subsequent to its acquisition or formation;</span></p><p dir="ltr" class="s2074236Normal-000001"><span class="s2074236DefaultParagraphFont">(2)    Invest any amount in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries engaged or organized to engage exclusively in the ownership and management of assets authorized as investments for the insurer provided that each subsidiary agrees to limit its investments in any asset so that the investments will not cause the amount of the total investment of the insurer to exceed any of the investment limitations specified. For the purpose of this clause, the term, the total investment of the insurer, includes:</span></p><p dir="ltr" class="s2074236Normal-000002"><span class="s2074236DefaultParagraphFont">(a)    Any direct investment by the insurer in an asset; and</span></p><p dir="ltr" class="s2074236Normal-000002"><span class="s2074236DefaultParagraphFont">(b)    The insurer's proportionate share of any investment in an asset by any subsidiary of the insurer, which shall be calculated by multiplying the amount of the subsidiary's investment by the percentage of the ownership of the subsidiary;</span></p><p dir="ltr" class="s2074236Normal-000001"><span class="s2074236DefaultParagraphFont">(3)    With the approval of the director, invest any greater amount in common stock, preferred stock, debt obligations, or other securities of one or more subsidiaries, provided that after the investment the insurer's surplus as regards policyholders will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs.</span></p><p dir="ltr" class="s2074236Normal"><span xml:space="preserve" class="s2074236000003"> </span></p><p dir="ltr" class="s2074236Normal"><span class="s2074236SCL">Source:</span><span xml:space="preserve" class="s2074236SCL-000004"> SL 1992, ch 341, § 40.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074237Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074237SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074237CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074237Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074237DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074237000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074237SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074237SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074237Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-74"><span class="s2074237SENU">58-5A-74</span></a><span xml:space="preserve" class="s2074237SENU">. </span><span class="s2074237CL">Determining whether investments meet applicable requirements.</span></p><p dir="ltr" class="s2074237Normal-000000"><span xml:space="preserve" class="s2074237DefaultParagraphFont">Whether any investment pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-73"><span class="s2074237DefaultParagraphFont">58-5A-73</span></a><span xml:space="preserve" class="s2074237DefaultParagraphFont"> meets the applicable requirements of that section is to be determined before the investment is made, by calculating the applicable investment limitations as though the investment had already been made, taking into account the then outstanding principal balance on all previous investments in debt obligations, and the value of all previous investments in equity securities as of the day they were made, net of any return of capital invested, not including dividends.</span></p><p dir="ltr" class="s2074237Normal"><span xml:space="preserve" class="s2074237000001"> </span></p><p dir="ltr" class="s2074237Normal"><span class="s2074237SCL">Source:</span><span xml:space="preserve" class="s2074237SCL-000002"> SL 1992, ch 341, § 25.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074238Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074238SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074238CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074238Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074238DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074238000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074238SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074238SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074238Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-75"><span class="s2074238SENU">58-5A-75</span></a><span xml:space="preserve" class="s2074238SENU">. </span><span xml:space="preserve" class="s2074238CL">Investments subject to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-27"><span class="s2074238CL">58-27</span></a><span class="s2074238CL">.</span></p><p dir="ltr" class="s2074238Normal-000000"><span xml:space="preserve" class="s2074238DefaultParagraphFont">Investments in common stock, preferred stock, debt obligations, or other securities of subsidiaries made pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-73"><span class="s2074238DefaultParagraphFont">58-5A-73</span></a><span xml:space="preserve" class="s2074238DefaultParagraphFont"> are subject to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-27"><span class="s2074238DefaultParagraphFont">58-27</span></a><span class="s2074238DefaultParagraphFont">.</span></p><p dir="ltr" class="s2074238Normal"><span xml:space="preserve" class="s2074238000001"> </span></p><p dir="ltr" class="s2074238Normal"><span class="s2074238SCL">Source:</span><span xml:space="preserve" class="s2074238SCL-000002"> SL 1992, ch 341, § 41.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074239Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074239SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074239CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074239Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074239DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074239000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074239SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074239SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074239Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-76"><span class="s2074239SENU">58-5A-76</span></a><span xml:space="preserve" class="s2074239SENU">. </span><span class="s2074239CL">Application to insurer not a member of same holding company.</span></p><p dir="ltr" class="s2074239Normal-000000"><span class="s2074239DefaultParagraphFont">Nothing contained in this chapter authorizes or permits any transactions which, in the case of an insurer not a member of the same holding company system, would be otherwise contrary to law.</span></p><p dir="ltr" class="s2074239Normal"><span xml:space="preserve" class="s2074239000001"> </span></p><p dir="ltr" class="s2074239Normal"><span class="s2074239SCL">Source:</span><span xml:space="preserve" class="s2074239SCL-000002"> SL 1992, ch 341, § 44.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074240Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074240SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074240CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074240Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074240DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074240000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074240SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074240SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074240Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-77"><span class="s2074240SENU">58-5A-77</span></a><span xml:space="preserve" class="s2074240SENU">. </span><span class="s2074240CL">Dividends paid from earned surplus--Exclusions--Promulgation of rules for ordinary dividends.</span></p><p dir="ltr" class="s2074240Normal-000000"><span xml:space="preserve" class="s2074240DefaultParagraphFont">Insurers subject to this chapter may only pay dividends from earned surplus excluding surplus arising from unrealized capital gains or revaluation of assets. The director may promulgate rules pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2074240DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2074240DefaultParagraphFont"> covering requirements for ordinary dividends including those for approval or disapproval of ordinary dividends.</span></p><p dir="ltr" class="s2074240Normal"><span xml:space="preserve" class="s2074240000001"> </span></p><p dir="ltr" class="s2074240Normal"><span class="s2074240SCL">Source:</span><span xml:space="preserve" class="s2074240SCL-000002"> SL 1993, ch 359, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074241Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074241SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074241CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074241Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074241DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074241Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074241000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074241SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074241SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074241Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-78"><span class="s2074241SENU">58-5A-78</span></a><span xml:space="preserve" class="s2074241SENU">. </span><span class="s2074241CL">Director's participation in supervisory college to determine insurer compliance.</span></p><p dir="ltr" class="s2074241Normal-000000"><span xml:space="preserve" class="s2074241DefaultParagraphFont">Pursuant to the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-78"><span class="s2074241DefaultParagraphFont">58-5A-78</span></a><span xml:space="preserve" class="s2074241DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80"><span class="s2074241DefaultParagraphFont">58-5A-80</span></a><span class="s2074241DefaultParagraphFont">, inclusive, the director may participate in a supervisory college for any domestic insurer registered pursuant to this chapter that is part of an insurance holding company system with international operations to determine compliance by the insurer with this chapter. The director, with respect to a supervisory college, may perform any of the following activities:</span></p><p dir="ltr" class="s2074241Normal-000001"><span class="s2074241DefaultParagraphFont">(1)    Initiate the establishment of a supervisory college;</span></p><p dir="ltr" class="s2074241Normal-000001"><span class="s2074241DefaultParagraphFont">(2)    Clarify the membership and participation of any other supervisor in the supervisory college;</span></p><p dir="ltr" class="s2074241Normal-000001"><span class="s2074241DefaultParagraphFont">(3)    Clarify the functions of the supervisory college and the role of any other regulator, including the establishment of a group-wide supervisor;</span></p><p dir="ltr" class="s2074241Normal-000001"><span class="s2074241DefaultParagraphFont">(4)    Coordinate the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and</span></p><p dir="ltr" class="s2074241Normal-000001"><span class="s2074241DefaultParagraphFont">(5)    Establish a crisis management plan.</span></p><p dir="ltr" class="s2074241Normal"><span xml:space="preserve" class="s2074241000002"> </span></p><p dir="ltr" class="s2074241Normal"><span class="s2074241SCL">Source:</span><span xml:space="preserve" class="s2074241SCL-000003"> SL 2015, ch 246, § 19.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074242Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074242SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074242CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074242Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074242DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074242000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074242SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074242SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074242Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-79"><span class="s2074242SENU">58-5A-79</span></a><span xml:space="preserve" class="s2074242SENU">. </span><span class="s2074242CL">Expenses of director's participation in supervisory college.</span></p><p dir="ltr" class="s2074242Normal-000000"><span xml:space="preserve" class="s2074242DefaultParagraphFont">Each registered insurer subject to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-78"><span class="s2074242DefaultParagraphFont">58-5A-78</span></a><span xml:space="preserve" class="s2074242DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80"><span class="s2074242DefaultParagraphFont">58-5A-80</span></a><span class="s2074242DefaultParagraphFont">, inclusive, is liable for and shall pay the reasonable expenses of the director's participation in a supervisory college, including reasonable travel expenses. A supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director may establish a regular assessment to the insurer for the payment of these expenses.</span></p><p dir="ltr" class="s2074242Normal"><span xml:space="preserve" class="s2074242000001"> </span></p><p dir="ltr" class="s2074242Normal"><span class="s2074242SCL">Source:</span><span xml:space="preserve" class="s2074242SCL-000002"> SL 2015, ch 246, § 20.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074243Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074243SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074243CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074243Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074243DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074243000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074243SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074243SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074243Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80"><span class="s2074243SENU">58-5A-80</span></a><span xml:space="preserve" class="s2074243SENU">. </span><span class="s2074243CL">Director's participation in supervisory college with other regulators.</span></p><p dir="ltr" class="s2074243Normal-000000"><span xml:space="preserve" class="s2074243DefaultParagraphFont">The director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including any state, federal, and international regulatory agency to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes of individual insurers. The director may enter into agreements pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-41.2"><span class="s2074243DefaultParagraphFont">58-5A-41.2</span></a><span xml:space="preserve" class="s2074243DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-41.3"><span class="s2074243DefaultParagraphFont">58-5A-41.3</span></a><span xml:space="preserve" class="s2074243DefaultParagraphFont"> providing for the basis for cooperation between the director and any other regulatory agency, and the activities of the supervisory college. Nothing in this section delegates to the supervisory college the authority of the director to regulate or supervise the insurer or its affiliates within its jurisdiction.</span></p><p dir="ltr" class="s2074243Normal"><span xml:space="preserve" class="s2074243000001"> </span></p><p dir="ltr" class="s2074243Normal"><span class="s2074243SCL">Source:</span><span xml:space="preserve" class="s2074243SCL-000002"> SL 2015, ch 246, § 21.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.1"> <span class="pt-SENU">58-5A-80.1</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Internationally active insurance group--Supervision.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The director may act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. The director may also acknowledge another regulatory official as the group-wide supervisor if the internationally active insurance group:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">Does not have substantial insurance operations in the United States;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Has substantial insurance operations in the United States, but not in this state; or</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">Has substantial insurance operations in the United States and this state, but the director has determined pursuant to the factors set forth in § 58-5A-80.2 that another regulatory official is the appropriate group-wide supervisor.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">An insurance holding company system that does not qualify as an internationally active insurance group may request that the director make a determination or acknowledgment as to a group-wide supervisor pursuant to §§ 58-5A-80.2 and 58-5A-80.6.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 2.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } p.pt-StatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.2"> <span class="pt-SENU">58-5A-80.2</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">International active insurance group--Group-wide supervisor determination.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">In cooperation with other state, federal, and international regulatory agencies, the director shall identify a single group-wide supervisor for an internationally active insurance group. The director may determine that the director is the appropriate group-wide supervisor for an internationally active insurance group that conducts substantial insurance operations concentrated in this state. The director may acknowledge that an insurance regulatory official from another jurisdiction is the appropriate group-wide supervisor for the internationally active insurance group. When making a determination or acknowledgment under this section, the director shall consider the following factors:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">The place of domicile of the insurers within the internationally active insurance group that hold the largest share of the group s written premiums, assets, or liabilities;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">The place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">The location of the executive offices or largest operational offices of the internationally active insurance group;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">Whether another regulatory official is acting or is seeking to act as the group-wide supervisor under a regulatory system that the director determines is:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">Substantially similar to the system of regulation provided under the laws of this state; or</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">Otherwise sufficient in terms of providing for group-wide supervision, enterprise risk analysis, and cooperation with other regulatory officials; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(5)</span> <span class="pt-DefaultParagraphFont">Whether another regulatory official acting or seeking to act as the group-wide supervisor provides the director with reasonably reciprocal recognition and cooperation.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The insurance regulatory official identified under this section as the group-wide supervisor may determine that it is appropriate to acknowledge another supervisor to serve as the group-wide supervisor. The acknowledgment of the group-wide supervisor shall be made after consideration of the factors listed above and made in cooperation with and subject to the acknowledgment of other regulatory officials involved with supervision of members of the internationally active insurance group, and in consultation with the internationally active insurance group.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 3.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.3"> <span class="pt-SENU">58-5A-80.3</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Internationally active insurance group--Group-wide supervisor acknowledgment.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">Notwithstanding any other provision in §§ </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.1"> <span class="pt-DefaultParagraphFont">58-5A-80.1</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> to 58-5A-80.9, inclusive, if another regulatory official is acting as the group-wide supervisor of an internationally active insurance group, the director shall acknowledge that regulatory official as the group-wide supervisor. The director shall make a determination or acknowledgment as to the appropriate group-wide supervisor pursuant to § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.2"> <span class="pt-DefaultParagraphFont">58-5A-80.2</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> if a material change in the internationally active insurance group results in any of the following:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">The internationally active insurance group's insurers domiciled in this state hold the largest share of the group's premiums, assets or liabilities; or</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">This state becomes the place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 4.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.4"> <span class="pt-SENU">58-5A-80.4</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Group-wide supervisor--Information for determination.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">The director, as provided in § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-37"> <span class="pt-DefaultParagraphFont">58-5A-37</span> </a> <span class="pt-DefaultParagraphFont">, may collect any information necessary to determine if the director may act as the group-wide supervisor of an internationally active insurance group or if the director may acknowledge another regulatory official to act as the group-wide supervisor. Prior to issuing a determination that an internationally active insurance group is subject to group-wide supervision by the director, the director shall notify the insurer registered under this chapter and the ultimate controlling person within the internationally active insurance group. The internationally active insurance group shall have at least thirty days to provide the director with additional information pertinent to the pending determination. The director shall publish the identity of any internationally active insurance group that the director has determined is subject to group-wide supervision by the director on the division's website.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 5.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } p.pt-StatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.5"> <span class="pt-SENU">58-5A-80.5</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Group-wide supervisor--Director supervision--Permitted activities.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">If the director is the group-wide supervisor for an internationally active insurance group, the director may engage in any of the following group-wide supervision activities:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">Assess the enterprise risks within the internationally active insurance group to ensure that:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">The material financial condition and liquidity risks to the members of the internationally active insurance group that are engaged in the business of insurance are identified by management; and</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">Reasonable and effective mitigation measures are in place;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Request, from any member of an internationally active insurance group subject to the director's supervision, information necessary and appropriate to assess enterprise risk, including information about the members of the internationally active insurance group regarding:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">Governance, risk assessment and management;</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">Capital adequacy; and</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(c)</span> <span class="pt-DefaultParagraphFont">Material intercompany transactions;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">Coordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of the internationally active insurance group that are engaged in the business of insurance;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span xml:space="preserve" class="pt-DefaultParagraphFont">Communicate with other state, federal, and international regulatory agencies for members within the internationally active insurance group and share relevant information subject to the confidentiality provisions of § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-41"> <span class="pt-DefaultParagraphFont">58-5A-41</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont">, through supervisory colleges as set forth in § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-78"> <span class="pt-DefaultParagraphFont">58-5A-78</span> </a> <span class="pt-DefaultParagraphFont">;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(5)</span> <span class="pt-DefaultParagraphFont">Enter into an agreement with or obtain documentation from any insurer registered under this chapter, any member of the internationally active insurance group, and any other state, federal and international regulatory agency for members of the internationally active insurance group, providing the basis for or otherwise clarifying the director's role as group-wide supervisor, including provisions for resolving disputes with other regulatory officials. The agreement or documentation may not serve as evidence in any proceeding that any insurer or person within an insurance holding company system not domiciled or incorporated in this state is doing business in this state or is otherwise subject to jurisdiction in this state; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(6)</span> <span class="pt-DefaultParagraphFont">Other group-wide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the director.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 6.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.6"> <span class="pt-SENU">58-5A-80.6</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Group-wide supervisor--Director cooperation.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">If the director acknowledges that another regulatory official from a jurisdiction that is not accredited by the NAIC is the group-wide supervisor, the director may reasonably cooperate, through supervisory colleges, with group-wide supervision undertaken by the group-wide supervisor, if:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">The director's cooperation is in compliance with the laws of this state; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">The regulatory official acknowledged as the group-wide supervisor also recognizes and cooperates with the director's activities as a group-wide supervisor for other internationally active insurance groups, where applicable. If the recognition and cooperation is not reasonably reciprocal, the director may refuse recognition and cooperation.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 7.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.7"> <span class="pt-SENU">58-5A-80.7</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Information sharing.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The director may enter into any agreement with or obtain documentation from any insurer registered under this chapter, any affiliate of the insurer, and any other state, federal, and international regulatory agency for members of the internationally active insurance group, that provide the basis for or otherwise clarify a regulatory official's role as group-wide supervisor.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 8.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.8"> <span class="pt-SENU">58-5A-80.8</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Promulgation of rules.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">The director may promulgate rules, pursuant to chapter </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"> <span class="pt-DefaultParagraphFont">1-26</span> </a> <span class="pt-DefaultParagraphFont">, establishing requirements, standards, criteria, and limitations for group-wide supervisors.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 9.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.9"> <span class="pt-SENU">58-5A-80.9</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Reasonable expenses.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont">A registered insurer subject to the provisions of §§ </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.1"> <span class="pt-DefaultParagraphFont">58-5A-80.1</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> to </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.8"> <span class="pt-DefaultParagraphFont">58-5A-80.8</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont">, inclusive, is liable for and shall pay the reasonable expenses of the director's participation in the administration of §§ </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.1"> <span class="pt-DefaultParagraphFont">58-5A-80.1</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> to </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-80.8"> <span class="pt-DefaultParagraphFont">58-5A-80.8</span> </a> <span class="pt-DefaultParagraphFont">, inclusive, including the engagement of attorneys, actuaries, and any other professionals and all reasonable travel expenses.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 213, § 10.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074244Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074244SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074244CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074244Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074244DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074244000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074244SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074244SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074244Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074244SENU">58-5A-81</span></a><span xml:space="preserve" class="s2074244SENU">. </span><span class="s2074244CL">Maintenance of risk management framework.</span></p><p dir="ltr" class="s2074244Normal-000000"><span class="s2074244DefaultParagraphFont">An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group, of which the insurer is a member, maintains a risk management framework applicable to the operations of the insurer.</span></p><p dir="ltr" class="s2074244Normal"><span xml:space="preserve" class="s2074244000001"> </span></p><p dir="ltr" class="s2074244Normal"><span class="s2074244SCL">Source:</span><span xml:space="preserve" class="s2074244SCL-000002"> SL 2017, ch 210, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074245Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074245SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074245CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074245Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074245DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074245000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074245SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074245SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074245Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-82"><span class="s2074245SENU">58-5A-82</span></a><span xml:space="preserve" class="s2074245SENU">. </span><span class="s2074245CL">Regular conduct of ORSA.</span></p><p dir="ltr" class="s2074245Normal-000000"><span xml:space="preserve" class="s2074245DefaultParagraphFont">Subject to the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-85"><span class="s2074245DefaultParagraphFont">58-5A-85</span></a><span xml:space="preserve" class="s2074245DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-88"><span class="s2074245DefaultParagraphFont">58-5A-88</span></a><span class="s2074245DefaultParagraphFont">, inclusive, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA shall be conducted at least annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.</span></p><p dir="ltr" class="s2074245Normal"><span xml:space="preserve" class="s2074245000001"> </span></p><p dir="ltr" class="s2074245Normal"><span class="s2074245SCL">Source:</span><span xml:space="preserve" class="s2074245SCL-000002"> SL 2017, ch 210, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074246Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074246SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074246CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074246Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074246DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074246Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074246000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074246SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074246SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074246Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-83"><span class="s2074246SENU">58-5A-83</span></a><span xml:space="preserve" class="s2074246SENU">. </span><span class="s2074246CL">Submission of ORSA summary report or comparable reports to division.</span></p><p dir="ltr" class="s2074246Normal-000000"><span xml:space="preserve" class="s2074246DefaultParagraphFont">The ORSA summary report, or any combination of reports that together contain the information described in the ORSA guidance manual, shall be submitted to the division upon the director's request. The director may request the ORSA summary report no more than annually. If the insurer is a member of an insurance group, then the insurer shall submit the report or reports required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074246DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074246DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074246DefaultParagraphFont">58-5A-93</span></a><span class="s2074246DefaultParagraphFont">, inclusive, if the director is the lead state director of the insurance group.</span></p><p dir="ltr" class="s2074246Normal-000001"><span class="s2074246DefaultParagraphFont">An insurer may comply with this section by providing the most recent and substantially similar reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA guidance manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.</span></p><p dir="ltr" class="s2074246Normal"><span xml:space="preserve" class="s2074246000002"> </span></p><p dir="ltr" class="s2074246Normal"><span class="s2074246SCL">Source:</span><span xml:space="preserve" class="s2074246SCL-000003"> SL 2017, ch 210, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074247Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074247SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074247CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074247Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074247DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074247Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074247000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074247SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074247SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074247Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-84"><span class="s2074247SENU">58-5A-84</span></a><span xml:space="preserve" class="s2074247SENU">. </span><span class="s2074247CL">ORSA summary report requirements.</span></p><p dir="ltr" class="s2074247Normal-000000"><span class="s2074247DefaultParagraphFont">ORSA summary reports shall:</span></p><p dir="ltr" class="s2074247Normal-000001"><span class="s2074247DefaultParagraphFont">(1)    Include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of their belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof;</span></p><p dir="ltr" class="s2074247Normal-000001"><span class="s2074247DefaultParagraphFont">(2)    Be prepared consistent with the ORSA guidance manual. Documentation and supporting information shall be maintained and made available upon examination or upon request of the director; and</span></p><p dir="ltr" class="s2074247Normal-000001"><span class="s2074247DefaultParagraphFont">(3)    Be reviewed by the division, and any additional requests for information shall be made using similar procedures currently used in the analysis and examination of multi-state or global insurers and insurance groups.</span></p><p dir="ltr" class="s2074247Normal"><span xml:space="preserve" class="s2074247000002"> </span></p><p dir="ltr" class="s2074247Normal"><span class="s2074247SCL">Source:</span><span xml:space="preserve" class="s2074247SCL-000003"> SL 2017, ch 210, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074248Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074248SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074248CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074248Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074248DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074248Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074248000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074248SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074248SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074248Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-85"><span class="s2074248SENU">58-5A-85</span></a><span xml:space="preserve" class="s2074248SENU">. </span><span class="s2074248CL">Exemption from requirements.</span></p><p dir="ltr" class="s2074248Normal-000000"><span xml:space="preserve" class="s2074248DefaultParagraphFont">An insurer shall be exempt from the requirements of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074248DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074248DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074248DefaultParagraphFont">58-5A-93</span></a><span class="s2074248DefaultParagraphFont">, inclusive, if:</span></p><p dir="ltr" class="s2074248Normal-000001"><span class="s2074248DefaultParagraphFont">(1)    The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than five hundred million dollars; and</span></p><p dir="ltr" class="s2074248Normal-000001"><span class="s2074248DefaultParagraphFont">(2)    The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than one billion dollars.</span></p><p dir="ltr" class="s2074248Normal"><span xml:space="preserve" class="s2074248000002"> </span></p><p dir="ltr" class="s2074248Normal"><span class="s2074248SCL">Source:</span><span xml:space="preserve" class="s2074248SCL-000003"> SL 2017, ch 210, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074249Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074249SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074249CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074249Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074249DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074249Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074249000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074249SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074249SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074249Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-86"><span class="s2074249SENU">58-5A-86</span></a><span xml:space="preserve" class="s2074249SENU">. </span><span class="s2074249CL">Requirements where insurer or insurer's group does not qualify for exemption.</span></p><p dir="ltr" class="s2074249Normal-000000"><span class="s2074249DefaultParagraphFont">If an insurer qualifies for exemption pursuant to subdivision 58-5A-85(1), but the insurance group of which the insurer is a member does not qualify for exemption pursuant to subdivision 58-5A-85(2), the ORSA summary report that may be required shall include every insurer within the insurance group. This requirement may be satisfied by the submission of more than one ORSA summary report for any combination of insurers provided any combination of reports includes every insurer within the insurance group.</span></p><p dir="ltr" class="s2074249Normal-000001"><span class="s2074249DefaultParagraphFont">If an insurer does not qualify for exemption pursuant to subdivision 58-5A-85(1), but the insurance group of which it is a member qualifies for exemption pursuant to subdivision 58-5A-85(2), the only ORSA summary report that may be required shall be the report applicable to that insurer.</span></p><p dir="ltr" class="s2074249Normal"><span xml:space="preserve" class="s2074249000002"> </span></p><p dir="ltr" class="s2074249Normal"><span class="s2074249SCL">Source:</span><span xml:space="preserve" class="s2074249SCL-000003"> SL 2017, ch 210, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074250Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074250SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074250CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074250Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074250DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074250000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074250SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074250SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074250Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-87"><span class="s2074250SENU">58-5A-87</span></a><span xml:space="preserve" class="s2074250SENU">. </span><span class="s2074250CL">Insurer's application for waiver.</span></p><p dir="ltr" class="s2074250Normal-000000"><span xml:space="preserve" class="s2074250DefaultParagraphFont">An insurer that does not qualify for exemption may apply to the director for a waiver from the requirements of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074250DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074250DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074250DefaultParagraphFont">58-5A-93</span></a><span class="s2074250DefaultParagraphFont">, inclusive, based upon unique circumstances. In deciding whether to grant the insurer's request for waiver, the director may consider the type and volume of business written, ownership and organizational structure, and any other factor the director considers relevant to the insurer or insurance group of which the insurer is a member. If the insurer is part of an insurance group with insurers domiciled in more than one state, the director shall coordinate with the lead state commissioner and with the other domiciliary commissioners in considering whether to grant the insurer's request for a waiver.</span></p><p dir="ltr" class="s2074250Normal"><span xml:space="preserve" class="s2074250000001"> </span></p><p dir="ltr" class="s2074250Normal"><span class="s2074250SCL">Source:</span><span xml:space="preserve" class="s2074250SCL-000002"> SL 2017, ch 210, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074251Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074251SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074251CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074251Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074251DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074251000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074251SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074251SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074251Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-88"><span class="s2074251SENU">58-5A-88</span></a><span xml:space="preserve" class="s2074251SENU">. </span><span class="s2074251CL">One year period to comply with requirements following loss of qualification for exemption.</span></p><p dir="ltr" class="s2074251Normal-000000"><span xml:space="preserve" class="s2074251DefaultParagraphFont">If an insurer that qualifies for an exemption subsequently no longer qualifies for that exemption due to changes in premium as reflected in the insurer's most recent annual statement or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, the insurer shall have one year following the year the threshold is exceeded to comply with the requirements of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074251DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074251DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074251DefaultParagraphFont">58-5A-93</span></a><span class="s2074251DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2074251Normal"><span xml:space="preserve" class="s2074251000001"> </span></p><p dir="ltr" class="s2074251Normal"><span class="s2074251SCL">Source:</span><span xml:space="preserve" class="s2074251SCL-000002"> SL 2017, ch 210, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074252Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074252SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074252CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074252Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074252DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074252Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074252000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074252SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074252SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074252Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-89"><span class="s2074252SENU">58-5A-89</span></a><span xml:space="preserve" class="s2074252SENU">. </span><span class="s2074252CL">Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report.</span></p><p dir="ltr" class="s2074252Normal-000000"><span xml:space="preserve" class="s2074252DefaultParagraphFont">Notwithstanding the exemptions from the requirements of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074252DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074252DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074252DefaultParagraphFont">58-5A-93</span></a><span class="s2074252DefaultParagraphFont">, inclusive, the director may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report:</span></p><p dir="ltr" class="s2074252Normal-000001"><span class="s2074252DefaultParagraphFont">(1)    Based on unique circumstances including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests; or</span></p><p dir="ltr" class="s2074252Normal-000001"><span class="s2074252DefaultParagraphFont">(2)    If the insurer has risk-based capital levels requiring company action, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, or otherwise exhibits qualities of a troubled insurer as determined by the director.</span></p><p dir="ltr" class="s2074252Normal"><span xml:space="preserve" class="s2074252000002"> </span></p><p dir="ltr" class="s2074252Normal"><span class="s2074252SCL">Source:</span><span xml:space="preserve" class="s2074252SCL-000003"> SL 2017, ch 210, § 10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074253Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074253SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074253CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074253Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074253DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074253Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074253000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074253SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074253SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074253Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-90"><span class="s2074253SENU">58-5A-90</span></a><span xml:space="preserve" class="s2074253SENU">. </span><span class="s2074253CL">Confidentiality of information submitted to division.</span></p><p dir="ltr" class="s2074253Normal-000000"><span xml:space="preserve" class="s2074253DefaultParagraphFont">Documents, materials, or other information, including the ORSA summary report, in the possession of or control of the division that are obtained by, created by, or disclosed to the director or any other person under §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074253DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074253DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074253DefaultParagraphFont">58-5A-93</span></a><span xml:space="preserve" class="s2074253DefaultParagraphFont">, inclusive, are recognized by this state as being proprietary and containing trade secrets. All such documents, materials, or other information are confidential by law and privileged, are not subject to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-27"><span class="s2074253DefaultParagraphFont">1-27</span></a><span class="s2074253DefaultParagraphFont">, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action. However, the director is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the director's official duties. The director may not make the documents, materials, or other information public without the prior written consent of the insurer.</span></p><p dir="ltr" class="s2074253Normal-000001"><span xml:space="preserve" class="s2074253DefaultParagraphFont">Neither the director nor any person who received documents, materials, or other ORSA-related information, through examination or otherwise, while acting under the authority of the director or with whom such documents, materials, or other information are shared pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074253DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074253DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074253DefaultParagraphFont">58-5A-93</span></a><span class="s2074253DefaultParagraphFont">, inclusive, may be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information except in regulatory or legal actions brought as a part of the director's official duties.</span></p><p dir="ltr" class="s2074253Normal"><span xml:space="preserve" class="s2074253000002"> </span></p><p dir="ltr" class="s2074253Normal"><span class="s2074253SCL">Source:</span><span xml:space="preserve" class="s2074253SCL-000003"> SL 2017, ch 210, § 11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074254Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074254SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074254CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074254Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074254DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074254Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2074254Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074254000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074254SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074254SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074254Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-91"><span class="s2074254SENU">58-5A-91</span></a><span xml:space="preserve" class="s2074254SENU">. </span><span class="s2074254CL">Powers and duties of director regarding ORSA.</span></p><p dir="ltr" class="s2074254Normal-000000"><span class="s2074254DefaultParagraphFont">In order to assist in the performance of the director's regulatory duties regarding ORSA, the director:</span></p><p dir="ltr" class="s2074254Normal-000001"><span xml:space="preserve" class="s2074254DefaultParagraphFont">(1)    May, upon request, share documents, materials, or other ORSA-related information, including the confidential and privileged documents, materials, or information subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-90"><span class="s2074254DefaultParagraphFont">58-5A-90</span></a><span class="s2074254DefaultParagraphFont">, including proprietary and trade secret documents and other materials with state, federal, and international financial regulatory agencies, including members of any supervisory college, with the NAIC or any third-party consultants designated by the director, if the recipient agrees in writing to maintain the confidentiality and privileged status of the ORSA-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality;</span></p><p dir="ltr" class="s2074254Normal-000001"><span class="s2074254DefaultParagraphFont">(2)    May receive documents, materials, or other ORSA-related information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade secret information or documents, from regulatory officials of other foreign or domestic jurisdictions, including members of any supervisory college, or from the NAIC and shall maintain as confidential or privileged any documents, materials, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; and</span></p><p dir="ltr" class="s2074254Normal-000001"><span xml:space="preserve" class="s2074254DefaultParagraphFont">(3)    Shall enter into a written agreement with the NAIC or a third-party consultant governing sharing and use of information provided pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074254DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074254DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074254DefaultParagraphFont">58-5A-93</span></a><span class="s2074254DefaultParagraphFont">, inclusive, consistent with this subdivision that shall:</span></p><p dir="ltr" class="s2074254Normal-000002"><span xml:space="preserve" class="s2074254DefaultParagraphFont">(a)    Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC or a third-party consultant pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074254DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074254DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074254DefaultParagraphFont">58-5A-93</span></a><span class="s2074254DefaultParagraphFont">, inclusive, including procedures and protocols for sharing by the NAIC with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the ORSA-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality;</span></p><p dir="ltr" class="s2074254Normal-000002"><span xml:space="preserve" class="s2074254DefaultParagraphFont">(b)    Specify that ownership of information shared with the NAIC or a third-party consultant pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074254DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074254DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074254DefaultParagraphFont">58-5A-93</span></a><span class="s2074254DefaultParagraphFont">, inclusive, remains with the director and the use of the information by the NAIC or a third-party consultant is subject to the direction of the director;</span></p><p dir="ltr" class="s2074254Normal-000002"><span xml:space="preserve" class="s2074254DefaultParagraphFont">(c)    Prohibit the NAIC or third-party consultant from storing the information shared pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074254DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074254DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074254DefaultParagraphFont">58-5A-93</span></a><span class="s2074254DefaultParagraphFont">, inclusive, in a permanent database after the underlying analysis is completed;</span></p><p dir="ltr" class="s2074254Normal-000002"><span xml:space="preserve" class="s2074254DefaultParagraphFont">(d)    Require prompt notice to be given to an insurer whose confidential information in the possession of the NAIC or a third-party consultant pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074254DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074254DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074254DefaultParagraphFont">58-5A-93</span></a><span class="s2074254DefaultParagraphFont">, inclusive, when subject to a request or subpoena to the NAIC or a third-party consultant for disclosure or production;</span></p><p dir="ltr" class="s2074254Normal-000002"><span xml:space="preserve" class="s2074254DefaultParagraphFont">(e)    Require the NAIC or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074254DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074254DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074254DefaultParagraphFont">58-5A-93</span></a><span class="s2074254DefaultParagraphFont">, inclusive; and</span></p><p dir="ltr" class="s2074254Normal-000002"><span class="s2074254DefaultParagraphFont">(f)    In the case of an agreement involving a third-party consultant, provide for the insurer's written consent.</span></p><p dir="ltr" class="s2074254Normal"><span xml:space="preserve" class="s2074254000003"> </span></p><p dir="ltr" class="s2074254Normal"><span class="s2074254SCL">Source:</span><span xml:space="preserve" class="s2074254SCL-000004"> SL 2017, ch 210, § 12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074255Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074255SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074255CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074255Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074255DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074255000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074255SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074255SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074255Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-92"><span class="s2074255SENU">58-5A-92</span></a><span xml:space="preserve" class="s2074255SENU">. </span><span class="s2074255CL">Sharing of information and documents by director--Confidentiality.</span></p><p dir="ltr" class="s2074255Normal-000000"><span xml:space="preserve" class="s2074255DefaultParagraphFont">The sharing of information and documents by the director pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074255DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074255DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074255DefaultParagraphFont">58-5A-93</span></a><span xml:space="preserve" class="s2074255DefaultParagraphFont">, inclusive, does not constitute a delegation of regulatory authority or rule making. The director is solely responsible for the administration, execution, and enforcement of the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074255DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074255DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074255DefaultParagraphFont">58-5A-93</span></a><span xml:space="preserve" class="s2074255DefaultParagraphFont">, inclusive. No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade-secret materials, or other ORSA-related information may occur as a result of disclosure of such ORSA-related information or documents to the director under this section or as a result of sharing as authorized in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074255DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074255DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074255DefaultParagraphFont">58-5A-93</span></a><span xml:space="preserve" class="s2074255DefaultParagraphFont">, inclusive. Documents, materials, or other information in the possession or control of the NAIC or a third-party consultant pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-81"><span class="s2074255DefaultParagraphFont">58-5A-81</span></a><span xml:space="preserve" class="s2074255DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074255DefaultParagraphFont">58-5A-93</span></a><span xml:space="preserve" class="s2074255DefaultParagraphFont">, inclusive, are confidential by law and privileged, are not subject to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-27"><span class="s2074255DefaultParagraphFont">1-27</span></a><span class="s2074255DefaultParagraphFont">, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action.</span></p><p dir="ltr" class="s2074255Normal"><span xml:space="preserve" class="s2074255000001"> </span></p><p dir="ltr" class="s2074255Normal"><span class="s2074255SCL">Source:</span><span xml:space="preserve" class="s2074255SCL-000002"> SL 2017, ch 210, § 13.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074256Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074256SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074256CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074256Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074256DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074256Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074256000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074256SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074256SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2074256Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5A-93"><span class="s2074256SENU">58-5A-93</span></a><span xml:space="preserve" class="s2074256SENU">. </span><span class="s2074256CL">Promulgation of rules regarding ORSA.</span></p><p dir="ltr" class="s2074256Normal-000000"><span xml:space="preserve" class="s2074256DefaultParagraphFont">The director shall promulgate rules, pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2074256DefaultParagraphFont">1-26</span></a><span class="s2074256DefaultParagraphFont">, to carry out ORSA including:</span></p><p dir="ltr" class="s2074256Normal-000001"><span class="s2074256DefaultParagraphFont">(1)    Adoption of the NAIC ORSA guidance manual;</span></p><p dir="ltr" class="s2074256Normal-000001"><span class="s2074256DefaultParagraphFont">(2)    Definition of terms;</span></p><p dir="ltr" class="s2074256Normal-000001"><span class="s2074256DefaultParagraphFont">(3)    Fees; and</span></p><p dir="ltr" class="s2074256Normal-000001"><span class="s2074256DefaultParagraphFont">(4)    Timing, form, and content of reports.</span></p><p dir="ltr" class="s2074256Normal"><span xml:space="preserve" class="s2074256000002"> </span></p><p dir="ltr" class="s2074256Normal"><span class="s2074256SCL">Source:</span><span xml:space="preserve" class="s2074256SCL-000003"> SL 2017, ch 210, § 14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s7db50cc5998343a9ad208b173f570670Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7db50cc5998343a9ad208b173f570670SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s7db50cc5998343a9ad208b173f570670CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s7db50cc5998343a9ad208b173f570670Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7db50cc5998343a9ad208b173f570670DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s7db50cc5998343a9ad208b173f570670000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s7db50cc5998343a9ad208b173f570670NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7db50cc5998343a9ad208b173f570670DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s7db50cc5998343a9ad208b173f570670SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-94 - Group capital calculation--Annual filing required--Promulgation of rules."><meta property="og:description" content="SDLRC Codified Law 58-5A-94 - Group capital calculation--Annual filing required--Promulgation of rules."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-94"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s7db50cc5998343a9ad208b173f570670Normal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-94" rel="noopener"><span class="s7db50cc5998343a9ad208b173f570670SENU">58-5A-94</span></a><span xml:space="preserve" class="s7db50cc5998343a9ad208b173f570670SENU">. </span><span class="s7db50cc5998343a9ad208b173f570670CL">Group capital calculation--Annual filing required--Promulgation of rules.</span></p><p dir="ltr" class="s7db50cc5998343a9ad208b173f570670Statute"><span xml:space="preserve" class="s7db50cc5998343a9ad208b173f570670DefaultParagraphFont">Except as provided in this section and in § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-95" rel="noopener"><span class="s7db50cc5998343a9ad208b173f570670DefaultParagraphFont">58-5A-95</span></a><span xml:space="preserve" class="s7db50cc5998343a9ad208b173f570670DefaultParagraphFont">, the ultimate controlling person of every insurer subject to registration must concurrently file with the registration an annual group capital calculation as directed by the lead state director or commissioner. The report must be completed in accordance with the NAIC group capital calculation instructions as posted on the website of the division. The instructions may permit the lead state director or commissioner to allow a controlling person that is not the ultimate controlling person to file the group capital calculation. The report must be filed with the lead state director or commissioner of the insurance holding company system as determined by the director in accordance with the procedures within the financial analysis handbook as adopted by the director pursuant to rules promulgated under chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=1-26" rel="noopener"><span class="s7db50cc5998343a9ad208b173f570670DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s7db50cc5998343a9ad208b173f570670DefaultParagraphFont">. The director may promulgate rules pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=1-26" rel="noopener"><span class="s7db50cc5998343a9ad208b173f570670DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s7db50cc5998343a9ad208b173f570670DefaultParagraphFont"> to establish requirements, standards, criteria, exemptions, instructions, and limitations for the group capital calculation and related filings.</span></p><p dir="ltr" class="s7db50cc5998343a9ad208b173f570670Normal"><span xml:space="preserve" class="s7db50cc5998343a9ad208b173f570670000000"> </span></p><p dir="ltr" class="s7db50cc5998343a9ad208b173f570670NoIndent"><span xml:space="preserve" class="s7db50cc5998343a9ad208b173f570670DefaultParagraphFont-000001">Source: </span><span class="s7db50cc5998343a9ad208b173f570670SCL">SL 2024, ch 201, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s6f842ec9ea26484a824425f92e13f1efNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s6f842ec9ea26484a824425f92e13f1efSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s6f842ec9ea26484a824425f92e13f1efCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s6f842ec9ea26484a824425f92e13f1efStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s6f842ec9ea26484a824425f92e13f1efStatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s6f842ec9ea26484a824425f92e13f1efStatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s6f842ec9ea26484a824425f92e13f1ef000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s6f842ec9ea26484a824425f92e13f1efNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s6f842ec9ea26484a824425f92e13f1efSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-95 - Group capital calculation--Annual filing exemptions."><meta property="og:description" content="SDLRC Codified Law 58-5A-95 - Group capital calculation--Annual filing exemptions."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-95"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-95" rel="noopener"><span class="s6f842ec9ea26484a824425f92e13f1efSENU">58-5A-95</span></a><span xml:space="preserve" class="s6f842ec9ea26484a824425f92e13f1efSENU">. </span><span class="s6f842ec9ea26484a824425f92e13f1efCL">Group capital calculation--Annual filing exemptions.</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatute"><span xml:space="preserve" class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">Insurance holding company systems described in this section are exempt from filing the group capital calculation provided in § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-94" rel="noopener"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">58-5A-94</span></a><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">:</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatuteNumber1"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">(1)    An insurance holding company system that:</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatuteNumber2"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">(a)    Has only one insurer within its holding company structure;</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatuteNumber2"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">(b)    Only writes business in its domestic state;</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatuteNumber2"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">(c)    Is only licensed in its domestic state; and</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatuteNumber2"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">(d)    Assumes no business from any other insurer;</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatuteNumber1"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">(2)    An insurance holding company system that is required to perform a group capital calculation specified by the United States Federal Reserve Board. The lead state director or commissioner must request the calculation from the Federal Reserve Board under the terms of information sharing agreements in effect. If the Federal Reserve Board cannot share the calculation with the lead state director or commissioner, the insurance holding company system is not exempt from the group capital calculation filing;</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatuteNumber1"><span xml:space="preserve" class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">(3)    An insurance holding company system whose non-U.S. group-wide supervisor is located within a reciprocal jurisdiction, as described in § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-14-16.23" rel="noopener"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">58-14-16.23</span></a><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">, that recognizes the U.S. state regulatory approach to group supervision and group capital; or</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatuteNumber1"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">(4)    An insurance holding company system that provides information to the lead state that meets the requirements for accreditation under the NAIC financial standards and accreditation program, either directly or indirectly through the group-wide supervisor, who has determined the information is satisfactory to allow the lead state to comply with the NAIC group supervision approach, as detailed in the NAIC financial analysis handbook, and whose non-U.S. group-wide supervisor that is not in a reciprocal jurisdiction recognizes and accepts, as specified by the director in regulation, the group capital calculation as the world-wide group capital assessment for U.S. insurance groups who operate in that jurisdiction.</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatute"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">If the lead state director or commissioner determines that an insurance holding company system no longer meets one or more of the requirements for an exemption from filing the group capital calculation under this section, the insurance holding company system must file the group capital calculation at the next annual filing date unless given an extension by the lead state director or commissioner based on reasonable grounds shown.</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efStatute"><span xml:space="preserve" class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">The lead state director or commissioner has the discretion to exempt the ultimate controlling person from filing the annual group capital calculation or to accept a limited group capital filing or report in accordance with criteria as specified by the director in rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=1-26" rel="noopener"><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">1-26</span></a><span class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont">.</span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efNormal"><span xml:space="preserve" class="s6f842ec9ea26484a824425f92e13f1ef000000"> </span></p><p dir="ltr" class="s6f842ec9ea26484a824425f92e13f1efNoIndent"><span xml:space="preserve" class="s6f842ec9ea26484a824425f92e13f1efDefaultParagraphFont-000001">Source: </span><span class="s6f842ec9ea26484a824425f92e13f1efSCL">SL 2024, ch 201, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s8b52775e20aa4f10a4907276f2830f3aNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s8b52775e20aa4f10a4907276f2830f3aSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s8b52775e20aa4f10a4907276f2830f3aCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s8b52775e20aa4f10a4907276f2830f3aStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s8b52775e20aa4f10a4907276f2830f3aDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s8b52775e20aa4f10a4907276f2830f3a000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s8b52775e20aa4f10a4907276f2830f3aNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s8b52775e20aa4f10a4907276f2830f3aDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s8b52775e20aa4f10a4907276f2830f3aSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-96 - Group capital calculation required."><meta property="og:description" content="SDLRC Codified Law 58-5A-96 - Group capital calculation required."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-96"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s8b52775e20aa4f10a4907276f2830f3aNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-96" rel="noopener"><span class="s8b52775e20aa4f10a4907276f2830f3aSENU">58-5A-96</span></a><span xml:space="preserve" class="s8b52775e20aa4f10a4907276f2830f3aSENU">. </span><span class="s8b52775e20aa4f10a4907276f2830f3aCL">Group capital calculation required.</span></p><p dir="ltr" class="s8b52775e20aa4f10a4907276f2830f3aStatute"><span xml:space="preserve" class="s8b52775e20aa4f10a4907276f2830f3aDefaultParagraphFont">Notwithstanding the provisions of subdivisions </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-95" rel="noopener"><span class="s8b52775e20aa4f10a4907276f2830f3aDefaultParagraphFont">58-5A-95</span></a><span class="s8b52775e20aa4f10a4907276f2830f3aDefaultParagraphFont">(3) and (4), if this state is considered the lead state, the director must require the filing of the group capital calculation for U.S. operations for any non-U.S. based insurance holding company system where, after any necessary consultation with other supervisors or officials, it is deemed appropriate by the director for prudential oversight and solvency monitoring purposes or for ensuring the competitiveness of the insurance marketplace.</span></p><p dir="ltr" class="s8b52775e20aa4f10a4907276f2830f3aNormal"><span xml:space="preserve" class="s8b52775e20aa4f10a4907276f2830f3a000000"> </span></p><p dir="ltr" class="s8b52775e20aa4f10a4907276f2830f3aNoIndent"><span xml:space="preserve" class="s8b52775e20aa4f10a4907276f2830f3aDefaultParagraphFont-000001">Source: </span><span class="s8b52775e20aa4f10a4907276f2830f3aSCL">SL 2024, ch 201, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2ca70b85bced4eaa9618151a3a6da588Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2ca70b85bced4eaa9618151a3a6da588SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2ca70b85bced4eaa9618151a3a6da588CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2ca70b85bced4eaa9618151a3a6da588Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2ca70b85bced4eaa9618151a3a6da588000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2ca70b85bced4eaa9618151a3a6da588NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2ca70b85bced4eaa9618151a3a6da588SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-97 - Liquidity stress test framework--Scope criteria--Promulgation of rules."><meta property="og:description" content="SDLRC Codified Law 58-5A-97 - Liquidity stress test framework--Scope criteria--Promulgation of rules."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-97"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2ca70b85bced4eaa9618151a3a6da588Normal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-97" rel="noopener"><span class="s2ca70b85bced4eaa9618151a3a6da588SENU">58-5A-97</span></a><span xml:space="preserve" class="s2ca70b85bced4eaa9618151a3a6da588SENU">. </span><span class="s2ca70b85bced4eaa9618151a3a6da588CL">Liquidity stress test framework--Scope criteria--Promulgation of rules.</span></p><p dir="ltr" class="s2ca70b85bced4eaa9618151a3a6da588Statute"><span xml:space="preserve" class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont">The ultimate controlling person of every insurer subject to registration and scoped into the NAIC liquidity stress test framework must file the results of a specific year s liquidity stress test. The filing must be made to the lead state insurance director or commissioner of the insurance holding company system as determined by the procedures within the financial analysis handbook adopted by the director pursuant to rules promulgated under chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=1-26" rel="noopener"><span class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont">1-26</span></a><span class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont">.</span></p><p dir="ltr" class="s2ca70b85bced4eaa9618151a3a6da588Statute"><span class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont">The NAIC liquidity stress test framework includes scope criteria applicable to a specific data year. The scope criteria are reviewed at least annually by the financial stability task force or its successor. Any change to the NAIC liquidity stress test framework or to the data year for which the scope criteria are to be measured is effective on January first of the year following the calendar year when such changes are adopted. Insurers meeting at least one threshold of the scope criteria are scoped into the NAIC liquidity stress test framework for the specified data year unless the lead state insurance director or commissioner, in consultation with insurance commissioners at the NAIC financial stability task force or its successor, determines the insurer may not be scoped into the framework for that data year. Insurers that do not trigger at least one threshold of the scope criteria are considered scoped out of the NAIC liquidity stress test framework for the specified data year, unless the lead state insurance director or commissioner, in consultation with the NAIC financial stability task force or its successor, determines the insurer should be scoped into the framework for that data year.</span></p><p dir="ltr" class="s2ca70b85bced4eaa9618151a3a6da588Statute"><span class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont">The performance of, and filing of the results from, a specific year s liquidity stress test must comply with the NAIC liquidity stress test framework s instructions and reporting templates for that year and any lead state insurance director or commissioner determinations, in consultation with the NAIC financial stability task force or its successor, provided within the framework.</span></p><p dir="ltr" class="s2ca70b85bced4eaa9618151a3a6da588Statute"><span xml:space="preserve" class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont">The director may promulgate rules pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=1-26" rel="noopener"><span class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont"> to establish requirements, standards, criteria, exemptions, and limitations for the liquidity stress test and related filings.</span></p><p dir="ltr" class="s2ca70b85bced4eaa9618151a3a6da588Normal"><span xml:space="preserve" class="s2ca70b85bced4eaa9618151a3a6da588000000"> </span></p><p dir="ltr" class="s2ca70b85bced4eaa9618151a3a6da588NoIndent"><span xml:space="preserve" class="s2ca70b85bced4eaa9618151a3a6da588DefaultParagraphFont-000001">Source: </span><span class="s2ca70b85bced4eaa9618151a3a6da588SCL">SL 2024, ch 201, § 10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s831798539c6d48838d0cccdf34da31adNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s831798539c6d48838d0cccdf34da31adSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s831798539c6d48838d0cccdf34da31adCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s831798539c6d48838d0cccdf34da31adStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s831798539c6d48838d0cccdf34da31adDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s831798539c6d48838d0cccdf34da31adStatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s831798539c6d48838d0cccdf34da31ad000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s831798539c6d48838d0cccdf34da31adNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s831798539c6d48838d0cccdf34da31adDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s831798539c6d48838d0cccdf34da31adSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-98 - Confidentiality of group capital calculation and liquidity stress test."><meta property="og:description" content="SDLRC Codified Law 58-5A-98 - Confidentiality of group capital calculation and liquidity stress test."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-98"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-98" rel="noopener"><span class="s831798539c6d48838d0cccdf34da31adSENU">58-5A-98</span></a><span xml:space="preserve" class="s831798539c6d48838d0cccdf34da31adSENU">. </span><span class="s831798539c6d48838d0cccdf34da31adCL">Confidentiality of group capital calculation and liquidity stress test.</span></p><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adStatute"><span xml:space="preserve" class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">The group capital calculation and resulting group capital ratio required under § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-94" rel="noopener"><span class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">58-5A-94</span></a><span xml:space="preserve" class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont"> and the liquidity stress test, along with its results and supporting disclosures, required under § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-97" rel="noopener"><span class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">58-5A-97</span></a><span class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">, are regulatory tools for assessing group risks and capital adequacy and group liquidity risks and may not be used as a means to rank insurers or insurance holding company systems generally. Except as otherwise required under the provisions of this chapter, a licensee under this title is prohibited from releasing information with regard to the group capital calculation, group capital ratio, the liquidity stress test results, or supporting disclosures for the liquidity stress test of any insurer or any insurer group or of any component derived in the calculation by any insurer, broker, or other person engaged in any manner in the insurance business by making, publishing, disseminating, circulating, or placing before the public the information, or causing the information to be directly or indirectly made, published, disseminated, circulated, or placed before the public:</span></p><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adStatuteNumber1"><span class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">(1)    In a newspaper, magazine, or other publication;</span></p><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adStatuteNumber1"><span class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">(2)    In the form of a notice, circular, pamphlet, letter, or poster;</span></p><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adStatuteNumber1"><span class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">(3)    Over any radio or television station;</span></p><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adStatuteNumber1"><span class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">(4)    Any electronic means of communication available to the public; or</span></p><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adStatuteNumber1"><span class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont">(5)    In any other way as an advertisement, announcement, or statement.</span></p><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adNormal"><span xml:space="preserve" class="s831798539c6d48838d0cccdf34da31ad000000"> </span></p><p dir="ltr" class="s831798539c6d48838d0cccdf34da31adNoIndent"><span xml:space="preserve" class="s831798539c6d48838d0cccdf34da31adDefaultParagraphFont-000001">Source: </span><span class="s831798539c6d48838d0cccdf34da31adSCL">SL 2024, ch 201, § 11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sbcc3971bacbb4bcd883c9270e5a1421fNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sbcc3971bacbb4bcd883c9270e5a1421fSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sbcc3971bacbb4bcd883c9270e5a1421fCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sbcc3971bacbb4bcd883c9270e5a1421fStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sbcc3971bacbb4bcd883c9270e5a1421fDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sbcc3971bacbb4bcd883c9270e5a1421f000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sbcc3971bacbb4bcd883c9270e5a1421fNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sbcc3971bacbb4bcd883c9270e5a1421fDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sbcc3971bacbb4bcd883c9270e5a1421fSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-99 - Insurer disclosure of certain confidential information permitted--Response to false or inappropriate statements."><meta property="og:description" content="SDLRC Codified Law 58-5A-99 - Insurer disclosure of certain confidential information permitted--Response to false or inappropriate statements."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-99"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sbcc3971bacbb4bcd883c9270e5a1421fNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-99" rel="noopener"><span class="sbcc3971bacbb4bcd883c9270e5a1421fSENU">58-5A-99</span></a><span xml:space="preserve" class="sbcc3971bacbb4bcd883c9270e5a1421fSENU">. </span><span class="sbcc3971bacbb4bcd883c9270e5a1421fCL">Insurer disclosure of certain confidential information permitted--Response to false or inappropriate statements.</span></p><p dir="ltr" class="sbcc3971bacbb4bcd883c9270e5a1421fStatute"><span xml:space="preserve" class="sbcc3971bacbb4bcd883c9270e5a1421fDefaultParagraphFont">If information is released in contradiction of § </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-98" rel="noopener"><span class="sbcc3971bacbb4bcd883c9270e5a1421fDefaultParagraphFont">58-5A-98</span></a><span class="sbcc3971bacbb4bcd883c9270e5a1421fDefaultParagraphFont">, an insurer may publish an announcement in a written publication if the sole purpose of the announcement is to rebut any materially false statement with respect to the group capital calculation or any resulting group capital ratio, an inappropriate comparison of any amount to an insurer s or insurance group s group capital calculation or resulting group capital ratio, liquidity stress test result, supporting disclosures for the liquidity stress test, or an inappropriate comparison of any amount to an insurer s or insurance group s liquidity stress test result or supporting disclosures is published in any written publication and the insurer is able to demonstrate to the director with substantial proof the falsity of such statement or the inappropriateness, as the case may be.</span></p><p dir="ltr" class="sbcc3971bacbb4bcd883c9270e5a1421fNormal"><span xml:space="preserve" class="sbcc3971bacbb4bcd883c9270e5a1421f000000"> </span></p><p dir="ltr" class="sbcc3971bacbb4bcd883c9270e5a1421fNoIndent"><span xml:space="preserve" class="sbcc3971bacbb4bcd883c9270e5a1421fDefaultParagraphFont-000001">Source: </span><span class="sbcc3971bacbb4bcd883c9270e5a1421fSCL">SL 2024, ch 201, § 12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sc256a8dbf53b4ec0b2bbe29c24d2f77aNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sc256a8dbf53b4ec0b2bbe29c24d2f77aSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sc256a8dbf53b4ec0b2bbe29c24d2f77aCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sc256a8dbf53b4ec0b2bbe29c24d2f77aStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sc256a8dbf53b4ec0b2bbe29c24d2f77aDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sc256a8dbf53b4ec0b2bbe29c24d2f77a000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sc256a8dbf53b4ec0b2bbe29c24d2f77aNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sc256a8dbf53b4ec0b2bbe29c24d2f77aDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sc256a8dbf53b4ec0b2bbe29c24d2f77aSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-100 - Deposit or bond required for insurer in hazardous financial condition."><meta property="og:description" content="SDLRC Codified Law 58-5A-100 - Deposit or bond required for insurer in hazardous financial condition."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-100"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sc256a8dbf53b4ec0b2bbe29c24d2f77aNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-100" rel="noopener"><span class="sc256a8dbf53b4ec0b2bbe29c24d2f77aSENU">58-5A-100</span></a><span xml:space="preserve" class="sc256a8dbf53b4ec0b2bbe29c24d2f77aSENU">. </span><span class="sc256a8dbf53b4ec0b2bbe29c24d2f77aCL">Deposit or bond required for insurer in hazardous financial condition.</span></p><p dir="ltr" class="sc256a8dbf53b4ec0b2bbe29c24d2f77aStatute"><span xml:space="preserve" class="sc256a8dbf53b4ec0b2bbe29c24d2f77aDefaultParagraphFont">If an insurer subject to this chapter is deemed by the director to be in a hazardous financial condition, as defined by chapters </span><a href="https://sdlegislature.gov/Statutes?Statute=58-4" rel="noopener"><span class="sc256a8dbf53b4ec0b2bbe29c24d2f77aDefaultParagraphFont">58-4</span></a><span xml:space="preserve" class="sc256a8dbf53b4ec0b2bbe29c24d2f77aDefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes?Statute=58-29B" rel="noopener"><span class="sc256a8dbf53b4ec0b2bbe29c24d2f77aDefaultParagraphFont">58-29B</span></a><span class="sc256a8dbf53b4ec0b2bbe29c24d2f77aDefaultParagraphFont">, or a condition that would be grounds for supervision, conservation, or a delinquency proceeding, then the director may require the insurer to secure and maintain either a deposit held by the director, or a bond, for the protection of the insurer for the duration of contracts or agreements or the existence of the condition for which the director required the deposit or the bond. In determining whether a deposit or a bond is required, the director may consider whether concerns exist with respect to the affiliated person s ability to fulfill the contracts or agreements if the insurer were to be put into liquidation. Once the insurer is deemed to be in a hazardous financial condition or a condition that would be grounds for supervision, conservation, or a delinquency proceeding and a deposit or bond is necessary, the director has discretion to determine the amount of the deposit or bond, not to exceed the value of the contracts or agreements in any one year, and whether the deposit or bond is required for a single contract, multiple contracts, or a contract only with a specific person or persons.</span></p><p dir="ltr" class="sc256a8dbf53b4ec0b2bbe29c24d2f77aNormal"><span xml:space="preserve" class="sc256a8dbf53b4ec0b2bbe29c24d2f77a000000"> </span></p><p dir="ltr" class="sc256a8dbf53b4ec0b2bbe29c24d2f77aNoIndent"><span xml:space="preserve" class="sc256a8dbf53b4ec0b2bbe29c24d2f77aDefaultParagraphFont-000001">Source: </span><span class="sc256a8dbf53b4ec0b2bbe29c24d2f77aSCL">SL 2024, ch 201, § 13.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s71c6dddd05ce4c34854d6449e5b0e1fdNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s71c6dddd05ce4c34854d6449e5b0e1fdSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s71c6dddd05ce4c34854d6449e5b0e1fdCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s71c6dddd05ce4c34854d6449e5b0e1fdStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s71c6dddd05ce4c34854d6449e5b0e1fdDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s71c6dddd05ce4c34854d6449e5b0e1fd000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s71c6dddd05ce4c34854d6449e5b0e1fdNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s71c6dddd05ce4c34854d6449e5b0e1fdDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s71c6dddd05ce4c34854d6449e5b0e1fdSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-101 - Insurer records and data held by affiliate--Property of insurer."><meta property="og:description" content="SDLRC Codified Law 58-5A-101 - Insurer records and data held by affiliate--Property of insurer."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-101"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s71c6dddd05ce4c34854d6449e5b0e1fdNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-101" rel="noopener"><span class="s71c6dddd05ce4c34854d6449e5b0e1fdSENU">58-5A-101</span></a><span xml:space="preserve" class="s71c6dddd05ce4c34854d6449e5b0e1fdSENU">. </span><span class="s71c6dddd05ce4c34854d6449e5b0e1fdCL">Insurer records and data held by affiliate--Property of insurer.</span></p><p dir="ltr" class="s71c6dddd05ce4c34854d6449e5b0e1fdStatute"><span class="s71c6dddd05ce4c34854d6449e5b0e1fdDefaultParagraphFont">All records and data of the insurer held by an affiliate are and remain the property of the insurer, are subject to control of the insurer, must be identifiable, and must be segregated or readily capable of segregation, at no additional cost to the insurer, from all other persons records and data. This includes all records and data that are otherwise the property of the insurer, in any form maintained, including claims and claim files, policyholder lists, application files, litigation files, premium records, rate books, underwriting manuals, personnel records, and financial records or similar records within the possession, custody, or control of the affiliate. At the request of the insurer, the affiliate must provide the receiver a complete set of all records of any type that pertain to the insurer s business, obtain access to the operating systems on which the data is maintained, obtain the software that runs those systems either through assumption of licensing agreements or otherwise, and restrict the use of the data by the affiliate if it is not operating the insurer s business. The affiliate must provide a waiver of any landlord lien or other encumbrance to give the insurer access to all records and data in the event of the affiliate s default under a lease or other agreement.</span></p><p dir="ltr" class="s71c6dddd05ce4c34854d6449e5b0e1fdNormal"><span xml:space="preserve" class="s71c6dddd05ce4c34854d6449e5b0e1fd000000"> </span></p><p dir="ltr" class="s71c6dddd05ce4c34854d6449e5b0e1fdNoIndent"><span xml:space="preserve" class="s71c6dddd05ce4c34854d6449e5b0e1fdDefaultParagraphFont-000001">Source: </span><span class="s71c6dddd05ce4c34854d6449e5b0e1fdSCL">SL 2024, ch 201, § 14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s7b53438e2953419a84997654e9735147Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7b53438e2953419a84997654e9735147SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s7b53438e2953419a84997654e9735147CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s7b53438e2953419a84997654e9735147Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7b53438e2953419a84997654e9735147DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s7b53438e2953419a84997654e9735147000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s7b53438e2953419a84997654e9735147NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7b53438e2953419a84997654e9735147DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s7b53438e2953419a84997654e9735147SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-102 - Premiums--Property of insurer."><meta property="og:description" content="SDLRC Codified Law 58-5A-102 - Premiums--Property of insurer."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-102"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s7b53438e2953419a84997654e9735147Normal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-102" rel="noopener"><span class="s7b53438e2953419a84997654e9735147SENU">58-5A-102</span></a><span xml:space="preserve" class="s7b53438e2953419a84997654e9735147SENU">. </span><span class="s7b53438e2953419a84997654e9735147CL">Premiums--Property of insurer.</span></p><p dir="ltr" class="s7b53438e2953419a84997654e9735147Statute"><span xml:space="preserve" class="s7b53438e2953419a84997654e9735147DefaultParagraphFont">Premiums and other funds belonging to the insurer that are collected by or held by an affiliate are the exclusive property of the insurer and are subject to the control of the insurer. Any right of offset in the event an insurer is placed into receivership is subject to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=58-29B" rel="noopener"><span class="s7b53438e2953419a84997654e9735147DefaultParagraphFont">58-29B</span></a><span class="s7b53438e2953419a84997654e9735147DefaultParagraphFont">.</span></p><p dir="ltr" class="s7b53438e2953419a84997654e9735147Normal"><span xml:space="preserve" class="s7b53438e2953419a84997654e9735147000000"> </span></p><p dir="ltr" class="s7b53438e2953419a84997654e9735147NoIndent"><span xml:space="preserve" class="s7b53438e2953419a84997654e9735147DefaultParagraphFont-000001">Source: </span><span class="s7b53438e2953419a84997654e9735147SCL">SL 2024, ch 201, § 15.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5A - INSURANCE HOLDING COMPANIES</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s21d0ce9bf95d47c4b3b05bdc18a0174bNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s21d0ce9bf95d47c4b3b05bdc18a0174bSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s21d0ce9bf95d47c4b3b05bdc18a0174bCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s21d0ce9bf95d47c4b3b05bdc18a0174bStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s21d0ce9bf95d47c4b3b05bdc18a0174bStatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s21d0ce9bf95d47c4b3b05bdc18a0174b000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s21d0ce9bf95d47c4b3b05bdc18a0174bNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s21d0ce9bf95d47c4b3b05bdc18a0174bSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-5A-103 - Affiliate of certain domestic insurers--Jurisdiction of insurer's appointees."><meta property="og:description" content="SDLRC Codified Law 58-5A-103 - Affiliate of certain domestic insurers--Jurisdiction of insurer's appointees."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/58-5A-103"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s21d0ce9bf95d47c4b3b05bdc18a0174bNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-103" rel="noopener"><span class="s21d0ce9bf95d47c4b3b05bdc18a0174bSENU">58-5A-103</span></a><span xml:space="preserve" class="s21d0ce9bf95d47c4b3b05bdc18a0174bSENU">. </span><span class="s21d0ce9bf95d47c4b3b05bdc18a0174bCL">Affiliate of certain domestic insurers--Jurisdiction of insurer's appointees.</span></p><p dir="ltr" class="s21d0ce9bf95d47c4b3b05bdc18a0174bStatute"><span xml:space="preserve" class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">Any affiliate that is party to an agreement or contract with a domestic insurer that is referenced in subdivision </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-56" rel="noopener"><span class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">58-5A-56</span></a><span xml:space="preserve" class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">(4) is subject to the jurisdiction of any supervision, seizure, conservatorship or receivership proceedings against the insurer and to the authority of any supervisor, conservator, rehabilitator, or liquidator for the insurer appointed pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=58-29B" rel="noopener"><span class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">58-29B</span></a><span xml:space="preserve" class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont"> for the purpose of interpreting, enforcing, and overseeing the affiliate s obligations under the agreement or contract to perform services for the insurer that:</span></p><p dir="ltr" class="s21d0ce9bf95d47c4b3b05bdc18a0174bStatuteNumber1"><span class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">(1)    Are an integral part of the insurer s operations, including management, administrative, accounting, data processing, marketing, underwriting, claims handling, investment, or any other similar functions; or</span></p><p dir="ltr" class="s21d0ce9bf95d47c4b3b05bdc18a0174bStatuteNumber1"><span xml:space="preserve" class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">(2)    Are essential to the insurer s ability to fulfill its obligations under insurance policies. </span></p><p dir="ltr" class="s21d0ce9bf95d47c4b3b05bdc18a0174bStatute"><span xml:space="preserve" class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">The director may require that an agreement or contract referenced in subsection </span><a href="https://sdlegislature.gov/Statutes?Statute=58-5A-21" rel="noopener"><span class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">58-5A-21</span></a><span class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont">(2)(e), for the provision of services described in subdivisions (1) and (2) of this section, specify that the affiliate consents to the jurisdiction as set forth in this section.</span></p><p dir="ltr" class="s21d0ce9bf95d47c4b3b05bdc18a0174bNormal"><span xml:space="preserve" class="s21d0ce9bf95d47c4b3b05bdc18a0174b000000"> </span></p><p dir="ltr" class="s21d0ce9bf95d47c4b3b05bdc18a0174bNoIndent"><span xml:space="preserve" class="s21d0ce9bf95d47c4b3b05bdc18a0174bDefaultParagraphFont-000001">Source: </span><span class="s21d0ce9bf95d47c4b3b05bdc18a0174bSCL">SL 2024, ch 201, § 16.</span></p></div></body></html>