Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
SDCL § 58-43-5 Financial statements
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The financial statements included in the audited financial report shall be prepared in a form and using language and groupings substantially the same as the relevant sections of the annual statement filed pursuant to § 58-6-75 and the financial statement shall be comparative, pre…
SDCL § 58-43-5.1 Examination of financial statements by accountant
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Financial statements furnished pursuant to § 58-43-4 shall be examined by the independent certified public accountant. The audit of the insurer's financial statements shall be conducted in accordance with generally accepted auditing standards. In accordance with AU Section 319 of…
SDCL § 58-43-6 Registration of retained accountant--Letter of acknowledgment from accountant
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Each insurer required to file an annual audited financial report shall, within sixty days after becoming subject to the requirement, register with the director in writing the name and address of the independent certified public accountant or accounting firm retained to conduct th…
SDCL § 58-43-7 Notification of dismissal or resignation of insurer's accountant--Reporting disagreements
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If an accountant who was the accountant for the immediately preceding filed audited financial report is dismissed or resigns, the insurer shall mail notification to the director within five business days of the dismissal or resignation. The insurer shall mail the director a separ…
SDCL § 58-43-8 Explanation of disagreements between insurer and accountant--Letters from both insurer and accountant to director
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The disagreements required in § 58-43-7 to be reported include both those resolved to the former accountant's satisfaction and those not resolved to the former accountant's satisfaction. Disagreements contemplated by this section are those that occur at the decision - making leve…
SDCL § 58-43-9 Qualifications of accountant
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An accountant shall be recognized as qualified as long as the accountant conforms to the standards of the profession, as contained in the Code of Professional Ethics of the American Institute of Certified Public Accountants and the requirements of chapter 36-20B and rules promulg…
SDCL § 58-43-9.1 Disqualification of accountant
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No person or firm may be recognized as a qualified independent certified public accountant if the person or firm: (1) Is not in conformity with the Code of Professional Ethics of the American Institute of CPA's and in all states in which the accountant is licensed to practice, or…
SDCL § 58-43-9.2 Disqualification of accountant for services provided contemporaneously with audit
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The director may not recognize as a qualified independent certified public accountant, nor accept an annual audited financial report, prepared in whole or in part by an accountant who provides to an insurer, contemporaneously with the audit, the following nonaudit services: (1) B…
SDCL § 58-43-9.3 SDCL 58-43-9.3
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Exemption from disqualification provisions of §
SDCL § 58-43-9.4 Services which do not disqualify accountant--Audit committee preapproval
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A qualified independent certified public accountant who performs the audit may engage in other nonaudit services, including tax services, that are not described in or that do not conflict with the provisions of § 58-43-9.2 , only if the activity is approved in advance by the audi…
SDCL § 58-43-9.5 Preapproval of auditing and nonaudit services by audit committee--SOX compliant entities
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Any auditing services or nonaudit services provided to an insurer by the qualified independent certified public accountant of the insurer shall be preapproved by the audit committee. This preapproval requirement is waived with respect to nonaudit services if the insurer is a SOX …
SDCL § 58-43-9.6 Delegation of preapproval duties
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The audit committee may delegate to one or more designated members of the audit committee the authority to grant the preapprovals required by the provisions of §
SDCL § 58-43-9.7 Disqualification of accountant due to previous employment of partner or senior manager of insurer--Relief from requirement
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The director may not recognize an independent certified public accountant as qualified for a particular insurer if a member of the board, president, chief executive officer, controller, chief financial officer, chief accounting officer, or any person serving in an equivalent posi…