Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
SDCL § 58-5A-80.9 Reasonable expenses
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A registered insurer subject to the provisions of §§ 58-5A-80.1 to 58-5A-80.8 , inclusive, is liable for and shall pay the reasonable expenses of the director's participation in the administration of §§ 58-5A-80.1 to 58-5A-80.8 , inclusive, including the engagement of attorneys, …
SDCL § 58-5A-81 Maintenance of risk management framework
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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…
SDCL § 58-5A-82 Regular conduct of ORSA
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Subject to the provisions of §§ 58-5A-85 to 58-5A-88 , 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 b…
SDCL § 58-5A-83 Submission of ORSA summary report or comparable reports to division
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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 insur…
SDCL § 58-5A-84 ORSA summary report requirements
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ORSA summary reports shall: (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 i…
SDCL § 58-5A-85 Exemption from requirements
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An insurer shall be exempt from the requirements of §§ 58-5A-81 to 58-5A-93 , inclusive, if: (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 Insur…
SDCL § 58-5A-86 Requirements where insurer or insurer's group does not qualify for exemption
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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 …
SDCL § 58-5A-87 Insurer's application for waiver
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An insurer that does not qualify for exemption may apply to the director for a waiver from the requirements of §§ 58-5A-81 to 58-5A-93 , inclusive, based upon unique circumstances. In deciding whether to grant the insurer's request for waiver, the director may consider the type a…
SDCL § 58-5A-88 One year period to comply with requirements following loss of qualification for exemption
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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 i…
SDCL § 58-5A-89 Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report
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Notwithstanding the exemptions from the requirements of §§ 58-5A-81 to 58-5A-93 , inclusive, the director may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report: (1) Based on unique circumstances including the type and v…
SDCL § 58-5A-9 Approval by director of acquisition or merger--Grounds for disapproval
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The director shall approve any merger or other acquisition of control referred to in §§ 58-5A-3 and 58-5A-45 unless, after a public hearing he finds that: (1) After the change of control the domestic insurer would not be able to satisfy the requirements for the issuance of a lice…
SDCL § 58-5A-9.1 Disapproval of dividends or distributions for violation--Order of supervision
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If the director determines that any person fails to comply with the provisions of § 58-5A-3 , 58-5A-3.1 , 58-5A-4 , 58-5A-8 , 58-5A-9 , or 58-5A-45 preventing the full understanding of the enterprise risk to the insurer by the affiliates or by the insurance holding company system…
SDCL § 58-5A-90 Confidentiality of information submitted to division
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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 §§ 58-5A-81 to 58-5A-93 , inclusive, are recognized by this stat…
SDCL § 58-5A-91 Powers and duties of director regarding ORSA
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In order to assist in the performance of the director's regulatory duties regarding ORSA, the director: (1) May, upon request, share documents, materials, or other ORSA-related information, including the confidential and privileged documents, materials, or information subject to …
SDCL § 58-5A-92 Sharing of information and documents by director--Confidentiality
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The sharing of information and documents by the director pursuant to §§ 58-5A-81 to 58-5A-93 , 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 provisio…
SDCL § 58-5A-93 Promulgation of rules regarding ORSA
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The director shall promulgate rules, pursuant to chapter 1-26 , to carry out ORSA including: (1) Adoption of the NAIC ORSA guidance manual; (2) Definition of terms; (3) Fees; and (4) Timing, form, and content of reports. Source: SL 2017, ch 210 , § 14.
SDCL § 58-5A-94 Group capital calculation--Annual filing required--Promulgation of rules
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Except as provided in this section and in § 58-5A-95 , 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…
SDCL § 58-5A-95 Group capital calculation--Annual filing exemptions
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Insurance holding company systems described in this section are exempt from filing the group capital calculation provided in § 58-5A-94 : (1) An insurance holding company system that: (a) Has only one insurer within its holding company structure; (b) Only writes business in its d…
SDCL § 58-5A-96 Group capital calculation required
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Notwithstanding the provisions of subdivisions 58-5A-95 (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 nece…
SDCL § 58-5A-97 Liquidity stress test framework--Scope criteria--Promulgation of rules
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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 …
SDCL § 58-5A-98 Confidentiality of group capital calculation and liquidity stress test
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The group capital calculation and resulting group capital ratio required under § 58-5A-94 and the liquidity stress test, along with its results and supporting disclosures, required under § 58-5A-97 , are regulatory tools for assessing group risks and capital adequacy and group li…
SDCL § 58-5A-99 Insurer disclosure of certain confidential information permitted--Response to false or inappropriate statements
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If information is released in contradiction of § 58-5A-98 , 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 capi…