reglab/housing_qa huggingface dataset:
SD Codified L § 58-6-75 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06 - Authority To Transact Insurance In State|Section 58-6-75 - Annual and quarterly statement of financial condition of insurer--Filing with director--Form and contents--Timeliness of filing.

58-6-75. Annual and quarterly statement of financial condition of insurer--Filing with director--Form and contents--Timeliness of filing.Each domestic insurer and those domestic insurers subject to chapters 58-34, 58-37A, 58-38, 58-39, 58-40, and 58-41, and foreign insurers if required by the director, shall annually on or before March first, and quarterly on or before May fifteenth, August fifteenth, and November fifteenth, unless the time is extended by the director for good cause shown, file with the director a true statement of its financial condition, transactions, and affairs as of the December thirty-first preceding for an annual statement and as of March thirty-first, June thirtieth, and September thirtieth, for a quarterly statement. Any statement is to be in a form and content as is approved or adopted for current use by the National Association of Insurance Commissioners or its successor organization, for use as to the type of insurer and kinds of insurance to be reported upon. The director may require any additional information considered necessary to be supplied with the annual or quarterly statement. The statement of an alien insurer, if required by the director, shall be filed annually on or before September first and shall relate only to its transactions and affairs in the United States unless the director requires otherwise. Any annual and quarterly statement and amendments and addenda to any annual and quarterly statement and any interim statement or amendments thereto shall also be filed with the National Association of Insurance Commissioners. Any statement filed with the National Association of Insurance Commissioners shall also be submitted on diskette.Any statement shall be prepared in accordance with the Annual Statement Instructions Manual and the Accounting Practices and Procedures Manual prescribed by the National Association of Insurance Commissioners as adopted by rule by the director pursuant to chapter 1-26. The director may also, by rule promulgated pursuant to chapter 1-26, establish additional practices and procedures the director considers necessary.Unless the time for filing has been extended, an insurer shall pay a penalty of one hundred dollars per day for every day the statement is late, not to exceed twenty-five thousand dollars.For purposes of this section only a statement with a postmark date of the due date or earlier is considered timely filed. Source: SL 1966, ch 111, ch 3, §27; SL 1992, ch 342, §1; SL 1993, ch 97, §4; SL 1993, ch 357, §3; SL 1994, ch 375, §1; SL 1995, ch 276; SL 2001, ch 271, §1.
SD Codified L § 58-6-76 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06 - Authority To Transact Insurance In State|Section 58-6-76 - Summary of statement of financial condition of insurer--Publication by director.

58-6-76. Summary of statement of financial condition of insurer--Publication by director.The director of the Division of Insurance shall cause a summary, condensed from the annual statement of each company to be published three times, at the expense of the company, at legal rates, in a legal newspaper printed and published in each judicial circuit of the state in which the insurance company has a licensed insurance producer. Condensed statements for publication shall be made on blanks furnished by the director, which shall be uniform as to the information conveyed to the public and which, set in nonpareil type, together with the annual certificate of authority of the company, constitute a printed statement uniformly ten inches in length. A printer's affidavit, in duplicate, shall be filed with the director in all cases. The affidavit shall state that the insurance company has paid the newspaper the authorized rate for publishing legal notices, that the full amount named inures to the sole benefit of the publisher or publishers thereof, that no agreement or understanding for the division thereof was made with any person, and that no part thereof was agreed to be paid to any person. Every affidavit of publication shall state in plain terms that the full amount authorized herein was charged and collected for the publication. Source: SL 1966, ch 111, ch 3, §27; SL 1982, ch 355; SL 2001, ch 286, §86.
SD Codified L § 58-6-77 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06 - Authority To Transact Insurance In State|Section 58-6-77 - Time for publication of summary statement by director--Publication in judicial circuits.

58-6-77. Time for publication of summary statement by director--Publication in judicial circuits.The director shall cause the publication of such statements to be made within sixty days from the end of the limit of time provided by law for filing such annual statements. The director shall, thereafter, provide for publication of the annual statements in such judicial circuits as shall be occupied by the appointment of an insurance producer after the first statements have been assigned. Source: SL 1966, ch 111, ch 3, §27; SL 2001, ch 286, §87.
SD Codified L § 58-6-78 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06 - Authority To Transact Insurance In State|Section 58-6-78 - Director to supply summary statement to each legal newspaper published in each judicial circuit--Recognition of legal newspaper.

58-6-78. Director to supply summary statement to each legal newspaper published in each judicial circuit--Recognition of legal newspaper.The director shall supply at least one such statement to each legal newspaper published in each judicial circuit, if there are a sufficient number of such statements to be published so to supply each newspaper, and no newspaper shall receive a second statement for publication until each legal newspaper in each circuit shall be furnished at least one such statement for publication. If there are insufficient statements to supply all newspapers in one year, the statements for the succeeding year shall be first supplied to those newspapers not supplied the previous year, and they shall be so supplied in each succeeding year. The publisher of any legal newspaper published in this state, who desires his publication to be recognized in the distribution of annual statements, shall each year, on or before the first day of April, furnish to the director an affidavit that the newspaper he seeks to have recognized is a legal newspaper. Source: SL 1966, ch 111, ch 3, §27.
SD Codified L § 58-6-79 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06 - Authority To Transact Insurance In State|Section 58-6-79 - Publication requirements do not apply to fraternal or benevolent life association transactions nor to mutual insurance companies or associations.

58-6-79. Publication requirements do not apply to fraternal or benevolent life association transactions nor to mutual insurance companies or associations.Nothing in §§58-6-76 to 58-6-78, inclusive, which relates to the publication of statements shall relate to any fraternal or benevolent life association transacting business in this state, nor to any mutual insurance company or association organized under the laws of this state. Source: SL 1966, ch 111, ch 3, §27.
SD Codified L § 58-6-80 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06 - Authority To Transact Insurance In State|Section 58-6-80 - Confidentiality of analysis ratios and examination synopses--Participation in regulatory information system.

58-6-80. Confidentiality of analysis ratios and examination synopses--Participation in regulatory information system.All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the department by the National Association of Insurance Commissioners' Insurance Regulatory Information System are confidential and may not be disclosed by the department.All insurers subject to this statute shall participate in the National Association of Insurance Commissioners Insurance Regulatory Information System. Source: SL 1992, ch 342, §3.
SD Codified L § 58-6A-2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-2 - Charter and license of risk retention group--Approval of plan of operation or feasibility study--Revision of plan or study--Notice to National Association of Insurance Commissioners.

58-6A-2. Charter and license of risk retention group--Approval of plan of operation or feasibility study--Revision of plan or study--Notice to National Association of Insurance Commissioners.Any risk retention group seeking to be chartered in this state shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provided in this chapter, shall comply with all of the laws, rules, and requirements applicable to such insurers chartered and licensed in this state. Before it may offer insurance in any state, each risk retention group shall also submit for approval to the director of insurance of this state a plan of operation or a feasibility study and revisions of such plan or study if the group intends to offer any additional lines of liability insurance. If any subsequent material change is made to the plan of operation or feasibility study, the risk retention group shall submit an appropriate revision to the director within ten days of any change. No group may offer any additional lines of liability insurance in this state or any other state until a revision of the plan or study is approved by the director. When filing an application for charter, the risk retention group shall provide to the director a summary of information, including the name of the risk retention group, the identity of the initial members of the group, the identity of those persons who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate. Upon receipt, the director shall forward the information to the National Association of Insurance Commissioners. Providing notification to the National Association of Insurance Commissioners is in addition, and is not sufficient, to satisfy the requirements of this chapter. Source: SL 1987, ch 372, §2; SL 2016, ch 232, §14.
SD Codified L § 58-6A-3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3 - Information submitted to director.

58-6A-3. Information submitted to director.Before offering insurance in this state, a risk retention group not chartered in this state shall submit to the director:(1)A statement identifying the states in which the risk retention group is chartered and licensed as a liability insurance company, date of chartering, its principal place of business, and other information, including information on its membership, as the director of this state may require to verify that the risk retention group is qualified under this chapter;(2)A copy of the group's plan of operations or a feasibility study and revisions of the plan or study submitted to its state of domicile. However, the provision relating to the submission of a plan of operation or a feasibility study does not apply with respect to any line or classification of liability insurance which was defined in the Product Liability Risk Retention Act of 1981, before October 27, 1986, and was offered before such date by any risk retention group which had been chartered and operating for not less than three years before such date; (3)A statement of registration which designates the director as the group's agent for the purpose of receiving service of legal documents or process; and(4)A copy of any material revision to the group's plan of operation or feasibility study within thirty days of the date of the approval of the revision by the director of the group's chartering state, or if no such approval is required, within thirty days of filing. Source: SL 1987, ch 372, §3; SL 2016, ch 232, §15.
SD Codified L § 58-6A-3.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.1 - Majority of risk retention group directors to be independent--Board determinations as to material relationship.

58-6A-3.1. Majority of risk retention group directors to be independent--Board determinations as to material relationship.The board of directors of the risk retention group shall have a majority of independent directors. If the risk retention group is a reciprocal, then the attorney-in-fact shall adhere to the same standards regarding independence of operation and governance as imposed on the risk retention group's board of directors or subscriber's advisory committee under these standards. In addition, to the extent permissible under state law, a service provider of a reciprocal risk retention group shall contract with the risk retention group and not the attorney-in-fact.No director of the risk retention group qualifies as independent unless the board of directors affirmatively determines that the director of the risk retention group has no material relationship as described in §58-6A-3.2 with the risk retention group. Each risk retention group shall disclose these determinations to the group's domestic regulator, at least annually. For the purposes of this section, any person that is a direct or indirect owner of or subscriber in the risk retention group or is an officer, director of the risk retention group, or employee of such an owner and insured, unless some other position of the officer, director of the risk retention group, or an employee constitutes a material relationship, as contemplated by section 3901(a)(4)(E)(ii) of the Liability Risk Retention Act in effect as of January 1, 2016, is considered to be independent. Source: SL 2016, ch 232, §3.
SD Codified L § 58-6A-3.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.2 - Criteria of material relationship.

58-6A-3.2. Criteria of material relationship.A material relationship includes:(1)The receipt in any one twelve-month period of compensation or payment of any other item of value greater than or equal to five percent of the risk retention group's gross written premium for the twelve-month period or two percent of the risk retention group's surplus, whichever is greater, as measured at the end of any fiscal quarter falling in the twelve-month period by a person with the risk retention group or:(a)The person's immediate family member;(b)A business with which the person is affiliated from the risk retention group; or(c)A consultant or service provider to the risk retention group.A person with the risk retention group or an immediate family member of the person is not independent until one year after the person's compensation from the risk retention group falls below the threshold;(2)A relationship with an auditor where a director of the risk retention group or an immediate family member of a director of the risk retention group who is affiliated with or employed in a professional capacity by a present or former internal or external auditor of the risk retention group is not independent until one year after the end of the affiliation, employment, or auditing relationship; and(3)A relationship with a related entity where a director of the risk retention group or an immediate family member of a director of the risk retention group who is employed as an executive officer of another company where any of the risk retention group's present executives serve on that other company's board of directors is not independent until one year after the end of the service or the employment relationship. Source: SL 2016, ch 232, §4.
SD Codified L § 58-6A-3.3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.3 - Material service provider contracts.

58-6A-3.3. Material service provider contracts.The term of any material service provider contract with the risk retention group may not exceed five years. Any material service provider contract, or its renewal, requires the approval of the majority of the risk retention group's independent directors. The risk retention group's board of directors shall have right to terminate any service provider, audit, or actuarial contracts at any time for cause after providing adequate notice as defined in the contract. The service provider contract is deemed material if the amount to be paid for the contract is greater than or equal to five percent of the risk retention group's annual gross written premium or two percent of its surplus, whichever is greater. Source: SL 2016, ch 232, §5.
SD Codified L § 58-6A-3.4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.4 - Notice to director of intent to enter into service provider contract meeting criteria of material relationship.

58-6A-3.4. Notice to director of intent to enter into service provider contract meeting criteria of material relationship.No service provider contract meeting the criteria of material relationship contained in §58-6A-3.2 may be entered into unless the risk retention group has notified the director in writing of the risk retention group's intention to enter into the contract at least thirty days before entering into the transaction and the director has not disapproved the contract within that period. Source: SL 2016, ch 232, §6.
SD Codified L § 58-6A-3.5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.5 - Written policy in plan of operation.

58-6A-3.5. Written policy in plan of operation.The risk retention group's board of directors shall adopt a written policy in the plan of operation as approved by the board that requires the board to:(1)Assure that all owners and insureds of the risk retention group receive evidence of ownership interest;(2)Develop a set of governance standards applicable to the risk retention group;(3)Oversee the evaluation of the risk retention group's management including the performance of the managing general underwriter or any other party responsible for underwriting, determination of rates, collection of premiums, adjusting or settling a claim, or the preparation of a financial statement;(4)Review and approve the amount to be paid for each material service provider; and(5)Review and approve, at least annually:(a)The risk retention group's goals and objectives relevant to the compensation of officers and service providers;(b)The officers' and service providers' performance in light of those goals and objectives; and(c)The continued engagement of the officers and material service providers. Source: SL 2016, ch 232, §7.
SD Codified L § 58-6A-3.6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.6 - Members of audit committee.

58-6A-3.6. Members of audit committee.The risk retention group shall have an audit committee composed of at least three independent board members as defined in §§58-6A-3.1 and 58-6A-3.2. A nonindependent board member may participate in the activities of the audit committee, if invited by the committee, but cannot be a member of the audit committee. Source: SL 2016, ch 232, §8.
SD Codified L § 58-6A-3.7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.7 - Purpose of audit committee.

58-6A-3.7. Purpose of audit committee.The audit committee of the risk retention group shall have a written charter that defines the committee's purpose, which, at a minimum, shall:(1)Assist board oversight of the integrity of financial statements, the compliance with legal and regulatory requirements, and the qualifications, independence, and performance of the independent auditor and actuary;(2)Discuss the annual audited financial statements and quarterly financial statements with management;(3)Discuss the annual audited financial statements with the group's independent auditor and, if advisable, discuss the group's quarterly financial statements with the group's independent auditor;(4)Discuss policies with respect to risk assessment and risk management;(5)Meet separately and periodically, either directly or through a designated representative of the committee, with management and the independent auditor;(6)Review with the independent auditor any audit problems or difficulties and management's response;(7)Set clear hiring policies of the risk retention group as to the hiring of employees or former employees of the independent auditor;(8)Require the external auditor to rotate the lead or coordinating audit partner having primary responsibility for the risk retention group's audit as well as the audit partner responsible for reviewing that audit so that neither individual performs audit services for more than five consecutive fiscal years; and(9)Report regularly to the board of directors. Source: SL 2016, ch 232, §9.
SD Codified L § 58-6A-3.8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.8 - Waiver of audit committee requirement.

58-6A-3.8. Waiver of audit committee requirement.The domestic regulator may waive the requirement to establish an audit committee composed of independent board members if the risk retention group is able to demonstrate to the domestic regulator that it is impracticable to do so and the risk retention group's board of directors itself is otherwise able to accomplish the purposes of an audit committee, as described in §58-6A-3.7. Source: SL 2016, ch 232, §10.
SD Codified L § 58-6A-3.9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.9 - Governance standards.

58-6A-3.9. Governance standards.The board of directors shall adopt and disclose governance standards and make the information available electronically through the risk retention group's website or by other means. The risk retention group shall provide the governance standards to members or insureds on request. The adopted governance standards shall include the following:(1)Concerning the directors of the risk retention group:(a)A process by which the directors are elected by the owners or insureds;(b)Qualification standards;(c)Responsibilities;(d)Access to management and, as necessary and appropriate, independent advisors;(e)Compensation; and(f)Orientation and continuing education;(2)The policies and procedures that are followed for management succession; and(3)The policies and procedures that are followed for annual performance evaluation of the board. Source: SL 2016, ch 232, §11.
SD Codified L § 58-6A-3.10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 06A - Risk Retention Groups|Section 58-6A-3.10 - Code of business conduct and ethics.

58-6A-3.10. Code of business conduct and ethics.The board of directors shall adopt and disclose a code of business conduct and ethics for directors, officers, and employees. Each director, officer, and employee shall promptly disclose to the board of directors any waivers of the code. The code of business conduct and ethics shall include the following topics:(1)Conflicts of interest;(2)Matters covered under the corporate opportunities doctrine under the state of domicile;(3)Confidentiality;(4)Fair dealing;(5)Protection and proper use of risk retention group assets;(6)Compliance with all applicable laws, rules, and regulations; and(7)Requiring the reporting of any illegal or unethical behavior which affects the operation of the risk retention group. Source: SL 2016, ch 232, §12.