reglab/housing_qa huggingface dataset:
SD Codified L § 58-5-171 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-171 - Disclosure information--Access by National Association of Insurance Commissioners--Requirements.

  58-5-171  .  Disclosure information--Access by National Association of Insurance Commissioners--Requirements.   The director may enter a written agreement with the National Association of Insurance Commissioners, a third-party consultant, or both, governing the sharing and use of information provided pursuant to §§  58-5-161   to 58-5-171, inclusive, that expressly requires the written consent of the insurer prior to making any information related to the corporate governance annual disclosure available and contains the following:   (1) A provision specifying procedures and protocols for maintaining the confidentiality and security of information related to the disclosure that is shared with the National Association of Insurance Commissioners or a third-party consultant;   (2) A provision delineating procedures and protocols for sharing by the National Association of Insurance Commissioners with other state regulators from only those states in which the insurance group has domiciled insurers. The agreement must provide that the recipient agrees, in writing, to maintain the confidentiality and privileged status of the documents, materials or other information related to the disclosure and has verified in writing the legal authority to maintain confidentiality;   (3) A provision specifying that ownership of the information related to the disclosure that is shared with the National Association of Insurance Commissioners or a third-party consultant remains with the division and use by the National Association of Insurance Commissioners or a third-party consultant is subject to the direction of the director;   (4) A provision prohibiting the National Association of Insurance Commissioners or a third-party consultant from storing shared information related to the disclosure in a permanent database after the underlying analysis is completed;   (5) A requirement that the National Association of Insurance Commissioners or third-party consultant provide prompt notice to the director and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer's information related to the disclosure; and   (6) A requirement that the National Association of Insurance Commissioners or a third-party consultant consent to intervention by an insurer in any judicial or administrative action in which the National Association of Insurance Commissioners or a third-party consultant may be required to disclose confidential information about the insurer shared with the National Association of Insurance Commissioners or a third-party consultant pursuant to the provisions of §§  58-5-161   to   58-5-171  , inclusive.     Source:  SL 2020, ch 212, § 11.
SD Codified L § 58-5A-2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-2 - "Domestic insurer" defined.

58-5A-2. Domestic insurer defined.For purposes of §§58-5A-3 to 58-5A-18, 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. Source: SL 1972, ch 267, §3.
SD Codified L § 58-5A-3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-3 - Acquisition of control of or merger with domestic insurer--Information statement required--Approval by director required--Violation as misdemeanor.

58-5A-3. Acquisition of control of or merger with domestic insurer--Information statement required--Approval by director required--Violation as misdemeanor.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 §58-5A-4 and such offer, request, invitation, agreement, or acquisition has been approved by the director in the manner hereinafter prescribed.A violation of this section is a Class 2 misdemeanor. Source: SL 1972, ch 267, §2; SL 1990, ch 158, §20.
SD Codified L § 58-5A-3.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-3.1 - Divestiture of controlling interest in domestic insurer--Notice to director and insurer.

58-5A-3.1. Divestiture of controlling interest in domestic insurer--Notice to director and insurer.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.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 §58-5A-3 is otherwise filed, the provisions of this section do not apply. Source: SL 2015, ch 246, §2.
SD Codified L § 58-5A-5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-5 - Information statement required of partners or members of syndicate or group--Violation as misdemeanor.

58-5A-5. Information statement required of partners or members of syndicate or group--Violation as misdemeanor.If the person required to file the statement referred to in §58-5A-3 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.A violation of this section is a Class 2 misdemeanor. Source: SL 1972, ch 267, §5; SL 1990, ch 158, §22; SL 2015, ch 246, §4.
SD Codified L § 58-5A-6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-6 - Information required of corporations, officers, directors and certain owners of voting securities--Violation as misdemeanor.

58-5A-6. Information required of corporations, officers, directors and certain owners of voting securities--Violation as misdemeanor.If any partner, member, or person is a corporation or the person required to file the statement referred to in §58-5A-3 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.A violation of this section is a Class 2 misdemeanor. Source: SL 1972, ch 267, §5; SL 1990, ch 158, §23; SL 2015, ch 246, §5.
SD Codified L § 58-5A-7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-7 - Amendment of information statement--Violation as misdemeanor.

58-5A-7. Amendment of information statement--Violation as misdemeanor.If any material change occurs in the facts set forth in the statement filed with the director and sent to such insurer pursuant to §58-5A-3, 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.A violation of this section is a Class 2 misdemeanor. Source: SL 1972, ch 267, §6; SL 1990, ch 158, §24.
SD Codified L § 58-5A-8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-8 - Federal or state registration statements utilized in furnishing information.

58-5A-8. Federal or state registration statements utilized in furnishing information.If any offer, request, invitation, agreement, or acquisition referred to in §58-5A-3 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 §58-5A-3 may utilize such documents in furnishing the information called for by that statement. Source: SL 1972, ch 267, §7.
SD Codified L § 58-5A-9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-9 - Approval by director of acquisition or merger--Grounds for disapproval.

58-5A-9. Approval by director of acquisition or merger--Grounds for disapproval.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 license to write the line or lines of insurance for which it is presently licensed;(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:(a)The informational requirements of §58-5A-48 and the standards of §58-5A-50 shall apply;(b)The merger or other acquisition shall not be disapproved if the director finds that any of the situations meeting the criteria provided by §58-5A-50 exist; and(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;(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;(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;(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(6)The acquisition is likely to be hazardous or prejudicial to the insurance buying public. Source: SL 1972, ch 267, §8; SL 1986, ch 416; SL 1992, ch 341, §5.
SD Codified L § 58-5A-9.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-9.1 - Disapproval of dividends or distributions for violation--Order of supervision.

58-5A-9.1. Disapproval of dividends or distributions for violation--Order of supervision.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, 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 58-29B. Source: SL 2015, ch 246, §26.
SD Codified L § 58-5A-10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-10 - Time of hearing--Notice.

58-5A-10. Time of hearing--Notice.The public hearing required by §58-5A-9 shall be held within thirty days after the statement required by §58-5A-3 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. Source: SL 1972, ch 267, §9.
SD Codified L § 58-5A-10.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-10.1 - Request for public hearing on consolidated basis.

58-5A-10.1. Request for public hearing on consolidated basis.If a proposed acquisition of control requires the approval of more than one director or commissioner, the public hearing referred to in §58-5A-10 may be held on a consolidated basis upon request of the person filing the statement referred to in §58-5A-2, 58-5A-3, or 58-5A-3.1. 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. Source: SL 2015, ch 246, §22.
SD Codified L § 58-5A-11 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-11 - Procedure at hearing--Evidence admissible.

58-5A-11. Procedure at hearing--Evidence admissible.At the public hearing required by §58-5A-9, 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-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. Source: SL 1972, ch 267, §9.
SD Codified L § 58-5A-11.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-11.1 - Cost of hearing officer--Retention of various experts at acquiring person's expense.

58-5A-11.1. Cost of hearing officer--Retention of various experts at acquiring person's expense.If the director appoints a hearing officer to preside at the hearing pursuant to §58-5A-9, the cost of employing the hearing officer shall be borne entirely by the entity making the filing of the information statement required by §58-5A-4.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. Source: SL 1985, ch 388; SL 1992, ch 341, §6.
SD Codified L § 58-5A-12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-12 - Time for director's determination after hearing.

58-5A-12. Time for director's determination after hearing.The director shall make a determination within thirty days after the conclusion of the public hearing required by §58-5A-9. Source: SL 1972, ch 267, §9.
SD Codified L § 58-5A-13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-13 - Statements and notices mailed to shareholders--Expenses of mailing--Security required.

58-5A-13. Statements and notices mailed to shareholders--Expenses of mailing--Security required.All statements, amendments, or other material filed pursuant to §§58-5A-3 to 58-5A-7, inclusive, and all notices of public hearings held pursuant to §§58-5A-9 to 58-5A-12, 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. Source: SL 1972, ch 267, §10.
SD Codified L § 58-5A-15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-15 - Mergers and consolidations exempt from information and approval requirements.

58-5A-15. Mergers and consolidations exempt from information and approval requirements.The provisions of §§58-5A-3 to 58-5A-13, inclusive, shall not apply to any transaction which is subject to the provisions of chapter 58-5 and dealing with the merger or consolidation of two or more insurers. Source: SL 1972, ch 267, §11 (2).
SD Codified L § 58-5A-16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-16 - Acquisitions exempt from information and approval requirements by order of director.

58-5A-16. Acquisitions exempt from information and approval requirements by order of director.The provisions of §§58-5A-3 to 58-5A-13, 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. Source: SL 1972, ch 267, §11 (3).
SD Codified L § 58-5A-18 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-18 - Acquisition, divestiture, or merger without approval as misdemeanor.

58-5A-18. Acquisition, divestiture, or merger without approval as misdemeanor.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. Source: SL 1972, ch 267, §§12 (2), 36; SDCL Supp, §58-5A-42; SL 1978, ch 359, §2; SL 2015, ch 246, §6.
SD Codified L § 58-5A-19 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-19 - Jurisdiction of court in Hughes County--Director as attorney for service of process.

58-5A-19. Jurisdiction of court in Hughes County--Director as attorney for service of process.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 §§58-5A-3 to 58-5A-7, 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. Source: SL 1972, ch 267, §13; SL 1992, ch 341, §7.
SD Codified L § 58-5A-20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-20 - Registration of subsidiary insurer--Time for registration--Statement required of foreign insurer.

58-5A-20. Registration of subsidiary insurer--Time for registration--Statement required of foreign insurer.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. Source: SL 1972, ch 267, §14; SL 1992, ch 341, §43.