reglab/housing_qa huggingface dataset:
SD Codified L § 58-5A-21 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-21 - Form and contents of registration statement.

58-5A-21. Form and contents of registration statement.Each insurer subject to registration pursuant to §58-5A-20 shall file a registration statement with the director on a form and in the format provided by the division, which contains current information about:(1)The capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer;(2)The following agreements in force and transactions currently outstanding between the insurer and its affiliates:(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;(b)Purchases, sales, or exchanges of assets;(c)Transactions not in the ordinary course of business;(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;(e)All management and service contracts and all cost sharing arrangements;(f)Dividends and other distributions to shareholders; and(g)Consolidated tax allocation agreements;(3)Other matters concerning transactions between a registered insurer and any affiliate as may be required by the director;(4)The identity and relationship of each member of the insurance holding company system; (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;(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;(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(8)Any other information required by the director pursuant to law or rule.All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement. Source: SL 1972, ch 267, §15; SL 1992, ch 341, §16; SL 2015, ch 246, §7.
SD Codified L § 58-5A-22 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-22 - Initial and annual registration fees.

58-5A-22. Initial and annual registration fees.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. Source: SL 1972, ch 267, §16.
SD Codified L § 58-5A-23 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-23 - Disclosure of immaterial information not required.

58-5A-23. Disclosure of immaterial information not required.No information need be disclosed on the registration statement filed pursuant to the provisions of §58-5A-20 if such information is not material for the purposes of this chapter. Unless the director by rule, regulation, 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-first immediately preceding shall not be deemed material for purposes of this section. Source: SL 1972, ch 267, §17.
SD Codified L § 58-5A-24 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-24 - Report of changes required of registered insurer.

58-5A-24. Report of changes required of registered insurer.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. Source: SL 1972, ch 267, §18.
SD Codified L § 58-5A-25 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-25 - Termination of registration.

58-5A-25. Termination of registration.The director shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system. Source: SL 1972, ch 267, §19.
SD Codified L § 58-5A-26 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-26 - Consolidated registration statement or report by affiliated insurers.

58-5A-26. Consolidated registration statement or report by affiliated insurers.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. Source: SL 1972, ch 267, §20.
SD Codified L § 58-5A-27 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-27 - Registration by insurer on behalf of affiliated insurer.

58-5A-27. Registration by insurer on behalf of affiliated insurer.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 §58-5A-20, and to file all information and material required to be filed under the provisions hereof. Source: SL 1972, ch 267, §21.
SD Codified L § 58-5A-28 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-28 - Insurer exempt from registration requirements on order of director.

58-5A-28. Insurer exempt from registration requirements on order of director.The provisions of §§58-5A-20 to 58-5A-34, 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. Source: SL 1972, ch 267, §22.
SD Codified L § 58-5A-29 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-29 - Disclaimer of affiliation--Contents--Procedure on disallowance.

58-5A-29. Disclaimer of affiliation--Contents--Procedure on disallowance.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 1-26 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. Source: SL 1972, ch 267, §23; SL 2015, ch 246, §8.
SD Codified L § 58-5A-29.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-29.1 - Annual enterprise risk report.

58-5A-29.1. Annual enterprise risk report.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 1-26, by the director. Source: SL 2015, ch 246, §9.
SD Codified L § 58-5A-30 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-30 - Failure to file registration statement or enterprise risk report--Penalty--Waiver.

58-5A-30. Failure to file registration statement or enterprise risk report--Penalty--Waiver.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. Source: SL 1972, ch 267, §§24, 36; SDCL Supp, §58-5A-42; SL 1978, ch 359, §2; SL 1992, ch 341, §19; SL 2015, ch 246, §10.
SD Codified L § 58-5A-31 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-31 - Registration requirements satisfied by duplicate copies of federal filings.

58-5A-31. Registration requirements satisfied by duplicate copies of federal filings.The provisions for filings required under the provisions of §§58-5A-20 to 58-5A-29, 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. Source: SL 1972, ch 267, §25.
SD Codified L § 58-5A-32 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-32 - Standards for material transactions by registered insurers with affiliates--Nonconformity.

58-5A-32. Standards for material transactions by registered insurers with affiliates--Nonconformity.Any material transaction by a registered insurer with an affiliate is subject to the following standards:(1)The terms shall be fair and reasonable;(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;(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;(4)Charges or fees for services performed shall be reasonable; (5)Expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied; and(6)Any agreement for cost sharing services and management shall include provisions as required by law or rule.Any transaction which is not in conformity with this section is subject to the provisions of §§58-5A-64, 58-5A-65, and 58-5A-67. Source: SL 1972, ch 267, §26; SL 1990, ch 158, §25; SL 1992, ch 341, §20; SL 2015, ch 246, §11.
SD Codified L § 58-5A-34 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-34 - Adequacy of insurer's surplus--Factors considered.

58-5A-34. Adequacy of insurer's surplus--Factors considered.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:(1)The size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force, and other appropriate criteria;(2)The extent to which the insurer's business is diversified among the several lines of insurance;(3)The number and size of risks insured in each line of business;(4)The extent of the geographical dispersion of the insurer's insured risks;(5)The nature and extent of the insurer's reinsurance program;(6)The quality, diversification, and liquidity of the insurer's investment portfolio;(7)The recent past and projected future trend in the size of the insurer's surplus to policyholders;(8)The surplus to policyholders maintained by other comparable insurers;(9)The adequacy of the insurer's reserves;(10)The quality and liquidity of investments in affiliates made pursuant to this chapter and chapters 58-26 and 58-27. The director may treat any investment under this subdivision as a disallowed asset; and(11)The quality of the company's earnings and the extent to which the reported earnings include extraordinary items. Source: SL 1972, ch 267, §28; SL 1992, ch 341, §26; SL 1993, ch 359, §4.
SD Codified L § 58-5A-35 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-35 - Notice to director of extraordinary distribution--Approval by director.

58-5A-35. Notice to director of extraordinary distribution--Approval by director.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-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-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-day period. Source: SL 1972, ch 267, §29; SL 1993, ch 359, §1.
SD Codified L § 58-5A-36 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-36 - Application for approval of extraordinary distribution--Contents.

58-5A-36. Application for approval of extraordinary distribution--Contents.Requests for approval of extraordinary dividends or any other extraordinary distribution to security holders shall include the following:(1)The date established for payment of the dividend;(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;(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;(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;(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. Source: SL 1972, ch 267, §30.
SD Codified L § 58-5A-37 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-37 - Examination of insurers and affiliates.

58-5A-37. Examination of insurers and affiliates.Subject to the limitations contained in this section and §§58-5A-38 to 58-5A-40, 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. Source: SL 1972, ch 267, §31; SL 2015, ch 246, §12.
SD Codified L § 58-5A-38 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-38 - Grounds for director's examination.

58-5A-38. Grounds for director's examination.The director shall exercise his power under §58-5A-37 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. Source: SL 1972, ch 267, §32.
SD Codified L § 58-5A-38.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-38.1 - Production of records, books, and other information.

58-5A-38.1. Production of records, books, and other information.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 1-26. Source: SL 2015, ch 246, §13.
SD Codified L § 58-5A-38.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-38.2 - Examination of registered insurer's affiliates to obtain information.

58-5A-38.2. Examination of registered insurer's affiliates to obtain information.If the insurer fails to comply with an order made pursuant to §58-5A-38.1, 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 §§58-5A-37 to 58-5A-40, 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. Source: SL 2015, ch 246, §14.
SD Codified L § 58-5A-39 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-39 - Personnel employed by department for conduct of examination.

58-5A-39. Personnel employed by department for conduct of examination.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 §58-5A-37. Any person so retained shall be under the direction and control of the director and shall act in a purely advisory capacity. Source: SL 1972, ch 267, §33.
SD Codified L § 58-5A-40 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-40 - Insurer to pay expense of examination.

58-5A-40. Insurer to pay expense of examination.Each registered insurer producing for examination records, books, and papers pursuant to §58-5A-37 shall be liable for and shall pay the expense of such examination. Source: SL 1972, ch 267, §34.
SD Codified L § 58-5A-41 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-41 - Confidentiality of information in possession or control of Division--Use in regulatory or legal action--Grounds for publication by director.

58-5A-41. Confidentiality of information in possession or control of Division--Use in regulatory or legal action--Grounds for publication by director.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 shall be 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 in such manner as may be deemed appropriate. Source: SL 1972, ch 267, §35; SL 2015, ch 246, §27.