reglab/housing_qa huggingface dataset:
SD Codified L § 58-5A-41.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-41.1 - Testimony in private civil action concerning confidential information prohibited.

58-5A-41.1. Testimony in private civil action concerning confidential information prohibited.Neither the director nor any person who receives documents, materials, or other information while acting under the authority of the director or with whom the documents, materials, or other information are shared pursuant to the provisions of §58-5A-41 is permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to the provisions of §58-5A-41. Source: SL 2015, ch 246, §15.
SD Codified L § 58-5A-41.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-41.2 - Certain sharing of confidential information permitted.

58-5A-41.2. Certain sharing of confidential information permitted.To assist in the performance of the duties assigned to the director pursuant to the provisions of this chapter:(1)The director may, upon request, share documents, materials, or other information, including the confidential and privileged documents, materials, or information disclosed pursuant to this chapter with a state, federal, and international regulatory agency, the NAIC and its affiliates and subsidiaries, and a state, federal, and international law enforcement authority, including a member of any supervisory college described in §§58-5A-78 to 58-5A-80, inclusive, if the recipient agrees in writing to maintain the confidentiality and privileged status of the document, material, or other information, and verifies in writing the legal authority to maintain confidentiality;(2)Notwithstanding the provisions of subdivision (1), the director may only share confidential and privileged documents, or information reported pursuant to §58-5A-29.1, with a director of a state that has laws substantially similar to the provisions of §58-5A-41, and who agrees in writing not to disclose such information; and(3)May receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information from the NAIC and its affiliates and subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information.The sharing of information by the director pursuant to this chapter does not constitute a delegation of regulatory authority or rule-making authority, and the director is solely responsible for the administration, execution, and enforcement of the provisions of this chapter. Source: SL 2015, ch 246, §16.
SD Codified L § 58-5A-41.3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-41.3 - Agreements regarding sharing of confidential information.

58-5A-41.3. Agreements regarding sharing of confidential information.The director shall enter into written agreements with the NAIC governing the sharing and use of information provided pursuant to this chapter that:(1)Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC and its affiliates and subsidiaries pursuant to this chapter, including procedures and protocols for sharing by the NAIC with any other state, federal, or international regulator;(2)Specify that ownership of information shared with the NAIC and its affiliates and subsidiaries pursuant to this chapter remains with the director and that the NAIC use of the information is subject to the direction of the director;(3)Require prompt notice to be given to an insurer whose confidential information is in the possession of the NAIC pursuant to this chapter and is subject to a request or subpoena issued to the NAIC for disclosure or production; and(4)Require the NAIC and its affiliates and subsidiaries to consent to intervention by an insurer in any judicial or administrative action in which the NAIC and its affiliates and subsidiaries may be required to disclose confidential information about the insurer shared with the NAIC and its affiliates and subsidiaries pursuant to this chapter. Source: SL 2015, ch 246, §17.
SD Codified L § 58-5A-41.4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-41.4 - Information in possession or control of NAIC confidential.

58-5A-41.4. Information in possession or control of NAIC confidential.Any document, material, or other information in the possession or control of the NAIC, shared pursuant to this chapter, is confidential by law and privileged, is not subject to subpoena, open records laws, and is not subject to discovery or admissible as evidence in any private civil action. Source: SL 2015, ch 246, §25.
SD Codified L § 58-5A-41.5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-41.5 - Confidentiality not waived by disclosure of information.

58-5A-41.5. Confidentiality not waived by disclosure of information.No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information may occur as a result of disclosure to the director pursuant to this chapter or as a result of sharing as authorized pursuant to this chapter. Source: SL 2015, ch 246, §28.
SD Codified L § 58-5A-43 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-43 - Acquisition of subsidiaries--Limitations.

58-5A-43. Acquisition of subsidiaries--Limitations.Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries with the approval of the director and within those acquisitions allowed by this title as long as the aggregate investment by the insurer and its subsidiaries acquired or organized do not exceed the limitations applicable to the investment. Source: SL 1992, ch 341, §2.
SD Codified L § 58-5A-44 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-44 - Disposition of investment in subsidiary upon cessation of control--Waiver.

58-5A-44. Disposition of investment in subsidiary upon cessation of control--Waiver.If an insurer ceases to control a subsidiary, it shall dispose of the investment in the subsidiary within three years from the time of the cessation of control or within further time as the director may prescribe upon written request by the insurer. If the investment qualifies for investment under any other section of this chapter, and the insurer has notified the director in writing of that qualification, the disposition requirement may be waived by the director. Source: SL 1992, ch 341, §3.
SD Codified L § 58-5A-45 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-45 - Pre-acquisition notification--"Person" defined.

58-5A-45. Pre-acquisition notification--Person defined.Any person acquiring assets pursuant to §58-5A-3 shall file a pre-acquisition notification with the director containing the information set forth in §58-5A-48 thirty days prior to the proposed effective date of the acquisition. Any person failing to file is subject to §58-5A-53. For the purposes of this section, "person" does not include any securities broker holding, in the usual and customary brokers function, less than twenty percent of the voting securities of an insurance company or of any person which controls an insurance company. Source: SL 1992, ch 341, §4.
SD Codified L § 58-5A-46 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-46 - "Acquisition" and "Involved insurer" defined--Limited application.

58-5A-46. Acquisition and involved insurer defined.The following definitions shall only apply to §§58-5A-47 to 58-5A-53, inclusive:(1)"Acquisition," any agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes the acquisition of voting securities, assets, bulk reinsurance, and mergers; and(2)"Involved insurer," an insurer which either acquires or is acquired, is affiliated with an acquirer or acquired or is the result of a merger. Source: SL 1992, ch 341, §8.
SD Codified L § 58-5A-47 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-47 - Application of §§ 58-5A-46 to 58-5A-53--Exceptions.

58-5A-47. Application of §§58-5A-46 to 58-5A-53--Exceptions.The provisions of §§58-5A-46 to 58-5A-53, inclusive, apply to any acquisition in which there is a change in control of an insurer authorized to do business in this state except the following:(1)A purchase of securities solely for investment purposes as long as the securities are not used by voting or otherwise to lessen the competition in any insurance market in this state to the detriment of policyholders or consumers. If a purchase of securities results in a presumption of control pursuant to subdivision 58-5A-1(2), it is not solely for investment purposes unless the director or commissioner of the insurer's state of domicile accepts a disclaimer of control or affirmatively finds that control does not exist and the disclaimer or affirmative finding is communicated by the domiciliary director or commissioner to the director of this state;(2)The acquisition of any person by another person if both persons are neither directly nor through affiliates primarily engaged in the business of insurance, if pre-acquisition notification is filed with the director in accordance with the provisions of §58-5A-48 thirty days prior to the proposed effective date of the acquisition. Pre-acquisition notification is not required for exclusion from this subdivision if the acquisition would otherwise be excluded from this subdivision by any other subdivision of this section;(3)The acquisition of already affiliated persons;(4)An acquisition if, as an immediate result of the acquisition,(a)In no market would the combined market share of the involved insurers exceed five percent of the total market;(b)There would be no increase in any market share; or(c)In no market would the combined market share of the involved insurers exceed twelve percent of the total market, and the market share increase by more than two percent of the total market.For the purpose of this subdivision, a market means direct written insurance premium in this state for a line of business as contained in the annual statement required to be filed by insurers licensed to do business in this state;(5)An acquisition for which a pre-acquisition notification would be required pursuant to this section due solely to the resulting effect on the ocean marine insurance line of business; and(6)An acquisition of an insurer whose domiciliary director or commissioner affirmatively finds that the insurer is in failing condition; there is a lack of feasible alternatives to improving the condition; the public benefits of improving the insurer's condition through the acquisition exceed the public benefits that would arise from not lessening competition; and the findings are communicated by the domiciliary director or commissioner to the director of this state. Source: SL 1992, ch 341, §9; SL 2015, ch 246, §23.
SD Codified L § 58-5A-48 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-48 - Pre-acquisition notification--Contents--Waiting period.

58-5A-48. Pre-acquisition notification--Contents--Waiting period.An acquisition covered pursuant to the provisions of §58-5A-47 may be subject to an order pursuant to §58-5A-69 unless the acquiring or acquired person files a pre-acquisition notification and the waiting period has expired. The director shall give confidential treatment to information submitted under this section in the same manner as provided in §58-5A-41.The notification shall be as follows:(1)The pre-acquisition notification of this chapter shall be in a form and contain information as prescribed by the National Association of Insurance Commissioners relating to those markets which, under subdivision 58-5A-47(4), cause the acquisition not to be exempted from the provisions of this section. The director may require additional material and information to determine whether the proposed acquisition, if consummated, would violate the competitive standard of §§58-5A-49 and 58-5A-50. The required information may include an opinion of an economist as to the competitive impact of the acquisition in this state accompanied by a summary of the education and experience of the person indicating his ability to render an informed opinion;(2)The waiting period required shall begin on the date of receipt of the director of a pre-acquisition notification and shall end on the earlier of the thirtieth day after the date of the receipt, or termination of the waiting period by the director. Prior to the end of the waiting period, the director on a one-time basis may require the submission of additional needed information relevant to the proposed acquisition, in which event the waiting period shall end on the earlier of the thirtieth day after receipt of the additional information by the director or termination of the waiting period by the director. Source: SL 1992, ch 341, §10; SL 2015, ch 246, §24.
SD Codified L § 58-5A-49 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-49 - Action by director when acquisition lessens competition--Promulgation of rules establishing competitive standards.

58-5A-49. Action by director when acquisition lessens competition--Promulgation of rules establishing competitive standards.The director may enter an order under §58-5A-67 or 58-5A-69 with respect to an acquisition if there is substantial evidence that the effect of the acquisition lessens competition in any line of insurance in this state to the detriment of consumers or tends to create a monopoly or if the insurer fails to file adequate information in compliance with §58-5A-48. The director may promulgate rules pursuant to chapter 1-26 to establish criteria and factors for competitive standards. The director may disapprove the acquisition or act to prevent the acquisition by invoking the laws of this state. Source: SL 1992, ch 341, §11.
SD Codified L § 58-5A-50 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-50 - Acquisitions subject to order under § 58-5A-69.

58-5A-50. Acquisitions subject to order under §58-5A-69.An order may not be entered under §58-5A-69 if:(1)The acquisition will yield substantial economies of scale or economies in resource utilization that cannot be feasibly achieved in any other way, and the public benefits which would arise from the economies would exceed the public benefits which would arise from not lessening competition; or(2)The acquisition will substantially increase the availability of insurance, and the public benefits of the increase would exceed the public benefits which would arise from not lessening competition. Source: SL 1992, ch 341, §12.
SD Codified L § 58-5A-51 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-51 - Plan for limiting anticompetitive impact of acquisition--Time limit.

58-5A-51. Plan for limiting anticompetitive impact of acquisition--Time limit.An order entered pursuant to §§58-5A-49, 58-5A-50, and 58-5A-69 may not become final earlier than thirty days after it is issued, during which time the insurer may submit a plan or notification of submission of a plan to remedy the anticompetitive impact of the acquisition. The director may allow the insurer up to ninety days to complete the submission of the plan. Based upon the plan or other information, the director shall specify the conditions, if any, under the time period during which the aspects of the acquisition causing a violation of the standards of this section would be remedied and the order vacated or modified.An order pursuant to this section does not apply if the acquisition is not consummated. Source: SL 1992, ch 341, §13.
SD Codified L § 58-5A-52 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-52 - Fine, suspension, or revocation for violation of cease and desist order.

58-5A-52. Fine, suspension, or revocation for violation of cease and desist order.Any person who violates a cease and desist order of the director may, after notice and hearing, be subject to one or more of the following:(1)An administrative fine of not more than ten thousand dollars for every day of violation; and(2)Suspension or revocation of the person's license. Source: SL 1992, ch 341, §14.
SD Codified L § 58-5A-53 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-53 - Failure to comply with filing requirements--Fine.

58-5A-53. Failure to comply with filing requirements--Fine.Any insurer or other person that fails to make any filing required by §§58-5A-46 to 58-5A-52, inclusive, and that fails to demonstrate a good faith effort to comply with any filing requirement is subject to an administrative fine of not less than two thousand five hundred dollars and not more than fifty thousand dollars. Source: SL 1992, ch 341, §15.
SD Codified L § 58-5A-54 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-54 - Report of dividends and distributions to shareholders--Time limit.

58-5A-54. Report of dividends and distributions to shareholders--Time limit.In addition to the filing requirements of §§58-5A-23 and 58-5A-35, each registered insurer shall file with the director a report of all dividends and other distributions to shareholders within fifteen business days following the declaration thereof. However, payment may not be made until ten days after the division receives the report. However, payment of an ordinary dividend may be made on the day that it is declared if an intention to declare the dividend is received by the division ten days before the date of payment. The division shall hold the notice of intention to declare a dividend confidential until the dividend has been declared. Source: SL 1992, ch 341, §17; SL 1993, ch 359, §2; SL 1994, ch 373.
SD Codified L § 58-5A-55 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-55 - Persons subject to registration to provide complete and accurate information to insurer.

58-5A-55. Persons subject to registration to provide complete and accurate information to insurer.Any person within an insurance holding company system subject to registration shall be required to provide to an insurer complete and accurate information reasonably necessary to enable the insurer to comply with the provisions of this chapter. Source: SL 1992, ch 341, §18.
SD Codified L § 58-5A-56 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-56 - Notification to director of certain transactions required.

58-5A-56. Notification to director of certain transactions required.A domestic insurer and any person in its insurance holding company system may not enter into transactions, including any amendment or modification of an affiliate agreement previously filed pursuant to this chapter, that is subject to any materiality standard provided in this section, unless the director has received a written notification from the insurer of the transaction at least thirty days prior to its effective date. The director has thirty days from receipt to approve or disapprove the transaction. If the director takes no action within the thirty days, the transaction is deemed approved. The director may allow less than thirty days notification if the insurer can show cause why a lesser time is necessary. Transactions of which the insurer needs to notify the director are:(1)Sales, purchases, exchanges, loans, or extensions of credit, guarantees, or investments provided the transactions are equal to or exceed as of December thirty-first next preceding:(a)With respect to nonlife insurers, the lesser of three percent of the insurer's admitted assets or twenty-five percent of surplus as regards policyholders; or(b)With respect to life insurers, three percent of the insurer's admitted assets;(2)Loans or extensions of credit by the insurer to any person that is not an affiliate, with the agreement or that the proceeds of the transactions, in whole or in substantial part, are to be used to make loans or extensions of credit to, to purchase assets of, or to make investments in any affiliate of the insurer provided the transactions are equal to or exceed as of December thirty-first next preceding:(a)With respect to nonlife insurers, the lesser of three percent of the insurer's admitted assets or twenty-five percent of surplus as regards policyholders; or(b)With respect to life insurers, three percent of the insurer's admitted assets;(3)Reinsurance agreements or modifications to the agreements, including:(a)Any reinsurance pooling agreement; and(b)Any agreement in which the reinsurance premium or a change in the insurer's liabilities, or the projected reinsurance premium or a change in the insurer's liabilities in any of the next three years, equal or exceeds five percent of the insurer's surplus as regards policyholders as of December thirty-first next preceding, including any agreement that requires as consideration the transfer of assets from an insurer to a nonaffiliate, if an agreement or understanding exists between the insurer and nonaffiliate that any portion of the assets will be transferred to one or more affiliates of the insurer;(4)All management agreements, service contracts, tax allocation agreements, and all cost-sharing arrangements; and(5)Any transactions which the director determines may adversely affect the interests of the insurer's policyholders. Source: SL 1992, ch 341, §21; SL 2015, ch 246, §18.
SD Codified L § 58-5A-57 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-57 - Transactions entered into to avoid director's review prohibited.

58-5A-57. Transactions entered into to avoid director's review prohibited.A domestic insurer may not enter into transactions which are part of a plan or series of like transactions with persons within the holding company system if the purpose of those separate transactions is to avoid the statutory amounts in §58-5A-56 and thus the review. If the director determines that transactions were entered into over any twelve-month period to avoid §58-5A-56, the director may exercise his authority under §§58-5A-62 to 58-5A-67, inclusive. Source: SL 1992, ch 341, §22.
SD Codified L § 58-5A-58 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-58 - Considerations in decision to approve or disapprove transactions.

58-5A-58. Considerations in decision to approve or disapprove transactions.The director in making the decision to approve or disapprove the transactions in §§58-5A-56 and 58-5A-57 shall consider whether the transactions comply with the standards set forth in §58-5A-32 and whether they may adversely affect the interests of policyholders or of the insurer. Source: SL 1992, ch 341, §23.