reglab/housing_qa huggingface dataset:
SD Codified L § 58-43-16.19 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.19 - Confidentiality of Management's Report of Internal Control over Financial Reporting and documentation.

58-43-16.19. Confidentiality of Management's Report of Internal Control over Financial Reporting and documentation.The Management's Report of Internal Control over Financial Reporting, required by §58-43-16.13, and any documentation provided in support thereof during the course of a financial condition examination, shall be kept confidential by the Division of Insurance. Source: SL 2009, ch 271, §34.
SD Codified L § 58-43-16.20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.20 - Compliance of insurers retaining independent accountant on July 1, 2009.

58-43-16.20. Compliance of insurers retaining independent accountant on July 1, 2009.Any domestic insurer retaining a certified public accountant on July 1, 2009 who qualifies as independent shall comply with this chapter for the year ending December 31, 2010, and each year thereafter unless the director permits otherwise. Source: SL 2009, ch 271, §35.
SD Codified L § 58-43-16.21 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.21 - Compliance schedule for insurers not retaining independent accountant on July 1, 2009.

58-43-16.21. Compliance schedule for insurers not retaining independent accountant on July 1, 2009.Any domestic insurer not retaining a certified public accountant on July 1, 2009, who qualifies as independent shall meet the following schedule for compliance unless the director permits otherwise:(1)As of December 31, 2010, file with the director an audited financial report; and(2)For the year ending December 31, 2010, the insurer shall file with the director all reports and communication required by this chapter. Source: SL 2009, ch 271, §36.
SD Codified L § 58-43-16.22 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.22 - Compliance of foreign insurers.

58-43-16.22. Compliance of foreign insurers.Each foreign insurer shall comply with this chapter for the year ending December 31, 2010, and each year thereafter, unless the director permits otherwise. Source: SL 2009, ch 271, §37.
SD Codified L § 58-43-16.23 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.23 - Applicability of §§ 58-43-10 and 58-43-16.2 to 58-43-16.10 .

58-43-16.23. Applicability of §§58-43-10 and 58-43-16.2 to 58-43-16.10.The provisions of §58-43-10 as amended by SL 2009, ch 271, §7 apply to audits of the year beginning January 1, 2010. The provisions of §§58-43-16.2 to 58-43-16.10, inclusive, are effective January 1, 2010. An insurer or group of insurers that is not required to have independent audit committee members or only a majority of independent audit committee members because the total written and assumed premium is below the threshold and subsequently becomes subject to one of the independence requirements due to changes in premium shall have one year following the year the threshold is exceeded (but not earlier than January 1, 2010) to comply with the independence requirements. An insurer that becomes subject to one of the independence requirements as a result of a business combination shall have one calendar year following the date of acquisition or combination to comply with the independence requirements. Source: SL 2009, ch 271, §38.
SD Codified L § 58-43-16.24 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.24 - Applicability of §§ 58-43-16.13 to 58-43-16.19.

58-43-16.24. Applicability of §§58-43-16.13 to 58-43-16.19.The requirements of §§58-43-16.13 to 58-43-16.19, inclusive, are effective beginning with the reporting period ending December 31, 2010, and each year thereafter. An insurer or group of insurers that is not required to file a report because the total written premium is below the threshold and subsequently becomes subject to the reporting requirements shall have two years following the year the threshold is exceeded (but not earlier than December 31, 2010) to file a report. An insurer acquired in a business combination shall have two calendar years following the date of acquisition or combination to comply with the reporting requirements. Source: SL 2009, ch 271, §39.
SD Codified L § 58-43-16.25 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.25 - Internal audit function requirements.

58-43-16.25. Internal audit function requirements.The insurer or group of insurers shall establish an internal audit function providing independent, objective, and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management, and internal controls. This assurance shall be provided by performing general and specific audits, reviews, and tests and by employing other techniques deemed necessary to protect assets, evaluate control effectiveness and efficiency, and evaluate compliance with policies and regulations. Source: SL 2018, ch 283, §3.
SD Codified L § 58-43-16.26 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.26 - Internal audit function to be organizationally independent.

58-43-16.26. Internal audit function to be organizationally independent.In order to ensure that an internal auditor remains objective, the internal audit function shall be organizationally independent. The internal audit function may not defer ultimate judgment on audit matters to others and shall appoint an individual to head the internal audit function who has direct and unrestricted access to the board of directors. Organizational independence does not preclude dual-reporting relationships. Source: SL 2018, ch 283, §4.
SD Codified L § 58-43-16.27 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.27 - Report of head of internal audit function to audit committee.

58-43-16.27. Report of head of internal audit function to audit committee.The head of the internal audit function shall report to the audit committee regularly, but no less than annually, on the periodic audit plan, factors that may adversely impact the internal audit function's independence or effectiveness, material findings from completed audits, and the appropriateness of corrective actions implemented by management as a result of audit findings. Source: SL 2018, ch 283, §5.
SD Codified L § 58-43-16.28 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.28 - Member of insurance holding company system or group of insurers.

58-43-16.28. Member of insurance holding company system or group of insurers.If an insurer is a member of an insurance holding company system or included in a group of insurers, the insurer may satisfy the internal audit function requirements provided in §§58-43-16.25 to 58-43-16.27, inclusive, at the ultimate controlling parent level, an intermediate holding company level, or the individual legal entity level. Source: SL 2018, ch 283, §6.
SD Codified L § 58-43-16.29 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-16.29 - Exemption from internal audit function requirements.

58-43-16.29. Exemption from internal audit function requirements.An insurer is exempt from the requirements of §§58-43-16.25 to 58-43-16.28, inclusive, if the insurer:(1)Has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding any premium that is reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, and that is less than five hundred million dollars; and(2)Is a member of a group of insurers, the group has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding any premium that is reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, and that is less than one billion dollars.If an insurer or group of insurers no longer qualifies for this exemption, it has one year after the year the threshold is exceeded to comply with §§58-43-16.25 to 58-43-16.29, inclusive. Source: SL 2018, ch 283, §7.
SD Codified L § 58-43-17 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-17 - Letter from accountant stating accountant's independent status, background, compliance with chapter and licensing.

58-43-17. Letter from accountant stating accountant's independent status, background, compliance with chapter and licensing.The accountant shall furnish the insurer for inclusion in the filing of the annual audited financial report a letter stating:(1)That the accountant is independent with respect to the insurer and conforms to the standards of his profession as contained in the Code of Professional Ethics and Pronouncements of the American Institute of Certified Public Accountants and to chapter 36-20A and rules promulgated under the chapter;(2)The background and experience in general, and the experience in audits of insurers of the staff assigned to the engagement and whether each is an independent certified public accountant. Nothing in this section prohibits the accountant from utilizing the staff as he deems appropriate if such use is consistent with the standards prescribed by generally accepted auditing standards;(3)That the accountant understands the annual audited financial report and his opinion thereon will be filed in compliance with this chapter and that the director will be relying on this information in the monitoring and regulation of the financial position of insurers;(4)That the accountant consents to the requirements of §§58-43-18 and 58-43-19 and that the accountant consents and agrees to make available for review by the director, his designee or his appointed agent, the workpapers, as defined in §§58-43-18 and 58-43-19;(5)A representation that the accountant is properly licensed by an appropriate state licensing authority and is a member in good standing in the American Institute of Certified Public Accountants;(6)A representation that the accountant is in compliance with the requirements of §§58-43-9 to 58-43-12, inclusive, of this chapter. Source: SL 1992, ch 357, §17.
SD Codified L § 58-43-18 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-18 - Workpapers.

58-43-18. Workpapers.Workpapers are the records kept by the accountant of the procedures followed, the tests performed, the information obtained and the conclusions reached pertinent to his examination of the financial statements of an insurer. Workpapers, accordingly, may include audit planning documentation, work programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents, and schedules or commentaries prepared or obtained by the accountant in the course of his examination of the financial statements of an insurer and which support his opinion. Source: SL 1992, ch 357, §18.
SD Codified L § 58-43-19 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-19 - Availability of workpapers and communications related to audit between insurer and accountant--Confidentiality of documents.

58-43-19. Availability of workpapers and communications related to audit between insurer and accountant--Confidentiality of documents.The insurer and the accountant shall make available for review by the division or its examiners, all workpapers prepared in the conduct of his audit and any communications related to the audit between the accountant and the insurer, at the offices of the insurer, at the division or at any other reasonable place designated by the director. The accountant shall retain the audit workpapers and communications until the division has filed a report on examination covering the period of the audit but no longer than seven years from the date of the audit report.In the conduct of the division's review, the division may copy any audit workpapers and may retain them. The reviews by the division examiners shall be considered investigations and all working papers and communications obtained during the course of the investigations shall be afforded the same confidentiality as other examination workpapers generated by the division under chapter 58-3. Source: SL 1992, ch 357, §19.
SD Codified L § 58-43-20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-20 - Hardship exemption--Hearing.

58-43-20. Hardship exemption--Hearing.Upon written application of an insurer, the director may grant an exemption from compliance with this chapter if the director finds, upon review of the application, that compliance with this chapter would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time and from time to time for any specified period. Within ten days from a denial of an insurer's written request for an exemption from this rule, the insurer may request in writing a hearing on its application for an exemption. Source: SL 1992, ch 357, §20.
SD Codified L § 58-43-21 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-21 - Compliance with chapter for year ending December 31, 1993--Foreign insurer for 1994.

58-43-21. Compliance with chapter for year ending December 31, 1993--Foreign insurer for 1994.Domestic insurers shall comply with this chapter for the year ending December 31, 1993, and each year thereafter unless the director permits otherwise.Foreign insurers shall comply with this chapter for the year ending December 31, 1994, and each year thereafter unless the director permits otherwise. Source: SL 1992, ch 357, §21.
SD Codified L § 58-43-22 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-22 - Application to Canadian and British insurers.

58-43-22. Application to Canadian and British insurers.In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by the companies with their supervision authority duly audited by an independent chartered accountant.For these insurers, the letter required in §§58-43-6 and 58-43-7 shall state that the accountant is aware of the requirements relating to the annual audited financial report filed with the director pursuant to §58-43-4 and shall affirm that the opinion expressed is in conformity with the requirements. Source: SL 1992, ch 357, §22; SL 2009, ch 271, §40.
SD Codified L § 58-43-23 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-23 - Fine, suspension, or revocation of license for violation.

58-43-23. Fine, suspension, or revocation of license for violation.Failure of an insurer subject to this chapter to comply with this chapter may result in a fine of not more than twenty-five thousand dollars for each violation or suspension of not more than one year or revocation of the certificate of authority. Source: SL 1992, ch 357, §23.
SD Codified L § 58-43-24 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-24 - Promulgation of rules by director.

58-43-24. Promulgation of rules by director.The director may promulgate rules, pursuant to chapter 1-26, regarding the filing and form of the audited annual financial report, qualifications and waiver of any requirements of the accountant, good cause, consolidated and combined audits, internal control reports, workpapers and exemptions from the requirements of this chapter. Source: SL 1992, ch 357, §24.
SD Codified L § 58-43-25 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-25 - Application of chapter.

58-43-25. Application of chapter.This chapter applies to all persons doing insurance business notwithstanding any provision exempting them from the insurance laws of this title. Source: SL 1992, ch 357, §25.
SD Codified L § 58-43-26 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 43 - Independent Audit Of Insurers|Section 58-43-26 - Dispute resolution by mediation or arbitration.

58-43-26. Dispute resolution by mediation or arbitration.A qualified independent certified public accountant may enter into an agreement with an insurer to have disputes relating to an audit resolved by mediation or arbitration. However, if a delinquency proceeding commenced against the insurer under chapter 58-29B, the mediation or arbitration provisions shall operate at the option of the statutory successor. Source: SL 2007, ch 294, §4.
SD Codified L § 58-44-1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-1 - Definition of terms.

58-44-1. Definition of terms.Terms used in this chapter mean:(1)"Accredited state," any state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the National Association of Insurance Commissioners (NAIC);(2)"Control" or "controlled," as defined in chapter 58-5A;(3)"Controlled insurer," any licensed insurer which is controlled, directly or indirectly, by a broker;(4)"Controlling broker," any person who, directly or indirectly, controls an insurer and for any compensation, commission, or other thing of value, acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the controlling broker;(5)"Licensed insurer" or "insurer," any person duly licensed to transact a property and casualty insurance business in this state. The term does not include any residual market pool or any joint underwriting authority or association. Source: SL 1992, ch 358, §1; SL 2016, ch 232, §16.
SD Codified L § 58-44-2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-2 - Application of chapter to licensed insurers--Application of chapter 58-5A.

58-44-2. Application of chapter to licensed insurers--Application of chapter 58-5A.This chapter applies to licensed insurers, either domiciled in this state or domiciled in a state that is not an accredited state. All provisions of chapter 58-5A, to the extent they are not superseded by this chapter, apply to all parties within holding company systems. Source: SL 1992, ch 358, §2.
SD Codified L § 58-44-3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-3 - Application of chapter based on gross written premium on business placed with controlled insurer.

58-44-3. Application of chapter based on gross written premium on business placed with controlled insurer.The provisions of this chapter apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling broker is equal to or greater than five percent of the admitted assets of the controlled insurer, as reported in the controlled insurers' quarterly statement filed as of September thirtieth of the prior year. Source: SL 1992, ch 358, §3.
SD Codified L § 58-44-4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-4 - Chapter not applicable under certain circumstances.

58-44-4. Chapter not applicable under certain circumstances.The provisions of this chapter do not apply if:(1)The controlling broker:(a)Places insurance only with the controlled insurer, or only with the controlled insurer and a member or members of the controlled insurer's holding company system, or the controlled insurer's parent, affiliate or subsidiary and receives no compensation based upon the amount of premiums written in connection with the insurance; and(b)Accepts insurance placements only from nonaffiliated brokers, and not directly from insureds; and(2)The controlled insurer, except for insurance business written through a residual market facility, accepts insurance business only from a controlling broker, a broker controlled by the controlled insurer, a broker that is a subsidiary of the controlled insurer. Residual market facility includes government insurance programs, risk pools, and assigned risk plans. Source: SL 1992, ch 358, §4.
SD Codified L § 58-44-6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-6 - Audit committee of controlled insurer--Annual meeting.

58-44-6. Audit committee of controlled insurer--Annual meeting.Every controlled insurer shall establish an audit committee of the board of directors composed of independent directors. The audit committee shall annually meet with management, the insurer's independent certified public accountants, and an independent casualty actuary or other independent loss reserve specialist acceptable to the director to review the adequacy of the insurer's loss reserves. Source: SL 1992, ch 358, §6.
SD Codified L § 58-44-7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-7 - Annual report of loss ratios and loss reserves.

58-44-7. Annual report of loss ratios and loss reserves.In addition to any other required loss reserve certification, the controlled insurer shall annually, on April first of each year, file with the director an opinion of an independent casualty actuary or other independent loss reserve specialist acceptable to the director reporting loss ratios for each line of business written and attesting to the adequacy of loss reserves established for losses incurred and outstanding as of year-end, including incurred but not reported, on business placed by the broker.The controlled insurer shall annually report to the director the amount of commissions paid to the controlling broker, the percentage the amount represents of the net premiums written and comparable amounts and percentage paid to noncontrolling brokers for placements of the same kinds of insurance. Source: SL 1992, ch 358, §7.
SD Codified L § 58-44-8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-8 - Notice from controlling broker to prospective insured--Subbroker.

58-44-8. Notice from controlling broker to prospective insured--Subbroker.The controlling broker, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the controlling broker and the controlled insurer. If the business is placed through a broker who is not a controlling broker, the controlling broker shall retain in his records a signed commitment from the subbroker that the subbroker is aware of the relationship between the insurer and the broker and that the subbroker has or will notify the insured. Source: SL 1992, ch 358, §8.