reglab/housing_qa huggingface dataset:
SD Codified L § 58-5A-59 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-59 - Notification to director of certain investments into one corporation.

58-5A-59. Notification to director of certain investments into one corporation.The director shall be notified within thirty days of any investment of the domestic insurer in any one corporation if the total investment in the corporation by the insurance holding company system exceeds ten percent of the corporation's voting securities. Source: SL 1992, ch 341, §24.
SD Codified L § 58-5A-60 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-60 - Certain securities not to be voted at shareholder's meeting--Application for injunction.

58-5A-60. Certain securities not to be voted at shareholder's meeting--Application for injunction.No security, which is the subject of any acquisition, agreement, or arrangement, or which is acquired or to be acquired, in contravention of the provisions of this chapter or order issued by the director, may be voted at any shareholder's meeting, or may be counted for quorum purposes. Any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though those securities were not issued and outstanding; but no action taken at any meeting may be invalidated by the voting of those securities, unless the action would materially affect control of the insurer or unless the circuit court of Hughes County has so ordered. If an insurer or the director has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of this chapter, an order issued by the director, the insurer or the director may apply to the circuit court in Hughes County to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of this chapter or order issued by the director, to enjoin the voting of any security so acquired, or to void any vote of a security already cast at any meeting of shareholders. Source: SL 1992, ch 341, §27.
SD Codified L § 58-5A-61 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-61 - Petition to seize or sequester voting securities acquired in violation of chapter.

58-5A-61. Petition to seize or sequester voting securities acquired in violation of chapter.An insurer or the director may petition the court in Hughes County for an order to seize or sequester any voting securities of the insurer owned directly or indirectly by a person if that person has acquired or is proposed to acquire any voting securities in violation of this chapter. Source: SL 1992, ch 341, §28.
SD Codified L § 58-5A-62 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-62 - Violations by officers subject to fine--Determining amount of fine.

58-5A-62. Violations by officers subject to fine--Determining amount of fine.Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly permits any of the officers or agents of the insurer to engage in transactions or make investments which have not been properly reported or submitted pursuant to this chapter shall pay, in their individual capacity, an administrative fine of not more than five thousand dollars per violation. In determining the amount of the fine, the director shall take into account the gravity of the violation, previous violations, and other matters. Source: SL 1992, ch 341, §29.
SD Codified L § 58-5A-63 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-63 - Transactions or contracts entered into without approval--Cease and desist order by director.

58-5A-63. Transactions or contracts entered into without approval--Cease and desist order by director.If any insurer subject to this chapter or any director, officer, employee, or agent has engaged in any transaction or entered into a contract which is subject to §§58-5A-32, 58-5A-34, 58-5A-35, 58-5A-56, 58-5A-58, and 58-5A-59 and which would not have been approved had approval been requested, the director may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing, the director may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors, or the public. Source: SL 1992, ch 341, §30.
SD Codified L § 58-5A-64 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-64 - Criminal proceedings for violation committed knowingly--Fine.

58-5A-64. Criminal proceedings for violation committed knowingly--Fine.If it appears to the director that any insurer or any director, officer, employee, or agent thereof has knowingly committed a violation of this chapter, the director may request of the attorney general that criminal proceedings be instituted in the circuit court of Hughes County.Any insurer which knowingly violates this chapter may be fined not more than twenty-five thousand dollars per violation. Any individual who knowingly violates this chapter may be fined in his individual capacity not more than two thousand dollars per violation. Source: SL 1992, ch 341, §31.
SD Codified L § 58-5A-65 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-65 - False statements, reports, or filings as felony.

58-5A-65. False statements, reports, or filings as felony.Any officer, director, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the director is guilty of a Class 6 felony. Source: SL 1992, ch 341, §32.
SD Codified L § 58-5A-66 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-66 - Order for conservation, liquidation, or rehabilitation--Distribution and recovery--Liability.

58-5A-66. Order for conservation, liquidation, or rehabilitation--Distribution and recovery--Liability.If an order for conservation, liquidation, or rehabilitation of a domestic insurer has been entered, the receiver may recover on behalf of the insurer:(1)From any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions (other than distributions of shares of the same class of stock) paid by the insurer on its capital stock; or(2)Any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the insurer or its subsidiary to a director, officer, or employee;where the distribution or payment pursuant to subdivision (1) or (2) of this section is made at any time during the one year preceding the petition for liquidation, conservation or rehabilitation subject to the limitations of this section.No such distribution is recoverable if the parent or affiliate shows that when paid the distribution was lawful and reasonable and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.Any person that was a parent corporation or holding company or any person that otherwise controlled the insurer or affiliate at the time distributions were paid is liable up to the amount of distributions or payments the person received. Any person that otherwise controlled the insurer at the time the distributions were declared is liable up to the amount of distributions he would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable.The maximum amount recoverable shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.To the extent that any person liable under this section is insolvent or otherwise fails to pay claims due from it, its parent corporation or holding company or person that otherwise controlled it at the time the distribution was paid is jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person that otherwise controlled it. Source: SL 1992, ch 341, §33.
SD Codified L § 58-5A-67 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-67 - Suspension, revocation, or refusal to renew license for violation.

58-5A-67. Suspension, revocation, or refusal to renew license for violation.If any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the director may, suspend, revoke, or refuse to renew the insurer's license or authority to do business in this state. Source: SL 1992, ch 341, §34.
SD Codified L § 58-5A-68 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-68 - Stay of director's action upon appeal to circuit court.

58-5A-68. Stay of director's action upon appeal to circuit court.The filing of an appeal to the circuit court for any administrative act shall stay the application of any rule, order, or other action of the director to the appealing party unless the court, after giving the party notice and an opportunity to be heard, determines that a stay would be detrimental to the interest of policyholders, shareholders, creditors, or the public. Source: SL 1992, ch 341, §35.
SD Codified L § 58-5A-69 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-69 - Order by director upon violation of standards--Cease and desist--Denial of license.

58-5A-69. Order by director upon violation of standards--Cease and desist--Denial of license.If an acquisition violates the standards of this chapter, the director may enter an order:(1)Requiring an involved insurer to cease and desist from doing business in this state with respect to the line or lines of insurance involved in the violation; or(2)Denying the application of an acquired or acquiring insurer for a license to do business in this state. Source: SL 1992, ch 341, §36.
SD Codified L § 58-5A-70 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-70 - Promulgation of rules by director.

58-5A-70. Promulgation of rules by director.The director may promulgate rules pursuant to chapter 1-26 covering requirements, standards, criteria, and limitations on acquisitions, mergers, and divestitures; notification of acquisitions or divestitures and the format for notification; competitive impact and the plans to remedy anticompetitive impact; the registration statement, information needed for compliance with the chapter, and material transactions; loans, extensions of credit; reinsurance agreements; extraordinary dividends; admittance or disallowance of assets and transactions of which the director needs notification; and standards and criteria for determining transactions which may adversely affect policyholders or the insurer. Source: SL 1992, ch 341, §37.
SD Codified L § 58-5A-71 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-71 - Application of §§ 58-5A-60 and 58-5A-61.

58-5A-71. Application of §§58-5A-60 and 58-5A-61.Sections 58-5A-60 and 58-5A-61 do not apply to §58-5A-47. Source: SL 1992, ch 341, §38.
SD Codified L § 58-5A-72 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-72 - Ownership situs of voting securities.

58-5A-72. Ownership situs of voting securities.For the purposes of this chapter, the situs of the ownership of the voting securities of a domestic insurer in a holding company system shall be construed to be in this state. Source: SL 1992, ch 341, §39.
SD Codified L § 58-5A-73 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-73 - Additional investments by domestic insurer.

58-5A-73. Additional investments by domestic insurer.In addition to investments in common stock, preferred stock, debt obligations, and other securities permitted, a domestic insurer under this chapter may also:(1)Invest, in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries, amounts which do not exceed the lesser of ten percent of the insurer's assets or fifty percent of the insurer's surplus as regards policyholders, provided that after investing, the insurer's surplus as regards policyholders will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs. In calculating the amount of the investments, investments in domestic or foreign insurance subsidiaries shall be excluded, and there shall be included:(a)Total net moneys or other consideration expended and obligations assumed in the acquisition or formation of a subsidiary, including all organizational expenses and contributions to capital and surplus of the subsidiary whether or not represented by the purchase of capital stock or issuance of other securities; and(b)All amounts expended in acquiring additional common stock, preferred stock, debt obligations, and other securities and all contributions to the capital or surplus, of a subsidiary subsequent to its acquisition or formation;(2)Invest any amount in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries engaged or organized to engage exclusively in the ownership and management of assets authorized as investments for the insurer provided that each subsidiary agrees to limit its investments in any asset so that the investments will not cause the amount of the total investment of the insurer to exceed any of the investment limitations specified. For the purpose of this clause, the term, the total investment of the insurer, includes:(a)Any direct investment by the insurer in an asset; and(b)The insurer's proportionate share of any investment in an asset by any subsidiary of the insurer, which shall be calculated by multiplying the amount of the subsidiary's investment by the percentage of the ownership of the subsidiary;(3)With the approval of the director, invest any greater amount in common stock, preferred stock, debt obligations, or other securities of one or more subsidiaries, provided that after the investment the insurer's surplus as regards policyholders will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs. Source: SL 1992, ch 341, §40.
SD Codified L § 58-5A-74 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-74 - Determining whether investments meet applicable requirements.

58-5A-74. Determining whether investments meet applicable requirements.Whether any investment pursuant to §58-5A-73 meets the applicable requirements of that section is to be determined before the investment is made, by calculating the applicable investment limitations as though the investment had already been made, taking into account the then outstanding principal balance on all previous investments in debt obligations, and the value of all previous investments in equity securities as of the day they were made, net of any return of capital invested, not including dividends. Source: SL 1992, ch 341, §25.
SD Codified L § 58-5A-75 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-75 - Investments subject to chapter 58-27.

58-5A-75. Investments subject to chapter 58-27.Investments in common stock, preferred stock, debt obligations, or other securities of subsidiaries made pursuant to §58-5A-73 are subject to chapter 58-27. Source: SL 1992, ch 341, §41.
SD Codified L § 58-5A-76 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-76 - Application to insurer not a member of same holding company.

58-5A-76. Application to insurer not a member of same holding company.Nothing contained in this chapter authorizes or permits any transactions which, in the case of an insurer not a member of the same holding company system, would be otherwise contrary to law. Source: SL 1992, ch 341, §44.
SD Codified L § 58-5A-77 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-77 - Dividends paid from earned surplus--Exclusions--Promulgation of rules for ordinary dividends.

58-5A-77. Dividends paid from earned surplus--Exclusions--Promulgation of rules for ordinary dividends.Insurers subject to this chapter may only pay dividends from earned surplus excluding surplus arising from unrealized capital gains or revaluation of assets. The director may promulgate rules pursuant to chapter 1-26 covering requirements for ordinary dividends including those for approval or disapproval of ordinary dividends. Source: SL 1993, ch 359, §3.
SD Codified L § 58-5A-78 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-78 - Director's participation in supervisory college to determine insurer compliance.

58-5A-78. Director's participation in supervisory college to determine insurer compliance.Pursuant to the provisions of §§58-5A-78 to 58-5A-80, inclusive, the director may participate in a supervisory college for any domestic insurer registered pursuant to this chapter that is part of an insurance holding company system with international operations to determine compliance by the insurer with this chapter. The director, with respect to a supervisory college, may perform any of the following activities:(1)Initiate the establishment of a supervisory college;(2)Clarify the membership and participation of any other supervisor in the supervisory college;(3)Clarify the functions of the supervisory college and the role of any other regulator, including the establishment of a group-wide supervisor;(4)Coordinate the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and(5)Establish a crisis management plan. Source: SL 2015, ch 246, §19.
SD Codified L § 58-5A-79 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-79 - Expenses of director's participation in supervisory college.

58-5A-79. Expenses of director's participation in supervisory college.Each registered insurer subject to §§58-5A-78 to 58-5A-80, inclusive, is liable for and shall pay the reasonable expenses of the director's participation in a supervisory college, including reasonable travel expenses. A supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director may establish a regular assessment to the insurer for the payment of these expenses. Source: SL 2015, ch 246, §20.
SD Codified L § 58-5A-80 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-80 - Director's participation in supervisory college with other regulators.

58-5A-80. Director's participation in supervisory college with other regulators.The director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including any state, federal, and international regulatory agency to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes of individual insurers. The director may enter into agreements pursuant to §§58-5A-41.2 and 58-5A-41.3 providing for the basis for cooperation between the director and any other regulatory agency, and the activities of the supervisory college. Nothing in this section delegates to the supervisory college the authority of the director to regulate or supervise the insurer or its affiliates within its jurisdiction. Source: SL 2015, ch 246, §21.
SD Codified L § 58-5A-80.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05A - Insurance Holding Companies|Section 58-5A-80.1 - Internationally active insurance group--Supervision.

  58-5A-80.1  .  Internationally active insurance group--Supervision.   The director may act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. The director may also acknowledge another regulatory official as the group-wide supervisor if the internationally active insurance group:   (1) Does not have substantial insurance operations in the United States;   (2) Has substantial insurance operations in the United States, but not in this state; or   (3) Has substantial insurance operations in the United States and this state, but the director has determined pursuant to the factors set forth in §58-5A-80.2 that another regulatory official is the appropriate group-wide supervisor.   An insurance holding company system that does not qualify as an internationally active insurance group may request that the director make a determination or acknowledgment as to a group-wide supervisor pursuant to §§58-5A-80.2 and 58-5A-80.6.     Source:  SL 2020, ch 213, § 2.