reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:08 - Life insurance and annuities › Appendix A - Uniform Form for Life Insurance or Annuity Maximum Policy Loan

Current through Register Vol. 51, page 10, July 15, 2024
Uniform Transaction Form for Maximum Policy Loan:
Name of Insured/Annuitant:
Social Security or Taxpayer ID No:
Policy/Contract No:
Joint Insured/Annuitant:
Social Security or Taxpayer ID No:
Daytime Phone No:
Policy Owner (if different than insured):
Social Security or Taxpayer ID No:
Street Address:
Joint Policy Owner (if different than insured):
Social Security or Taxpayer ID No:
City, State, and Zip Code:
I own the following: Life Insurance Policy Endowment Annuity Contract
This policy was issued by: _____________________ on __________.
(Company)
(Date)
Policy Loan
1. It is understood and agreed that, I (we), the undersigned, assign the policy to the company as security for the repayment of a policy loan (and any unpaid interest thereon), and apply for a loan in such amount as will retire any previous loans, pay all interest as provided in the policy, and provide the following amount:
Maximum loan available including any dividend values, or
Maximum loan available excluding any dividend values
2. Loan repayment method:
Send repayment reminders:
Monthly Quarterly Annually
Apply future dividends to pay any premium due with the remaining applied to the loan, or
Apply future dividends to the loan.
3. I (we) certify that no bankruptcy proceeding, attachment, other lien, or claim is now pending against the owner(s) of the policy/contract. ______
Initial
Federal Income Tax Withholding and Instructions
We (the company) are required to inform you of and give you an opportunity to make a tax withholding election. The provisions apply to qualified and non-qualified deferred compensation plans, annuities, pension plans, IRA distributions and gains realized from life insurance and endowment policy distributions. If you elect not to have withholding apply to your payment, or if you do not have enough federal income tax withheld, you may be responsible for payment of estimated tax. You may also incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You may wish to consult a tax advisor.
I elect
not
to have federal income tax withheld from the taxable portion of my distribution check.
I elect to have federal income tax withheld from the taxable portion of my distribution check, reducing the indicated amount by the amount withheld.
Certification and Signature
I certify that:
1. The number shown on this form is my correct taxpayer identification number, and
2. I am not subject to any backup withholding, and
3. I am a US person (including US resident alien).
_____________________________________ ____________ _____________________________________ ____________
(Policy Owner Signature) (Date) (Joint Policy Owner Signature) (Date)
_____________________________________ ____________ _____________________________________ ____________
(Irrevocable Beneficiary or Assignee) (Date) (Irrevocable Beneficiary or Assignee) (Date)
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:08 - Life insurance and annuities › Appendix B - Uniform Form for Life Insurance or Annuity Cash Surrender

Current through Register Vol. 51, page 10, July 15, 2024
Uniform Transaction Form for Cash Surrender:
Name of Insured/Annuitant:
Social Security or Taxpayer ID No:
Policy/Contract No:
Joint Insured/Annuitant:
Social Security or Taxpayer ID No:
Daytime Phone No:
Policy Owner (if different than insured):
Social Security or Taxpayer ID No:
Street Address:
Joint Policy Owner (if different than insured):
Social Security or Taxpayer ID No:
City, State, and Zip Code:
I own the following: Life Insurance Policy Endowment Annuity Contract
This policy was issued by _____________________ on __________.
(Company)
(Date)
Cash Surrender
1. With respect to the above numbered policy/contract I (we) wish to:
obtain the
entire
cash surrender or account value which will be accepted, irrevocably, in full payment of all claims under the policy or contract,
or
obtain the
entire
cash surrender value of rider or paid up addition only,
or
obtain a
partial
withdrawal from the policy/contract only of $______________,
or
obtain a
partial
withdrawal from the rider or paid up addition only of $_____________.
2. The policy/contract is: submitted herewith, or I (we) certify that the original policy/contract, any duplicates, certificates, or riders have been lost or destroyed.
3. I (we) certify that no bankruptcy proceeding, attachment, other lien, or claim is now pending against the owner(s) of the policy/contract. _______
Initial
Federal Income Tax Withholding and Instructions
We (the company) are required to inform you of and give you an opportunity to make a tax withholding election. The provisions apply to qualified and non-qualified deferred compensation plans, annuities, pension plans, IRA distributions and gains realized from life insurance and endowment policy distributions. If you elect not to have withholding apply to your payment, or if you do not have enough federal income tax withheld, you may be responsible for payment of estimated tax. You may also incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You may wish to consult a tax advisor.
I elect
not
to have federal income tax withheld from the taxable portion of my distribution check.
I elect to have federal income tax withheld from the taxable portion of my distribution check, reducing the indicated amount by the amount withheld.
Certification and Signature
I certify that:
1. The number shown on this form is my correct taxpayer identification number, and
2. I am not subject to any backup withholding, and
3. I am a US person (including US resident alien).
_____________________________________ ____________ _____________________________________ ____________
(Policy Owner Signature) (Date) (Joint Policy Owner Signature) (Date)
_____________________________________ ____________ _____________________________________ ____________
(Irrevocable Beneficiary or Assignee) (Date) (Irrevocable Beneficiary or Assignee) (Date)
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:08 - Life insurance and annuities › Appendix E - Notice Regarding Replacements for Direct Response Insurers

Current through Register Vol. 51, page 10, July 15, 2024
APPENDIX E
NOTICE REGARDING REPLACEMENTS FOR DIRECT RESPONSE INSURERS
REPLACING YOUR LIFE INSURANCE POLICY OR ANNUITY?
Are you thinking about buying a new life insurance policy or annuity and discontinuing or changing an existing one? If you are, your decision could be a good one---or a mistake. You will not know for sure unless you make a careful comparison of your existing benefits and the proposed policy or contract's benefits.
Make sure you understand the facts. You should ask the company or agent that sold you your existing policy or contract to give you information about it.
Hear both sides before you decide. This way you can be sure you are making a decision that is in your best interest.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:11 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this chapter mean:
(1) "Executive officer," chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, and any other individual performing functions corresponding to those performed by the foregoing officers under whatever title;
(2) "Statement," Forms A, B, C, D, E, and F; and
(3) "Ultimate controlling person," a person which is not controlled by any other person.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:12 - Form filings

Current through Register Vol. 51, page 10, July 15, 2024
All insurers or persons subject to SDCL chapter 58-5 A, except as provided in SDCL  58-5A-20, shall file the following forms with the director:
(1) Form A, statement regarding the acquisition of control of or merger with a domestic insurer, pursuant to SDCL  58-5A-4;
(2) Form B, insurance holding company system annual registration statement, pursuant to SDCL  58-5A-21;
(3) Form C, summary of changes to the previous year's registration statement, pursuant to SDCL  58-5A-21 or, changes to the current year's registration statement, pursuant to SDCL  58-5A-24;
(4) Form D, prior notice of a transaction, pursuant to SDCL  58-5A-56;
(5) Form E, pre-acquisition notification, pursuant to SDCL  58-5A-45; and
(6) Form F, enterprise risk report, pursuant to SDCL  58-5A-29.1.
The information required for those statements is set forth in §§
										20:06:09:29  to 20:06:09:45, inclusive.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-4,  58-5A-21,  58-5A-56,  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:13 - General requirements for Forms A, B, C, D, E, and F

Current through Register Vol. 51, page 10, July 15, 2024
Forms A, B, C, D, E, and F are intended to be guides in the preparation of the statements filed pursuant to SDCL chapter 58-5 A and are not intended to be blank forms which are to be filled in. The filed statements shall contain the numbers and captions of all items, but the text of the items may be omitted provided the answers to them are prepared in such a manner as to indicate clearly the scope and coverage of the items. All instructions are to be omitted. If any item is inapplicable or the answer is in the negative, a statement to that effect must be made unless expressly provided otherwise.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:14 - Filing forms with director

Current through Register Vol. 51, page 10, July 15, 2024
One complete copy of each statement in §
									20:06:09:13, including exhibits and all other papers and documents filed as a part of the statement, shall be filed with the director electronically, by personal delivery, or mail. The statement must be signed . If the signature of any person is affixed pursuant to a power of attorney or other similar authority, a copy of the power of attorney or other authority must also be filed with the statement.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:15 - Filing Form C or Form E with other states

Current through Register Vol. 51, page 10, July 15, 2024
If the insurance department or agency of a state in which the insurer is authorized to do business requests in writing that the insurer file Form C or Form E, the insurer shall file the Form C or Form E with that state within 15 days from receipt of the notice.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:16 - Preparation of statements and supporting documents

Current through Register Vol. 51, page 10, July 15, 2024
Statements must be prepared electronically. Statements must be easily readable and suitable for review and reproduction. Debits in credit categories and credits in debit categories must be designated so as to be clearly distinguishable on photocopies. Statements must be in English and monetary values must be stated in United States currency. If any exhibit or other paper or document filed with the statement is in a foreign language, it must be accompanied by a translation into English and any monetary value normally shown in a foreign currency must be converted into United States currency.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:16.01 - Filing with the National Association of Insurance Commissioners

Current through Register Vol. 51, page 10, July 15, 2024
If an applicant requests a hearing on a consolidated basis pursuant to SDCL  58-5A-10.1, in addition to filing the Form A with the director, the applicant shall file a copy of Form A with the National Association of Insurance Commissioners in electronic form.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:17 - Incorporation by reference to Forms A, B, D, E, and F

Current through Register Vol. 51, page 10, July 15, 2024
Information required by any item of Forms A, B, D, E, or F may be incorporated by reference in answer or partial answer to any other item. Information contained in any financial statement, annual report, proxy statement, statement filed with a governmental authority, or any other document may be incorporated by reference in answer or partial answer to any item of Form A, Form B, or Form D, Form E, or Form F if the document or paper is filed as an exhibit to the statement. Excerpts of documents may be filed as exhibits if the documents are extensive. Documents currently on file with the director which were filed within the previous three years need not be attached as exhibits. References to information contained in exhibits or in documents already on file must clearly identify the material and must specifically indicate that the material is to be incorporated by reference in answer to the item. Information may not be incorporated by reference in any instance in which incorporation would render the statement incomplete, unclear, or misleading.
If an item requires a summary or outline of the provisions of any document, a brief statement must be made as to the pertinent provisions of the document. In addition to the statement, the summary or outline may incorporate by reference particular parts of any exhibit or document currently on file with the director which was filed within the previous three years and may be qualified in its entirety by the reference. If two or more documents required to be filed as exhibits are substantially identical in all material respects except as to the parties, the dates of execution, or other details, a copy of only one of the documents may be filed with a schedule identifying the omitted documents and setting forth the material details in which the omitted documents differ from the filed documents.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:19 - Impracticality of furnishing information

Current through Register Vol. 51, page 10, July 15, 2024
If the person making the filing finds it impractical to furnish the required information, document, or report at the time it is to be filed, the person shall file a separate document with the director:
(1) identifying the information, document, or report in question;
(2) stating why the filing is impractical; and
(3) requesting an extension of time for filing the information, document, or report at a specified date.
The request for extension may be considered granted unless the director denies the request in writing within 60 days after its receipt.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:20 - Additional information and exhibits

Current through Register Vol. 51, page 10, July 15, 2024
In addition to the information expressly required to be included in Forms, A, B, C, D, E, and F, the person filing the form shall add any information that is necessary to make the required information not misleading. The person filing may also file exhibits in addition to those expressly required by the statement. Any exhibits must be marked to indicate clearly the subject matters to which they refer. Changes to Forms A, B, C, D, E, or F shall include on the top of the cover page of the form the phrase: "Change No. (insert number) to ________ (identify the item changed)" and a date which is the date of the change and not the date of the original filing.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-4,  58-5A-20,  58-5A-21,  58-5A-24,  58-5A-56,  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:21 - Reference to domestic insurer in acquisition

Current through Register Vol. 51, page 10, July 15, 2024
If the person being acquired is considered a "domestic insurer" solely because of the provisions of SDCL  58-5A-2, the name of the domestic insurer on the cover page must be indicated as follows: "ABC Insurance Company, a subsidiary of XYZ Holding Company."
If an insurer pursuant to SDCL 59-5A-2 is being acquired, references to "the insurer" contained in Form A must refer to both the domestic subsidiary insurer and the person being acquired.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:22 - Amendments to Form B

Current through Register Vol. 51, page 10, July 15, 2024
Amendments to Form B must be filed in the Form B format, reporting only those items which are being amended. Each amendment must include at the top of the cover page, "Amendment No. (insert number) to Form B for (insert year)" and a date which is the date of the amendment and not the date of the original filing.
An amendment to Form B shall be filed within fifteen days after the end of any month in which there is a material change to the information provided in the annual registration statement.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-20,  58-5A-21,  58-5A-24,  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:23 - Consolidated registrations - Authorized insurers

Current through Register Vol. 51, page 10, July 15, 2024
Any authorized insurer may file Form B, the registration statement, on behalf of any affiliated insurer or insurers which are required to register under SDCL  58-5A-20,  58-5A-21,  58-5A-23,  58-5A-25 to  58-5A-30, inclusive, and 58-5A-54. A registration statement may include information not required by SDCL chapter 58-5 A regarding any insurer in the insurance holding company system even if the insurer is not authorized to do business in this state. In lieu of filing a registration statement on Form B, the authorized insurer may file a copy of the registration statement or a similar report which it is required to file in its state of domicile, if the statement or report contains substantially similar information to that required to be furnished on Form B and the filing insurer is the principal insurance company in the insurance holding company system.
The question of whether the filing insurer is the principal insurance company in the insurance holding company system is a question of fact, and an insurer filing a registration statement or report in lieu of Form B on behalf of an affiliated insurer must set forth a brief statement of facts which substantiates the filing insurer's claim that it is the principal insurer in the insurance holding company system.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:24 - Consolidated registrations - Unauthorized insurers

Current through Register Vol. 51, page 10, July 15, 2024
With the prior approval of the director, an unauthorized insurer may follow the procedures which could be done by an authorized insurer under §
									20:06:09:23.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:25 - Consolidation or alternative registration of statements without approval

Current through Register Vol. 51, page 10, July 15, 2024
Any insurer may take advantage of the provisions of SDCL  58-5A-26, consolidation, and SDCL  58-5A-27, registration on behalf of affiliated insurers, without obtaining the prior approval of the director. The director, however, may require individual filings in the interest of clarity, ease of administration, or the public good.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:26 - Disclaimers and termination of registration

Current through Register Vol. 51, page 10, July 15, 2024
A person may file a disclaimer of affiliation or a request for termination of registration claiming that it does not, or will not upon the taking of some proposed action, control another person, referred to in this section as the "subject." The disclaimer or request for termination must contain the following information:
(1) The number of authorized, issued, and outstanding voting securities of the subject;
(2) For the person whose control is denied and all affiliates of that person, the number and percentage of shares of the subject's voting securities which are held of record or known to be beneficially owned and the number of the shares for which there is a right to acquire, directly or indirectly;
(3) All material relationships and bases for affiliation between the subject and the person whose control is denied and all affiliates of that person; and
(4) A statement explaining why the person should not be considered to control the subject.
A request for termination of registration is considered to be granted unless the director denies the request in writing within 30 days after the receipt of the request.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:27 - Information required of extraordinary dividends or other distributions

Current through Register Vol. 51, page 10, July 15, 2024
Requests for approval of extraordinary dividends or any other extraordinary distribution to shareholders must include the following:
(1) The amount of the proposed dividend;
(2) The information required by SDCL  58-5A-35 and  58-5A-36;
(3) A copy of the calculations determining that the proposed dividend is extraordinary which must include the following information:
(a) The amounts, dates, and form of payment of all dividends or distributions, including regular dividends but excluding distributions of the insurer's own securities, paid within the period of 12 consecutive months ending on the date fixed for payment of the proposed dividend for which approval is sought and starting on the day after the same day of the same month in the preceding year;
(b) Surplus as regards policyholders, including total capital and surplus as of the last December 31;
(c) Earned surplus, excluding surplus arising from unrealized capital gains or revaluation of assets as of the last December 31;
(d) If the insurer is a life insurer, the net gain from operations for the 12-month period ending the last December 31st, including net realized capital gains in an amount not to exceed 20 percent of net unrealized capital gains;
(e) If the insurer is not a life insurer, the net income less realized capital gains in an amount not to exceed 20 percent of net unrealized capital gains for the 12 month period ending the last December 31 and the two preceding calendar years; and
(f) Evidence that the dividends paid to stockholders do not include pro rata distributions of any class of the insurer's own securities;
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:28 - Determining adequacy of surplus

Current through Register Vol. 51, page 10, July 15, 2024
In applying the factors in SDCL  58-5A-34, adequacy of surplus, the director shall consider the net effect of all of those factors plus other factors bearing on the financial condition of the insurer. In comparing the surplus maintained by each insurer, the director shall consider the extent to which each of these factors varies from company to company. In determining the quality and liquidity of investments in subsidiaries, the director shall consider the individual subsidiary and discount or disallow its valuation in accordance with SDCL  58-5A-34.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-34,  58-5A-70,  58-5A-77.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:29 - Form A filing

Current through Register Vol. 51, page 10, July 15, 2024
A Form A must be certified. The information required for a Form A filing includes the following:
(1) That set forth in SDCL  58-5A-4,  58-5A-5, and  58-5A-6;
(2) A brief description of how control is to be acquired;
(3) A chart indicating the interrelationships between the applicant and affiliates of the applicant; the percentage of voting securities of each person owned or controlled by the applicant or by any other person; the legal entity of the applicant or affiliate; the state of domicile of the applicant and each affiliate; and whether the applicant or affiliate is subject to delinquency or reorganization proceedings, what the proceedings are, the court of jurisdiction, and the date begun. If the control of an affiliate is maintained by other than voting securities, the applicant must indicate the basis of the control. No affiliate need be identified if its total assets are equal to less than one-half of one percent of the total assets of the ultimate controlling person affiliated with the applicant;
(4) If the consideration used for acquisition is borrowed, a description of the relationship between the borrower and the lender; the amounts to be borrowed; copies of all agreements, promissory notes, and security arrangements; and an explanation of the criteria used in determining the nature and amount of the consideration;
(5) A list of the financial statements and exhibits that are attached in an appendix;
(6) Any proposed employment, consultation, advisory, lease, or management contracts concerning the insurer and annual reports to the stockholders of the insurer and the applicant for the last two years; and
(7) A description of any plans for declaring any extraordinary dividends, to liquidate the insurer, to sell its assets to or merge it with any person or persons to make any material change in its business operations or corporate structure or management.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-4,  58-5A-5,  58-5A-6,  58-5A-70.
Note:
A copy of Form A may be obtained from the Division of Insurance, 118 West Capitol Avenue, Pierre, South Dakota 57501-2000, (605) 773-3563, free of charge.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:29.01 - Amendments to Form A

Current through Register Vol. 51, page 10, July 15, 2024
The applicant must promptly advise the director of any changes in the information furnished on the Form A arising subsequent to the date upon which the information was furnished but prior to the director's disposition of the application.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:30 - Disclosure of background of applicant or persons associated with applicant

Current through Register Vol. 51, page 10, July 15, 2024
The Form A filing must disclose background information on the applicant or persons associated with the applicant through a biographical affidavit that includes a third party background check by a vendor approved by the director. The information must include the following for individual applicants or persons who are directors, executive officers, or owners of ten percent or more of the voting securities of the applicant if the applicant is not an individual:
(1) Name and business address;
(2) Present principal business activity, occupation, or employment, including position and office held, and the name, principal business, and address of any corporation or other organization in which the employment is carried on;
(3) Material occupations, positions, offices, or employment during the last five years, giving the starting and ending dates of each and the name, principal business, and address of any business corporation or other organization in which each occupation, position, office, or employment was carried on. If any occupation, position, office, or employment required licensing by or registration with any federal, state, or municipal governmental agency, indicate that fact, the current status of the license or registration, and an explanation of any surrender, revocation, suspension, or disciplinary proceedings in connection with the license or registration; and
(4) Excluding minor traffic violations, whether or not the person has been convicted of a crime during the ten years preceding the date of filing and the date, nature of conviction, name and location of court, and the penalty imposed or other disposition of the case.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:31 - Filing of financial statements with Form A

Current through Register Vol. 51, page 10, July 15, 2024
The financial statement when filed with Form A must include, if available, information similar to SDCL  58-5A-4. Financial statements, exhibits, and three-year financial projections of the insurer(s) must be attached to the Form A as an appendix, and list the items attached under the financial statements and exhibits section of Form A.
The financial statements shall include the annual statements of the person identified in §
									20:06:09:29(3)  for the preceding five fiscal years, or for such lesser period as such applicant and its affiliates and any predecessors thereof shall have been in existence, and similar information covering the period from the end of such persons last fiscal year, if the information is available. The statements may be prepared individually or may be consolidated if consolidated statements are prepared in the usual course of business, unless the director requires otherwise.
The annual financial statements of the applicant must be accompanied by the certificate of an independent public accountant to the effect that the statements present fairly the financial position of the applicant and the results of its operations for the year then ended, in conformity with generally accepted accounting principles or with requirements of insurance or other accounting principles prescribed or permitted under law. If the applicant is an insurer which is actively engaged in the business of insurance, the financial statements need not be certified if they are based on the annual statement of the person filed with the insurance department of the person's domiciliary state and are in accordance with the requirements of insurance or other accounting principles prescribed or permitted under the law and regulations of that state.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-4,  58-5A-70.
Valuation of assets, liabilities, and reserves, SDCL chapter 58-26; Annual statement of financial conditions of insurer, filing with director, form and contents, timeliness of filing, SDCL  58-6-75; Accounting principles, § 20:37:11:08.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:32 - Form B filing

Current through Register Vol. 51, page 10, July 15, 2024
A Form B must be certified. Information which is not material for purposes of SDCL  58-5A-21 need not be disclosed. The information required for a Form B filing includes the following:
(1) That set forth in SDCL  58-5A-21;
(2) That set forth in §
									20:06:09:29(3);
(3) That set forth in §
									20:06:09:29(4);
(4) The name of each insurer registering or being registered and the home office address and principal executive offices of each, the date on which each insurer became part of the holding company system, and the method by which control of each insurer was acquired and is maintained;
(5) Description of reinsurance agreements;
(6) A brief description of the following types of proceedings to which the ultimate controlling person or any of its directors or executive officers was a party or of which the property of any of those persons is or was the subject:
(a) Criminal prosecutions or administrative proceedings by any government agency or authority which may be relevant to the trustworthiness of any party to the prosecutions or proceedings; and
(b) Proceedings which may have a material effect on the solvency or capital structure of the ultimate holding company, including bankruptcy, receivership, or other corporate reorganizations.
The insurer shall report those actions pending or concluded within the preceding fiscal year. For each action the names of the parties and the name of the court or agency must be given; and
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:33 - Description of transactions and agreements

Current through Register Vol. 51, page 10, July 15, 2024
In submitting the materials for SDCL  58-5A-21 and §
									20:06:09:32, the person filing must include the following:
(1) The nature and purpose of the transaction;
(2) The nature and amounts of any payments or transfers of assets between the parties;
(3) The identity of all parties to the transaction; and
(4) The relationship of the affiliated parties to the insurer.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-21,  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:34 - Information on ultimate controlling person

Current through Register Vol. 51, page 10, July 15, 2024
The following information on the ultimate controlling person in the insurance holding company system must be filed with Form B:
(1) If the ultimate controlling person is a corporation, an organization, a limited liability company, or other legal entity, furnish the following information for the directors and executive officers of the ultimate controlling person: the individuals name and address, his or her principal occupation and all offices and positions held during the past 5 years, and any conviction of crimes other than minor traffic violations. If the ultimate controlling person is an individual, furnish the individuals name and address, his or her principal occupation and all offices and positions held during the past 5 years, and any convictions of crimes other than minor traffic violations;
(2) For the ultimate controlling person in the holding company system, the following information must be furnished:
(a) The name, home office address, and principal executive office address;
(b) The organizational structure of the person, such as corporation, partnership, individual, trust, or other legal entity;
(c) The principal business of the person;
(d) The name and address of any person who holds or owns 10 percent or more of any class of voting security, the class of the security, the number of shares held of record or known to be beneficially owned, and the percentage of the class so held or owned; and
(e) If court proceedings involving a reorganization or liquidation are pending, the title and location of the court, the nature of the proceedings, and the date the proceeding began.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:36 - Form C

Current through Register Vol. 51, page 10, July 15, 2024
A Form C filing, Summary of Changes to Registration Statement, must be certified and must accompany the annual registration statement. The Form C must include the following information:
(1) A brief description of all items in the current annual registration statement which represent changes from the prior year's annual registration statement;
(2) Changes to subdivision 20:06:09:29(3). Changes in the percentage of each class of voting securities held by each affiliate need only be included if the changes result in ownership or holdings of 10 percent or more of voting securities, loss or transfer of control, or acquisition or loss of partnership interest;
(3) Changes to SDCL  58-5A-4(2)  and  58-5A-22(3)  if an individual is made a director, executive officer, or president of the ultimate controlling person or a director or executive officer terminates responsibilities with the ultimate controlling person;
(4) The nature of any changes to a transaction disclosed on the prior year's annual registration statement. If a transaction disclosed on the prior year's annual registration statement has been effectuated, the mode of completion and any flow of funds between affiliates resulting from the transaction must be furnished; and
(5) The insurer must furnish a statement that transactions entered into since the filing of the prior year's registration statement are not designed to and will not avoid statutory threshold amounts and the review of those transactions and amounts.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-20,  58-5A-21,  58-5A-24,  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:37 - Form D filing

Current through Register Vol. 51, page 10, July 15, 2024
An insurer required to give notice of a proposed transaction pursuant to SDCL  58-5A-56 shall furnish the required information on Form D. A Form D filing must be certified and must include the following information:
(1) That set forth in SDCL  58-5A-56; and
(2) For each party to the transaction:
(a) The name, home office address, and principal executive office address;
(b) The organizational structure, such as corporation, partnership, individual, trust, or other legal entity;
(c) A description of the nature of the parties' business operations;
(d) The relationship, if any, of other parties to the transaction to the insurer filing the notice, including any ownership or debtor/creditor interest by any other parties to the transaction in the insurer seeking approval or by the insurer filing the notice in the affiliated parties;
(e) If the transaction is with a non affiliate, the name of the affiliate which will receive, in whole or in substantial part, the proceeds of the transaction.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:37.01 - Cost sharing services and management services reported on Form D

Current through Register Vol. 51, page 10, July 15, 2024
Agreements for cost sharing services and management services shall at a minimum and as applicable:
(1) Identify the person providing services and the nature of such services;
(2) Set forth the methods to allocate costs;
(3) Require timely settlement, not less frequently than on a quarterly basis, and compliance with the requirements in the Accounting Practices and Procedures Manual;
(4) Prohibit advancement of funds by the insurer to the affiliate except to pay for services defined in the agreement;
(5) State that the insurer will maintain oversight for functions provided to the insurer by the affiliate and that the insurer will monitor services annually for quality assurance;
(6) Define books and records of the insurer to include all books and records developed or maintained under or related to the agreement;
(7) Specify that all books and records of the insurer are and remain the property of the insurer and are subject to control of the insurer;
(8) State that all funds and invested assets of the insurer are the exclusive property of the insurer, held for the benefit of the insurer and are subject to the control of the insurer;
(9) Include standards for termination of the agreement with and without cause;
(10) Include provisions for indemnification of the insurer in the event of gross negligence or willful misconduct on the part of the affiliate providing the services;
(11) Specify that, if the insurer is placed in receivership or seized by the commissioner under the State Receivership Act:
(a) all of the rights of the insurer under the agreement extend to the receiver or commissioner; and,
(b) all books and records will immediately be made available to the receiver or the commissioner, and shall be turned over to the receiver or commissioner immediately upon the receiver or the commissioner's request;
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:38 - Description of transactions for Form D filing

Current through Register Vol. 51, page 10, July 15, 2024
The person filing the Form D must furnish the following information for each transaction for which notice is being given:
(1) A statement as to whether notice is being given under SDCL  58-5A-56;
(2) A statement of the nature of the transaction;
(3) The proposed effective date of the transaction;
(4) A statement of how the transaction meets the standards of SDCL  58-5A-32(1);
(5) A brief description of the amount and source of funds, securities, property, or other consideration for the sale, purchase, exchange, loan, extension of credit, guarantee, or investment and whether any provision exists for purchase by the insurer filing notice, by any party to the transaction, or by any affiliate of the insurer filing notice;
(6) A description of the terms of any securities being received and a description of any other agreements relating to the transaction, such as contracts or agreements for services, consulting agreements, and the like;
(7) If the transaction involves other than cash, a description of the consideration, its costs, and its fair market value, together with an explanation of the basis for evaluation;
(8) If the transaction involves a loan, extension of credit, or a guarantee, a description of the maximum amount which the insurer will be obligated to make available under the loan, extension of credit, or guarantee, the date on which the credit or guarantee will terminate, and any provisions for the accrual of or deferral of interest;
(9) If the transaction involves an investment, guarantee, or other arrangement, the time period during which the investment, guarantee, or other arrangement will remain in effect, together with any provisions for extensions or renewals of such investments, guarantees, or arrangements and a brief statement of the effect of the transaction on the insurer's surplus; and
(10) The information required by SDCL  58-5A-56.
No notice need be given if the maximum amount which can at any time be outstanding or for which the insurer can be legally obligated under the loan, extension of credit or guarantee is less than in the case of non-life insurers, the lesser of 3% of the insurers admitted assets or 25% of the surplus as regards policyholders, or in the case of life insurers, 3% of the insurers admitted assets, each as of the 31st day of December next preceding.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-56,  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:39 - Form D - Loans or extensions of credit to a nonaffiliate

Current through Register Vol. 51, page 10, July 15, 2024
If the transaction involves a loan or extension of credit to any person who is not an affiliate, the person making the Form D filing must furnish a brief description of the agreement or understanding whereby the proceeds of the proposed transaction, in whole or in substantial part, are to be used to make loans or extensions of credit to, to purchase the assets of, or to make investments in any affiliate of the insurer making the loans or extensions of credit and specify in what manner the proceeds are to be used to loan to, extend credit to, purchase assets of, or make investments in any affiliate. The person must also describe the amount and source of duns, securities, property, or other consideration for the loan or extension of credit and, if the transaction is one involving consideration other than cash, a description of its cost and its fair market value, together with an explanation of the basis for evaluation. The person must furnish a brief statement of the effect of the transaction on the insurer's surplus.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-56,  58-5A-70.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:06 - INSURANCE › Chapter 20:06:09 - Insurance holding companies › Section 20:06:09:40 - Form D - Reinsurance transactions

Current through Register Vol. 51, page 10, July 15, 2024
If the transaction is a reinsurance agreement or a modification to a reinsurance agreement as described by SDCL  58-5A-56(3)(b)  or a reinsurance pooling agreement or modification as described by SDCL  58-5A-56(3)(a), the person making a Form D filing must furnish a description of the known or estimated amount of liability to be ceded or assumed in each calendar year, the period of time during which the agreement will be in effect, and a statement whether an agreement or understanding exists between the insurer and nonaffiliate to the effect that any portion of the assets constituting the consideration for the agreement will be transferred to one or more of the insurer's affiliates. The person must also furnish a brief description of the consideration involved in the transaction and a brief statement of the effect of the transaction on the insurer's surplus.
No notice need be given for reinsurance agreements or modifications to them if the reinsurance premium or a change in the insurer's liabilities, or the projected reinsurance premium or change in the insurers liabilities in any of the next three years, in connection with the reinsurance agreement or modification is less than five percent of the insurer's surplus as regards policyholders as of the last December 31. Notice shall be given for all reinsurance pooling agreements including modifications thereto.
General Authority:
SDCL  58-5A-70.
Law Implemented:
SDCL  58-5A-70.