S.D. Codified Laws § 58-3-4
This is the official text of S.D. Codified Laws § 58-3-4, part of South Dakota’s Codified Laws — part of the compiled statutory law of South Dakota, published by the state as "Codified Laws." Browse the sections below, each linked to its official government source.
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Examination of foreign or alien insurer or rating organization by insurance supervisory official of another state--Examination by director unnecessary--Accreditation of examiner
Official statutory text
In lieu of making his own examination, the director may, in his discretion, accept a full report of the last recent examination of a foreign or alien insurer, or rating organization, certified to by the insurance supervisory official of another state, territory, commonwealth, or district of the United States.
Beginning January 1, 1994, these examinations may only be accepted if the state insurance agency was at the time of the examination accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program or the examination is performed under the supervision of an accredited state insurance agency or with the participation of one or more examiners who are employed by an accredited state insurance agency and who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their own state insurance agency.
Source: SL 1966, ch 111, ch 2, § 16 (3); SL 1992, ch 338, § 4.
Beginning January 1, 1994, these examinations may only be accepted if the state insurance agency was at the time of the examination accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program or the examination is performed under the supervision of an accredited state insurance agency or with the participation of one or more examiners who are employed by an accredited state insurance agency and who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their own state insurance agency.
Source: SL 1966, ch 111, ch 2, § 16 (3); SL 1992, ch 338, § 4.
Status: in_force · Read it on the official government site
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