South Dakota Codified Laws
Chapter 43 - Independent Audit Of Insurers
Section 58-43-26 - Dispute resolution by mediation or arbitration.

South Dakota Codified Laws

Title 58 - Insurance

Chapter 43 - Independent Audit Of Insurers

Section 58-43-1 - Definition of terms.

Section 58-43-2 - Annual audit required--Filing audited financial report--Extension of filing date--Audit committee.

Section 58-43-3 - Foreign or alien insurers--Exemption.

Section 58-43-4 - Annual audited financial report--Contents.

Section 58-43-5 - Financial statements.

Section 58-43-5.1 - Examination of financial statements by accountant.

Section 58-43-6 - Registration of retained accountant--Letter of acknowledgment from accountant.

Section 58-43-7 - Notification of dismissal or resignation of insurer's accountant--Reporting disagreements.

Section 58-43-8 - Explanation of disagreements between insurer and accountant--Letters from both insurer and accountant to director.

Section 58-43-9 - Qualifications of accountant.

Section 58-43-9.1 - Disqualification of accountant.

Section 58-43-9.2 - Disqualification of accountant for services provided contemporaneously with audit.

Section 58-43-9.3 - Exemption from disqualification provisions of § 58-43-9.2.

Section 58-43-9.4 - Services which do not disqualify accountant--Audit committee preapproval.

Section 58-43-9.5 - Preapproval of auditing and nonaudit services by audit committee--SOX compliant entities.

Section 58-43-9.6 - Delegation of preapproval duties.

Section 58-43-9.7 - Disqualification of accountant due to previous employment of partner or senior manager of insurer--Relief from requirement.

Section 58-43-10 - Rotation of accountant--Application for relief from rotation requirement.

Section 58-43-11 - Rejection of accountant or audited financial report--Grounds.

Section 58-43-12 - Disqualification hearing.

Section 58-43-13 - Application to file consolidated or combined financial statements--Worksheet--Contents.

Section 58-43-14 - Report of material misstatement of financial condition or that capital and surplus requirements not met--Time limit--Liability of accountant.

Section 58-43-15 - Accountant's action upon awareness of new facts subsequent to filing audited report.

Section 58-43-16 - Written communication as to unremediated material weaknesses in internal controls over financial reporting.

Section 58-43-16.1 - Applicability of §§ 58-43-16.2 to 58-43-16.9.

Section 58-43-16.2 - Responsibilities of audit committee.

Section 58-43-16.3 - Membership of audit committee.

Section 58-43-16.4 - Independence of audit committee members.

Section 58-43-16.5 - Nonindependence of audit committee member for reasons outside the member's control.

Section 58-43-16.6 - Election of controlling person to designate audit committee.

Section 58-43-16.7 - Report of accountant to audit committee.

Section 58-43-16.8 - Report of accountant where insurer is member of holding company system.

Section 58-43-16.9 - Criteria for proportion of audit committee members.

Section 58-43-16.10 - Hardship waiver of requirements of §§ 58-43-16.2 to 58-43-16.9, inclusive.

Section 58-43-16.11 - Materially false or misleading statements or omissions to accountant prohibited.

Section 58-43-16.12 - Coercion, manipulation, or fraudulent influence of accountant prohibited.

Section 58-43-16.13 - Management's Report of Internal Control over Financial Reporting required of certain insurers.

Section 58-43-16.14 - Circumstances under which director may require Management's Report of Internal Control over Financial Reporting.

Section 58-43-16.15 - Certain insurers required to file Section 404 report and addendum.

Section 58-43-16.16 - Contents of Management's Report of Internal Control over Financial Reporting.

Section 58-43-16.17 - Documentation of assertions made in Management's Report of Internal Control over Financial Reporting.

Section 58-43-16.18 - Discretion of management as to internal control framework and documentation.

Section 58-43-16.19 - Confidentiality of Management's Report of Internal Control over Financial Reporting and documentation.

Section 58-43-16.20 - Compliance of insurers retaining independent accountant on July 1, 2009.

Section 58-43-16.21 - Compliance schedule for insurers not retaining independent accountant on July 1, 2009.

Section 58-43-16.22 - Compliance of foreign insurers.

Section 58-43-16.23 - Applicability of §§ 58-43-10 and 58-43-16.2 to 58-43-16.10 .

Section 58-43-16.24 - Applicability of §§ 58-43-16.13 to 58-43-16.19.

Section 58-43-16.25 - Internal audit function requirements.

Section 58-43-16.26 - Internal audit function to be organizationally independent.

Section 58-43-16.27 - Report of head of internal audit function to audit committee.

Section 58-43-16.28 - Member of insurance holding company system or group of insurers.

Section 58-43-16.29 - Exemption from internal audit function requirements.

Section 58-43-17 - Letter from accountant stating accountant's independent status, background, compliance with chapter and licensing.

Section 58-43-18 - Workpapers.

Section 58-43-19 - Availability of workpapers and communications related to audit between insurer and accountant--Confidentiality of documents.

Section 58-43-20 - Hardship exemption--Hearing.

Section 58-43-21 - Compliance with chapter for year ending December 31, 1993--Foreign insurer for 1994.

Section 58-43-22 - Application to Canadian and British insurers.

Section 58-43-23 - Fine, suspension, or revocation of license for violation.

Section 58-43-24 - Promulgation of rules by director.

Section 58-43-25 - Application of chapter.

Section 58-43-26 - Dispute resolution by mediation or arbitration.