58-48-3. Waiver not to restrict policyholder recovery or restrict director's authority.
The authority granted to the director under this chapter may not be construed to allow the director to grant a waiver that would abridge the recovery rights of policyholders and may not be interpreted to limit or otherwise affect the authority of the director to exercise discretion to waive or enforce requirements as permitted under any other requirement of this title, any regulation, or any bulletin. The waiver may not be construed to waive any requirements except those which inhibit the introduction of the innovative insurance product or service as addressed in the innovation waiver document.
Source: SL 2021, ch 214, ยง 3.
Structure South Dakota Codified Laws
Chapter 48 - Insurance Innovation Waivers
Section 58-48-1 - Definitions.
Section 58-48-2 - Grounds for innovation waiver.
Section 58-48-3 - Waiver not to restrict policyholder recovery or restrict director's authority.
Section 58-48-4 - Limited scope of waiver.
Section 58-48-5 - Application for waiver--Persons excluded from waiver application.
Section 58-48-6 - Application review--Additional information required.
Section 58-48-7 - Grant or denial of waiver--Duration of waiver--Waiver deemed authority to act.
Section 58-48-8 - Conditions on innovation waiver.
Section 58-48-9 - Waiver participants--Deposit or bond.
Section 58-48-10 - Consumer disclosures--Digital disclosure receipts.
Section 58-48-11 - Public notice of granted waiver.
Section 58-48-12 - Record keeping by participants.
Section 58-48-13 - Termination of waivers.
Section 58-48-14 - Termination for failure--Termination by director.
Section 58-48-15 - No guaranty association coverage for waivers.
Section 58-48-16 - Confidentiality of waiver application and materials.