58-48-6. Application review--Additional information required.
In addition to § 58-48-5, an applicant shall provide any additional information that the director determines is necessary, including proof of sufficient assets, accounts, liability coverage, surety bond coverage or other preparation by the applicant to ensure that consumers are protected, evidence that the applicant will be able to cover ongoing duties when the testing period terminates or terminates early, prior industry ratings, and past performance of the applicant. An applicant's failure to provide any information requested by the director forfeits the application for a waiver. The director may require the applicant to retain independent consultants to determine the accuracy of any information submitted by the applicant at the applicant's expense.
Source: SL 2021, ch 214, § 6.
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.