58-48-9. Waiver participants--Deposit or bond.
A participant may be required to make a deposit of cash or marketable securities in the manner provided under chapter 58-7 and in amounts, conditions, and for such purposes as the director determines necessary for the protection of consumers. The deposit required by this section may be refunded when the waiver has expired or if the director is satisfied that consumer claims have been satisfied, whichever is later. In lieu of a deposit, the director may accept a bond in an amount and with such conditions as the director determines is necessary for the protection of consumers.
Source: SL 2021, ch 214, ยง 9.
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.