58-5A-57. Transactions entered into to avoid director's review prohibited.
A domestic insurer may not enter into transactions which are part of a plan or series of like transactions with persons within the holding company system if the purpose of those separate transactions is to avoid the statutory amounts in §58-5A-56 and thus the review. If the director determines that transactions were entered into over any twelve-month period to avoid §58-5A-56, the director may exercise his authority under §§58-5A-62 to 58-5A-67, inclusive.
Source: SL 1992, ch 341, §22.
Structure South Dakota Codified Laws
Chapter 05A - Insurance Holding Companies
Section 58-5A-1 - Definitions.
Section 58-5A-2 - "Domestic insurer" defined.
Section 58-5A-4 - Contents of information statement--Violation as misdemeanor.
Section 58-5A-7 - Amendment of information statement--Violation as misdemeanor.
Section 58-5A-8 - Federal or state registration statements utilized in furnishing information.
Section 58-5A-9 - Approval by director of acquisition or merger--Grounds for disapproval.
Section 58-5A-9.1 - Disapproval of dividends or distributions for violation--Order of supervision.
Section 58-5A-10 - Time of hearing--Notice.
Section 58-5A-10.1 - Request for public hearing on consolidated basis.
Section 58-5A-11 - Procedure at hearing--Evidence admissible.
Section 58-5A-12 - Time for director's determination after hearing.
Section 58-5A-15 - Mergers and consolidations exempt from information and approval requirements.
Section 58-5A-18 - Acquisition, divestiture, or merger without approval as misdemeanor.
Section 58-5A-21 - Form and contents of registration statement.
Section 58-5A-22 - Initial and annual registration fees.
Section 58-5A-23 - Disclosure of immaterial information not required.
Section 58-5A-24 - Report of changes required of registered insurer.
Section 58-5A-25 - Termination of registration.
Section 58-5A-26 - Consolidated registration statement or report by affiliated insurers.
Section 58-5A-27 - Registration by insurer on behalf of affiliated insurer.
Section 58-5A-28 - Insurer exempt from registration requirements on order of director.
Section 58-5A-29 - Disclaimer of affiliation--Contents--Procedure on disallowance.
Section 58-5A-29.1 - Annual enterprise risk report.
Section 58-5A-31 - Registration requirements satisfied by duplicate copies of federal filings.
Section 58-5A-34 - Adequacy of insurer's surplus--Factors considered.
Section 58-5A-35 - Notice to director of extraordinary distribution--Approval by director.
Section 58-5A-36 - Application for approval of extraordinary distribution--Contents.
Section 58-5A-37 - Examination of insurers and affiliates.
Section 58-5A-38 - Grounds for director's examination.
Section 58-5A-38.1 - Production of records, books, and other information.
Section 58-5A-38.2 - Examination of registered insurer's affiliates to obtain information.
Section 58-5A-39 - Personnel employed by department for conduct of examination.
Section 58-5A-40 - Insurer to pay expense of examination.
Section 58-5A-41.2 - Certain sharing of confidential information permitted.
Section 58-5A-41.3 - Agreements regarding sharing of confidential information.
Section 58-5A-41.4 - Information in possession or control of NAIC confidential.
Section 58-5A-41.5 - Confidentiality not waived by disclosure of information.
Section 58-5A-43 - Acquisition of subsidiaries--Limitations.
Section 58-5A-44 - Disposition of investment in subsidiary upon cessation of control--Waiver.
Section 58-5A-45 - Pre-acquisition notification--"Person" defined.
Section 58-5A-46 - "Acquisition" and "Involved insurer" defined--Limited application.
Section 58-5A-47 - Application of §§ 58-5A-46 to 58-5A-53--Exceptions.
Section 58-5A-48 - Pre-acquisition notification--Contents--Waiting period.
Section 58-5A-50 - Acquisitions subject to order under § 58-5A-69.
Section 58-5A-51 - Plan for limiting anticompetitive impact of acquisition--Time limit.
Section 58-5A-52 - Fine, suspension, or revocation for violation of cease and desist order.
Section 58-5A-53 - Failure to comply with filing requirements--Fine.
Section 58-5A-54 - Report of dividends and distributions to shareholders--Time limit.
Section 58-5A-56 - Notification to director of certain transactions required.
Section 58-5A-57 - Transactions entered into to avoid director's review prohibited.
Section 58-5A-58 - Considerations in decision to approve or disapprove transactions.
Section 58-5A-59 - Notification to director of certain investments into one corporation.
Section 58-5A-62 - Violations by officers subject to fine--Determining amount of fine.
Section 58-5A-64 - Criminal proceedings for violation committed knowingly--Fine.
Section 58-5A-65 - False statements, reports, or filings as felony.
Section 58-5A-67 - Suspension, revocation, or refusal to renew license for violation.
Section 58-5A-68 - Stay of director's action upon appeal to circuit court.
Section 58-5A-70 - Promulgation of rules by director.
Section 58-5A-71 - Application of §§ 58-5A-60 and 58-5A-61.
Section 58-5A-72 - Ownership situs of voting securities.
Section 58-5A-73 - Additional investments by domestic insurer.
Section 58-5A-74 - Determining whether investments meet applicable requirements.
Section 58-5A-75 - Investments subject to chapter 58-27.
Section 58-5A-76 - Application to insurer not a member of same holding company.
Section 58-5A-78 - Director's participation in supervisory college to determine insurer compliance.
Section 58-5A-79 - Expenses of director's participation in supervisory college.
Section 58-5A-80 - Director's participation in supervisory college with other regulators.
Section 58-5A-80.1 - Internationally active insurance group--Supervision.
Section 58-5A-80.2 - International active insurance group--Group-wide supervisor determination.
Section 58-5A-80.3 - Internationally active insurance group--Group-wide supervisor acknowledgment.
Section 58-5A-80.4 - Group-wide supervisor--Information for determination.
Section 58-5A-80.5 - Group-wide supervisor--Director supervision--Permitted activities.
Section 58-5A-80.6 - Group-wide supervisor--Director cooperation.
Section 58-5A-80.7 - Information sharing.
Section 58-5A-80.8 - Promulgation of rules.
Section 58-5A-80.9 - Reasonable expenses.
Section 58-5A-81 - Maintenance of risk management framework.
Section 58-5A-82 - Regular conduct of ORSA.
Section 58-5A-83 - Submission of ORSA summary report or comparable reports to division.
Section 58-5A-84 - ORSA summary report requirements.
Section 58-5A-85 - Exemption from requirements.
Section 58-5A-86 - Requirements where insurer or insurer's group does not qualify for exemption.
Section 58-5A-87 - Insurer's application for waiver.
Section 58-5A-90 - Confidentiality of information submitted to division.
Section 58-5A-91 - Powers and duties of director regarding ORSA.
Section 58-5A-92 - Sharing of information and documents by director--Confidentiality.