58-5A-83. Submission of ORSA summary report or comparable reports to division.
The ORSA summary report, or any combination of reports that together contain the information described in the ORSA guidance manual, shall be submitted to the division upon the director's request. The director may request the ORSA summary report no more than annually. If the insurer is a member of an insurance group, then the insurer shall submit the report or reports required by §§58-5A-81 to 58-5A-93, inclusive, if the director is the lead state director of the insurance group.
An insurer may comply with this section by providing the most recent and substantially similar reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA guidance manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.
Source: SL 2017, ch 210, §4.
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.