58-6A-2. Charter and license of risk retention group--Approval of plan of operation or feasibility study--Revision of plan or study--Notice to National Association of Insurance Commissioners.
Any risk retention group seeking to be chartered in this state shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provided in this chapter, shall comply with all of the laws, rules, and requirements applicable to such insurers chartered and licensed in this state. Before it may offer insurance in any state, each risk retention group shall also submit for approval to the director of insurance of this state a plan of operation or a feasibility study and revisions of such plan or study if the group intends to offer any additional lines of liability insurance. If any subsequent material change is made to the plan of operation or feasibility study, the risk retention group shall submit an appropriate revision to the director within ten days of any change. No group may offer any additional lines of liability insurance in this state or any other state until a revision of the plan or study is approved by the director.
When filing an application for charter, the risk retention group shall provide to the director a summary of information, including the name of the risk retention group, the identity of the initial members of the group, the identity of those persons who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate. Upon receipt, the director shall forward the information to the National Association of Insurance Commissioners. Providing notification to the National Association of Insurance Commissioners is in addition, and is not sufficient, to satisfy the requirements of this chapter.
Source: SL 1987, ch 372, §2; SL 2016, ch 232, §14.
Structure South Dakota Codified Laws
Chapter 06A - Risk Retention Groups
Section 58-6A-1 - Definition of terms.
Section 58-6A-3 - Information submitted to director.
Section 58-6A-3.2 - Criteria of material relationship.
Section 58-6A-3.3 - Material service provider contracts.
Section 58-6A-3.5 - Written policy in plan of operation.
Section 58-6A-3.6 - Members of audit committee.
Section 58-6A-3.7 - Purpose of audit committee.
Section 58-6A-3.8 - Waiver of audit committee requirement.
Section 58-6A-3.9 - Governance standards.
Section 58-6A-3.10 - Code of business conduct and ethics.
Section 58-6A-3.11 - Notice to director of noncompliance with standards.
Section 58-6A-3.12 - Application of §§ 58-6A-1 to 58-6A-3.11.
Section 58-6A-4 - Financial information submitted to director.
Section 58-6A-5.1 - Rate of taxation on premiums--Interest, fines and penalties--Payment.
Section 58-6A-6 - Compliance with Unfair Trade Practices Act.
Section 58-6A-8 - Examination by director.
Section 58-6A-9 - Notice contained on policy--Contents.
Section 58-6A-10 - Prohibited acts by risk retention group.
Section 58-6A-11 - Insurance company as member or owner.
Section 58-6A-14 - Countersignature on policy not required.
Section 58-6A-15 - Prohibited insurance coverage.
Section 58-6A-17 - Notice to director--Contents.
Section 58-6A-17.1 - Notice to director of changes.
Section 58-6A-17.2 - Information required by director--Time for giving notice and information.
Section 58-6A-18 - Designation of director as agent for purchasing group--Exceptions.
Section 58-6A-20 - Director's use of enforcement powers--Injunctive authority.
Section 58-6A-21 - Penalty for violation.
Section 58-6A-22 - Broker license--Waiver of residency requirements.