South Dakota Codified Laws
Chapter 06A - Risk Retention Groups
Section 58-6A-8 - Examination by director.

58-6A-8. Examination by director.
Any risk retention group shall submit to an examination by the director to determine its financial condition if the director of the jurisdiction in which the group is chartered has not initiated an examination or does not initiate an examination within sixty days after a request by the director of this state. Any such examination shall be coordinated to avoid unjustified repetition and conducted in an expeditious manner in accordance with the National Association of Insurance Commissioners' Examiners Handbook.

Source: SL 1987, ch 372, §8.

Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 58 - Insurance

Chapter 06A - Risk Retention Groups

Section 58-6A-1 - Definition of terms.

Section 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.

Section 58-6A-3 - Information submitted to director.

Section 58-6A-3.1 - Majority of risk retention group directors to be independent--Board determinations as to material relationship.

Section 58-6A-3.2 - Criteria of material relationship.

Section 58-6A-3.3 - Material service provider contracts.

Section 58-6A-3.4 - Notice to director of intent to enter into service provider contract meeting criteria of material relationship.

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 - Taxation of premiums--Payment by insurance producers or brokers--Payment by risk retention group--Report of premiums.

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-7 - Compliance with laws regarding deceptive, false, or fraudulent acts or practices--Injunction.

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-12 - Compliance with voluntary dissolution or delinquency order by group not chartered if financially impaired.

Section 58-6A-13 - Financial contribution to or benefit from insurance insolvency guaranty fund prohibited.

Section 58-6A-14 - Countersignature on policy not required.

Section 58-6A-15 - Prohibited insurance coverage.

Section 58-6A-16.1 - Exemptions for purchasing group and insurer in regard to liability insurance--Subject to other laws.

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-19.1 - Purchase from risk retention group not chartered or insurer not admitted in state prohibited--Exception.

Section 58-6A-19.2 - Notice of unprotected risk when liability insurance obtained from insurer not admitted in this state or risk retention group.

Section 58-6A-19.3 - Purchase of insurance providing for deductible or self-induced retention applicable to whole group prohibited--Application to individuals allowed--Aggregate limits standards.

Section 58-6A-19.4 - Insurance producer or broker license required for purchasing liability insurance from risk retention group.

Section 58-6A-19.5 - Insurance producer or broker license required to solicit liability insurance for purchasing group from insurer or risk retention group.

Section 58-6A-19.6 - Insurance producer or broker license required to solicit liability insurance for member of purchasing group.

Section 58-6A-19.7 - Surplus lines producer or excess line producer license required to solicit liability insurance from unauthorized insurer for purchasing group.

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.

Section 58-6A-23 - Enforcement of injunction against risk retention group in hazardous financial condition.

Section 58-6A-24 - Promulgation of rules.