S.D. Codified Laws § 58-5A-103

Current through the 2024 Legislative Session

Section 58-5A-103 - Affiliate of certain domestic insurers-Jurisdiction of insurer's appointees

Any affiliate that is party to an agreement or contract with a domestic insurer that is referenced in subdivision 58-5A-56(4) is subject to the jurisdiction of any supervision, seizure, conservatorship or receivership proceedings against the insurer and to the authority of any supervisor, conservator, rehabilitator, or liquidator for the insurer appointed pursuant to chapter 58-29B for the purpose of interpreting, enforcing, and overseeing the affiliate's obligations under the agreement or contract to perform services for the insurer that:

(1) Are an integral part of the insurer's operations, including management, administrative, accounting, data processing, marketing, underwriting, claims handling, investment, or any other similar functions; or

(2) Are essential to the insurer's ability to fulfill its obligations under insurance policies.

The director may require that an agreement or contract referenced in subsection 58-5A-21(2)(e), for the provision of services described in subdivisions (1) and (2) of this section, specify that the affiliate consents to the jurisdiction as set forth in this section.

SDCL 58-5A-103

SL 2024, ch 201, §16.

Added by S.L. 2024, ch. 201,s. 16, eff. 7/1/2024.