S.D. Codified Laws § 58-5A-21

Current through the 2024 Legislative Session

Section 58-5A-21 - Form and contents of registration statement

Each insurer subject to registration pursuant to § 58-5A-20 shall file a registration statement with the director on a form and in the format provided by the division, which contains current information about:

(1) The capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer;

(2) The following agreements in force and transactions currently outstanding between the insurer and its affiliates:

(a) Loans, or other investments, or purchases, sales or exchanges of securities of the affiliate by the insurer or of the insurer by its affiliates;

(b) Purchases, sales, or exchanges of assets;

(c) Transactions not in the ordinary course of business;

(d) Guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability, other than insurance contracts entered into in the ordinary course of the insurer's business;

(e) All management and service contracts and all cost sharing arrangements;

(f) Dividends and other distributions to shareholders; and

(g) Consolidated tax allocation agreements;

(3) Other matters concerning transactions between a registered insurer and any affiliate as may be required by the director;

(4) The identity and relationship of each member of the insurance holding company system;

(5) Any pledge of the insurer's stock, including stock of any subsidiary of or controlling affiliate, for a loan made to any member of the insurance holding company system;

(6) The financial statement of or within an insurance holding company system, including each affiliate. The financial statement may include the annual audited financial statement filed with the U.S. Securities and Exchange Commission (SEC) pursuant to the Securities Act of 1933, as of January 1, 2015, or the Securities Exchange Act of 1934, as of January 1, 2015. An insurer required to file a financial statement pursuant to this section shall satisfy the requirements by providing the director with the most recently filed parent corporation financial statements that have been filed with the SEC;

(7) A statement that the insurer's board of directors oversees corporate governance and internal controls and that the insurer's officers or senior management have approved, implemented, and continue to maintain and monitor corporate governance and internal control procedures; and

(8) Any other information required by the director pursuant to law or rule.

All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement.

SDCL 58-5A-21

SL 1972, ch 267, § 15; SL 1992, ch 341, § 16; SL 2015, ch 246, § 7.

Amended by S.L. 2015, ch. 246,s. 7, eff. 7/1/2015.