S.D. Codified Laws § 58-5A-80.1

Current through the 2024 Legislative Session

Section 58-5A-80.1 - Internationally active insurance group-Supervision

The director may act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. The director may also acknowledge another regulatory official as the group-wide supervisor if the internationally active insurance group:

(1) Does not have substantial insurance operations in the United States;

(2) Has substantial insurance operations in the United States, but not in this state; or

(3) Has substantial insurance operations in the United States and this state, but the director has determined pursuant to the factors set forth in § 58-5A-80.2 that another regulatory official is the appropriate group-wide supervisor.

An insurance holding company system that does not qualify as an internationally active insurance group may request that the director make a determination or acknowledgment as to a group-wide supervisor pursuant to §§ 58-5A-80.2 and 58-5A-80.6.

SDCL 58-5A-80.1

SL 2020, ch 213, § 2.

Added by S.L. 2020, ch. 213,s. 2, eff. 7/1/2020.