S.D. Codified Laws § 58-5A-80.3

Current through the 2024 Legislative Session

Section 58-5A-80.3 - Internationally active insurance group-Group-wide supervisor acknowledgment

Notwithstanding any other provision in §§ 58-5A-80.1 to 58-5A-80.9, inclusive, if another regulatory official is acting as the group-wide supervisor of an internationally active insurance group, the director shall acknowledge that regulatory official as the group-wide supervisor. The director shall make a determination or acknowledgment as to the appropriate group-wide supervisor pursuant to § 58-5A-80.2 if a material change in the internationally active insurance group results in any of the following:

(1) The internationally active insurance group's insurers domiciled in this state hold the largest share of the group's premiums, assets or liabilities; or

(2) This state becomes the place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group.

SDCL 58-5A-80.3

SL 2020, ch 213, § 4.

Added by S.L. 2020, ch. 213,s. 4, eff. 7/1/2020.