ENTITLED An Act to streamline examination reports.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That   58-3-12 be AMENDED:

58-3-12. No later than sixty days following completion of the examination, the examiner in charge shall file with the division a written report of examination under oath. Upon receipt of the report, the division shall transmit the report to the company examined. The company may make a written submission or rebuttal with respect to any matters contained in the examination report within thirty days of transmittal of the report.

Within thirty days of receipt of written submissions or rebuttals, if any, the director shall fully consider and review the report, together with any written submissions or rebuttals and any relevant portions of the examiner's work papers, and enter an order:

(1) Adopting the examination report as filed or with modification or corrections. If the examination report reveals that the company is operating in violation of any law, regulation or prior order of the director, the director may order the company to take any action the director considers necessary and appropriate to cure the violation;

(2) Rejecting the examination report with directions to the examiners to reopen the examination for purposes of obtaining additional data, documentation, or information, and refiling pursuant to the procedures in subdivision (1) for the initial report; or

(3) Calling for an investigatory hearing with no less than twenty days' notice to the company for purposes of obtaining additional documentation, data, information, and testimony.

An Act to streamline examination reports.

Statutes affected:
Introduced, 01/06/2023: 58-3-12
Enrolled, 01/26/2023: 58-3-12