ENTITLED An Act to update requirements for an insurance company seeking to do business in this state.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That 58-6-13 be AMENDED:
58-6-13. No foreign insurance company may be admitted to do business in the State of South Dakota until it has fully complied with the following requirements, in addition to such other requirements as may be specifically provided:
(1) Such company shall have had two continuous calendar years of operating experience as of the date of application to do business in this state; and
(2) Shall have been examined within the sixty months next preceding the date of application to do business in this state; and
(3) Shall fully satisfy any retaliatory requirements imposed by the laws and regulations which the applying company's state of incorporation imposes upon South Dakota insurance companies seeking admission to such state.
Subdivisions (1) and (2) do not apply to a company which is a wholly owned subsidiary, or which is the successor in interest, through merger or consolidation, of an insurer which is an authorized insurer in this state or to a company which satisfies the director that it is in fact a continuation of an older organization. The director may waive the provisions of subdivisions (1) and (2) if a special need or circumstance, as determined by the director, can be demonstrated.
An Act to update requirements for an insurance company seeking to do business in this state.
I certify that the attached Act originated in the:
Chief Clerk
Speaker of the House
Attest:
Chief Clerk
President of the Senate
Attest:
Secretary of the Senate
File No. ____ Chapter No. ______
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Received at this Executive Office this _____ day of _____________,
2023 at ____________M.
By for the Governor
The attached Act is hereby approved this ________ day of ______________, A.D., 2023
ss. Office of the Secretary of State
Filed ____________, 2023 at _________ o'clock __M.
Secretary of State
By Asst. Secretary of State
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