South Dakota Codified Laws 58-3-5. Examination of agents, managers, and promoters
For the purpose of ascertaining compliance with this title, the director may as often as the director deems advisable examine the accounts, records, documents, and transactions, pertaining to or affecting its insurance affairs or proposed insurance affairs, of:
(1) Any insurance producer, surplus line broker, or general agent;
Terms Used In South Dakota Codified Laws 58-3-5
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
(2) Any person having a contract under which the person enjoys in fact the exclusive or dominant right to manage or control an insurer;
(3) Any person holding the shares of voting stock or policyholder proxies of a domestic insurer, for the purpose of controlling the management thereof, as voting trustee or otherwise;
(4) Any person engaged in or proposing to be engaged in or assisting in the promotion or formation of a domestic insurer or insurance holding corporation, or corporation to finance a domestic insurer or the production of its business.
Source: SL 1966, ch 111, ch 2, § 17; SL 2001, ch 286, § 61.