South Dakota Codified Laws 58-4-44. Investigation of insurance business–Withholding report from publicinspection–Timely completion–Notice of closing investigation or final action
The director may investigate any person doing insurance business. The director may withhold from public inspection any examination or investigation report for so long as the director deems such withholding to be necessary for the protection of the person examined or investigated against unwarranted injury or to be in the public interest. The director shall complete any investigation in a timely manner. Any investigation not completed within twenty-four months shall be presented to the secretary of labor and regulation. If, after sixty days, the secretary has not completed the investigation, the secretary shall forward the matter to the attorney general who shall review the file and make recommendations to the secretary for the purpose of ensuring final action is taken concerning the investigation. If the Division of Insurance has given notice of a pending investigation to any person or legal entity, the division shall notify any such person or legal entity that the investigation is closed or final action has been taken.
Terms Used In South Dakota Codified Laws 58-4-44
- Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1992, ch 340, § 1; SL 2006, ch 250, § 1; SL 2011, ch 1 (Ex. Ord. 11-1), § 162, eff. Apr. 12, 2011.