An insurer shall require the accountant to report, in writing, within five business days to the board of directors or its audit committee any determination by the accountant that the insurer has materially misstated its financial condition as reported to the director as of the balance sheet date currently under examination or that the insurer does not meet the minimum capital and surplus requirement of §§ 58-5-21 and 58-6-23 as of that date. An insurer who has received a report pursuant to this section shall forward a copy of the report to the director within five business days of receipt of the report and shall provide the accountant making the report with evidence of the report being furnished to the director. If the accountant fails to receive the evidence within the required five business–day period, the accountant shall send or deliver to the director a copy of its report within the next five business days.

No accountant is liable in any manner to any person for any statement made in connection with this section if the statement is made in good faith.

Terms Used In South Dakota Codified Laws 58-43-14

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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 357, § 14.

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