South Dakota Codified Laws 58-43-16.6. Election of controlling person to designate audit committee
Current as of: 2023 | Check for updates
|
Other versions
To exercise the election of the controlling person to designate the audit committee for purposes of this chapter, the ultimate controlling person shall provide written notice to the directors of the affected insurer. Notification shall be made timely prior to the issuance of the statutory audit report and include a description of the basis for the election. The election can be changed through notice to the director by the insurer, which shall include a description of the basis for the change. The election shall remain in effect until rescinded.
If an audit committee is not designated by the insurer, the insurer’s entire board of directors shall constitute the audit committee.
Terms Used In South Dakota Codified Laws 58-43-16.6
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
Source: SL 2009, ch 271, § 21, eff. Jan. 1, 2010.