South Dakota Codified Laws 58-5A-80.3. Internationally active insurance group–Group-wide supervisor acknowledgment
Notwithstanding any other provision in §§ 58-5A-80.1 to 58-5A-80.9, inclusive, if another regulatory official is acting as the group-wide supervisor of an internationally active insurance group, the director shall acknowledge that regulatory official as the group-wide supervisor. The director shall make a determination or acknowledgment as to the appropriate group-wide supervisor pursuant to § 58-5A-80.2 if a material change in the internationally active insurance group results in any of the following:
(1) The internationally active insurance group’s insurers domiciled in this state hold the largest share of the group’s premiums, assets or liabilities; or
Terms Used In South Dakota Codified Laws 58-5A-80.3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
(2) This state becomes the place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group.
Source: SL 2020, ch 213, § 4.