South Dakota Codified Laws 58-5A-80.5. Group-wide supervisor–Director supervision–Permitted activities
If the director is the group-wide supervisor for an internationally active insurance group, the director may engage in any of the following group-wide supervision activities:
(1) Assess the enterprise risks within the internationally active insurance group to ensure that:
Terms Used In South Dakota Codified Laws 58-5A-80.5
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- 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
(a) The material financial condition and liquidity risks to the members of the internationally active insurance group that are engaged in the business of insurance are identified by management; and
(b) Reasonable and effective mitigation measures are in place;
(2) Request, from any member of an internationally active insurance group subject to the director’s supervision, information necessary and appropriate to assess enterprise risk, including information about the members of the internationally active insurance group regarding:
(a) Governance, risk assessment and management;
(b) Capital adequacy; and
(c) Material intercompany transactions;
(3) Coordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of the internationally active insurance group that are engaged in the business of insurance;
(4) Communicate with other state, federal, and international regulatory agencies for members within the internationally active insurance group and share relevant information subject to the confidentiality provisions of § 58-5A-41 , through supervisory colleges as set forth in § 58-5A-78 ;
(5) Enter into an agreement with or obtain documentation from any insurer registered under this chapter, any member of the internationally active insurance group, and any other state, federal and international regulatory agency for members of the internationally active insurance group, providing the basis for or otherwise clarifying the director’s role as group-wide supervisor, including provisions for resolving disputes with other regulatory officials. The agreement or documentation may not serve as evidence in any proceeding that any insurer or person within an insurance holding company system not domiciled or incorporated in this state is doing business in this state or is otherwise subject to jurisdiction in this state; and
(6) Other group-wide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the director.
Source: SL 2020, ch 213, § 6.