No foreign insurance company may be admitted to do business in the State of South Dakota until it has fully complied with the following requirements, in addition to such other requirements as may be specifically provided:

(1) Such company shall have had two continuous calendar years of operating experience as of the date of application to do business in this state; and

(2) Shall have been examined within the sixty months next preceding the date of application to do business in this state; and

(3) Shall fully satisfy any retaliatory requirements imposed by the laws and regulations which the applying company’s state of incorporation imposes upon South Dakota insurance companies seeking admission to such state.

Subdivisions (1) and (2) do not apply to a company which is a wholly owned subsidiary, or which is the successor in interest, through merger or consolidation, of an insurer which is an authorized insurer in this state or to a company which satisfies the director that it is in fact a continuation of an older organization. The director may waive the provisions of subdivisions (1) and (2) if a special need or circumstance, as determined by the director, can be demonstrated.

Source: SL 1966, ch 111, ch 3, § 7; SL 1988, ch 389; SL 2023, ch 164, § 1.