South Dakota § 58-3-23 Preclusion of examiner--Grounds.

South Dakota Statutes

§ 58-3-23 — Preclusion of examiner--Grounds.

South Dakota·Title 58 INSURANCE·Ch. 58-3 EXAMINATION OF INSURERS AND INSURANCE PRODUCERS

No examiner may be appointed by the director if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section may not be construed to automatically preclude an examiner from being:

(1)A policyholder or claimant under an insurance policy;

(2)A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;

(3)An investment owner in shares of regulated diversified investment companies; or (4) A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.

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No examiner may be appointed by the director if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section may not be construed to automatically preclude an examiner from being: (1) A policyholder or claimant under an insurance policy; (2) A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business; (3) An investment owner in shares of regulated diversified investment companies; or (4) A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.

South Dakota § 58-3-23 (Preclusion of examiner--Grounds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.