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

South Dakota Statutes

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

South Dakota § 58-3-23

Title 58INSURANCE

Ch. 58-3EXAMINATION OF INSURERS AND INSURANCE PRODUCERS

This text of South Dakota § 58-3-23 (Preclusion of examiner--Grounds.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-3-23 (2026).

Text

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.