South Dakota § 58-43-13 Application to file consolidated or combined financial statements--Worksheet--Contents.

South Dakota Statutes

§ 58-43-13 — Application to file consolidated or combined financial statements--Worksheet--Contents.

South Dakota § 58-43-13

Title 58INSURANCE

Ch. 58-43INDEPENDENT AUDIT OF INSURERS

This text of South Dakota § 58-43-13 (Application to file consolidated or combined financial statements--Worksheet--Contents.) 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 § 58-43-13 (2026).

Text

An insurer may make written application to the director for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies which utilizes a pooling or one hundred percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer cedes all of its direct and assumed business to the pool. In such cases, a columnar consolidating or combining worksheet shall be filed with the report as follows:

(1)Amounts shown on the consolidated or combined audited financial report shall be shown on the worksheet;

(2)Amounts for each insurer subject to this section shall be stated separately;

(3)Noninsurance operations may be shown o

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An insurer may make written application to the director for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies which utilizes a pooling or one hundred percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer cedes all of its direct and assumed business to the pool. In such cases, a columnar consolidating or combining worksheet shall be filed with the report as follows: (1) Amounts shown on the consolidated or combined audited financial report shall be shown on the worksheet; (2) Amounts for each insurer subject to this section shall be stated separately; (3) Noninsurance operations may be shown on the worksheet on a combined or individual basis; (4) Explanations of consolidating and eliminating entries shall be included; and (5) A reconciliation shall be included of any differences between the amounts shown in the individual insurer columns of the worksheet and comparable amounts shown on the annual statements of the insurers.