South Dakota § 58-43-16.29 Exemption from internal audit function requirements.

South Dakota Statutes

§ 58-43-16.29 — Exemption from internal audit function requirements.

South Dakota § 58-43-16.29

Title 58INSURANCE

Ch. 58-43INDEPENDENT AUDIT OF INSURERS

This text of South Dakota § 58-43-16.29 (Exemption from internal audit function requirements.) 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 § 58-43-16.29 (2026).

Text

An insurer is exempt from the requirements of §§ 58-43-16.25 to 58-43-16.28 , inclusive, if the insurer:

(1)Has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding any premium that is reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, and that is less than five hundred million dollars; and (2) Is a member of a group of insurers, the group has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding any premium that is reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, and that is less than one billion dollars. If an insurer or group of insurers no longer qualifies for this exemption, it has on

Free access — add to your briefcase to read the full text and ask questions with AI

An insurer is exempt from the requirements of §§ 58-43-16.25 to 58-43-16.28 , inclusive, if the insurer: (1) Has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding any premium that is reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, and that is less than five hundred million dollars; and (2) Is a member of a group of insurers, the group has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding any premium that is reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, and that is less than one billion dollars. If an insurer or group of insurers no longer qualifies for this exemption, it has one year after the year the threshold is exceeded to comply with §§ 58-43-16.25 to , inclusive.