This text of South Dakota § 58-43-16.9 (Criteria for proportion of audit committee members.) 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.
The proportion of independent audit committee members shall meet or exceed the following criteria: Prior Calendar Year Direct Written and Assumed Premiums $0--$300,000,000 Over $300,000,000-- Over $500,000,000 $500,000,000 No minimum requirements. See also Note A and B. Majority (50% or more) of members shall be Supermajority of members (75% or more) shall be independent. See also Note independent. See also Note A and B.
A.Note A: The director has authority afforded by state law to require the entity's board to enact improvements to the independence of the audit committee membership if the insurer is in a risk based capital (RBC) action level event, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, or otherwise exhibits qualities of a troubled
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The proportion of independent audit committee members shall meet or exceed the following criteria: Prior Calendar Year Direct Written and Assumed Premiums $0--$300,000,000 Over $300,000,000-- Over $500,000,000 $500,000,000 No minimum requirements. See also Note A and B. Majority (50% or more) of members shall be Supermajority of members (75% or more) shall be independent. See also Note independent. See also Note A and B. A. Note A: The director has authority afforded by state law to require the entity's board to enact improvements to the independence of the audit committee membership if the insurer is in a risk based capital (RBC) action level event, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, or otherwise exhibits qualities of a troubled insurer. Note B: Any insurer with less than five hundred million in prior year direct written and assumed premiums is encouraged to structure an audit committee with at least a supermajority of independent audit committee members. Note C: Prior calendar year direct written and assumed premiums shall be the combined total of direct premiums and assumed premiums from nonaffiliates for the reporting entities.