South Dakota § 58-5A-89 Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report.

South Dakota Statutes

§ 58-5A-89 — Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report.

South Dakota·Title 58 INSURANCE·Ch. 58-4A INSURANCE HOLDING COMPANIES

Notwithstanding the exemptions from the requirements of §§ 58-5A-81 to 58-5A-93 , inclusive, the director may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report:

(1)Based on unique circumstances including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests; or (2) If the insurer has risk-based capital levels requiring company action, 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 as determined by the director.

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Notwithstanding the exemptions from the requirements of §§ 58-5A-81 to 58-5A-93 , inclusive, the director may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report: (1) Based on unique circumstances including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests; or (2) If the insurer has risk-based capital levels requiring company action, 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 as determined by the director.

South Dakota § 58-5A-89 (Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.