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

SD Codified L § 58-5A-89 (2019) (N/A)
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58-5A-89. Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report. 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.Source: SL 2017, ch 210, § 10.

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