Any risk retention group doing business in this state shall submit to the director: (1) A copy of the group's financial statement submitted to its state of domicile, which shall be certified by an independent public accountant and contain a statement of opinion on loss and loss adjustment expense reserves made by a member of the American Academy of Actuaries or a qualified loss reserve specialist under criteria established by the National Association of Insurance Commissioners; (2) A copy of each examination of the risk retention group as certified by the director or public official conducting the examination; (3) Upon request by the director, a copy of any audit performed with respect to the risk retention group; and (4) Such information as may be required to verify its continuing qualification as a risk retention group under this chapter.
‹ Prev All South Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.