2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 29D - Regulation Of Life And Health Administrators
§ 58-29D-22 Application by administrator--Contents--Fee.

58-29D-22. Application by administrator--Contents--Fee. An administrator shall apply to the director upon a form to be furnished by the director. The application shall include or be accompanied by the following information and documents:

(1) All basic organizational documents of the administrator, including any articles of incorporation, articles of association, partnership agreement, trade name certificate, trust agreement, shareholder agreement, and other applicable documents, and all amendments to such documents;

(2) The bylaws, rules, regulations, or similar documents regulating the internal affairs of the administrator;

(3) The names, addresses, official positions, and professional qualifications of the individuals who are responsible for the conduct of affairs of the administrator; including all members of the board of directors, board of trustees, executive committee, or other governing board or committee; the principal officers in the case of a corporation or the partners or members in the case of a partnership or association; shareholders holding directly or indirectly ten percent or more of the voting securities of the administrator; and any other person who exercises control or influence over the affairs of the administrator;

(4) Annual financial statements or reports for the two most recent years which prove that the applicant is solvent and such information as the director may require in order to review the current financial condition of the applicant;

(5) A statement describing the business plan including information on staffing levels and activities proposed in this state and nationwide. The plan shall provide details setting forth the administrator's capability for providing a sufficient number of experienced and qualified personnel in the areas of claims processing, record keeping, and underwriting;

(6) If the applicant will be managing the solicitation of new or renewal business, proof that it employs or has contracted with an insurance producer licensed by this state for solicitation and taking of applications. Any applicant shall provide proof that it has a license as a life and health insurance producer in this state; and

(7) Information regarding administrative actions, criminal convictions, or guilty pleas.

The director may request additional information if the information provided pursuant to this section is inaccurate, incomplete, or unclear. If an applicant fails to provide the requested information within thirty days of the receipt of the any written request pursuant to subdivisions (1) to (7), inclusive, it is grounds for denial of an application.

Any material change in the above information shall be filed with the director within thirty days. A filing fee of five hundred dollars shall accompany the application.

Source: SL 1992, ch 352, § 22; SL 2001, ch 286, § 153; SL 2013, ch 253, § 2.