Section 58-5A-29 - Disclaimer of affiliation--Contents and effect of filing--Disallowance of disclaimer. - South Dakota Statutes

58-5A-29. Disclaimer of affiliation--Contents and effect of filing--Disallowance of disclaimer. Any person may file with the director a disclaimer of affiliation with any authorized insurer or such a disclaimer may be filed by such insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and basis for affiliation between such person and such insurer as well as the basis for disclaiming such affiliation. After a disclaimer has been filed, the insurer shall be relieved of any duty to register or report under § 58-5A-20 which may arise out of the insurer's relationship with such person unless and until the director disallows such a disclaimer. The director shall disallow such a disclaimer only after furnishing all parties in interest with notice and opportunity to be heard, and after making specific findings of fact to support such disallowance.

Source: SL 1972, ch 267, § 23.