Section 58-5A-49 - Action by director when acquisition lessens competition--Promulgation of rules establishingcompetitive standards. - South Dakota Statutes

58-5A-49. Action by director when acquisition lessens competition--Promulgation of rules establishing competitive standards. The director may enter an order under § 58-5A-67 or 58-5A-69 with respect to an acquisition if there is substantial evidence that the effect of the acquisition lessens competition in any line of insurance in this state to the detriment of consumers or tends to create a monopoly or if the insurer fails to file adequate information in compliance with § 58-5A-48. The director may promulgate rules pursuant to chapter 1-26 to establish criteria and factors for competitive standards. The director may disapprove the acquisition or act to prevent the acquisition by invoking the laws of this state.

Source: SL 1992, ch 341, § 11.