Section 58-6A-2 - Charter and license of risk retention group--Approval of plan of operation--Notice toNational Association of Insurance Commissioners. - South Dakota Statutes

58-6A-2. Charter and license of risk retention group--Approval of plan of operation--Notice to National Association of Insurance Commissioners. Any risk retention group seeking to be chartered in this state shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provided elsewhere in this chapter, shall comply with all of the laws, rules, regulations, and requirements applicable to such insurers chartered and licensed in this state. Before it may offer insurance in any state, each risk retention group shall also submit for approval to the director of insurance of this state a plan of operation or a feasibility study and revisions of such plan or study if the group intends to offer any additional lines of liability insurance. Immediately upon receipt of an application for charter, this state shall provide summary information concerning the filing to the National Association of Insurance Commissioners, including the name of the risk retention group, the identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate. Providing notification to the National Association of Insurance Commissioners is in addition, and is not sufficient, to satisfy the requirements of this chapter.

Source: SL 1987, ch 372, § 2.