58-24-59. Examination of rating organizations, advisory organizations, joint underwriters, and joint reinsurers--Acceptance of report of official of another state.
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/sd/title-58/chapter-58-24/58-24-59·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As often as the director deems necessary, the director shall examine each rating organization licensed in this state as provided in §§ 58-24-35 to 58-24-39 , inclusive, each advisory organization referred to in § 58-24-53 , and each group, association, or other organization referred to in § 58-24-57 . The cost of any examination shall be paid by the rating organization, advisory organization, or group, association or other organization examined. The officers, manager, agents, and employees of the rating organization, advisory organization, or group, association, or other organization may be examined at any time under oath and shall exhibit all books, records, accounts, documents, or agreements governing its method of operation.
In lieu of the above, the director may accept the report of an examination made by the insurance supervisory official of another state. No rating organization examined may be reimbursed from the examination fund.