58-3-23. Preclusion of examiner--Grounds.
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/sd/title-58/chapter-58-3/58-3-23A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No examiner may be appointed by the director if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section may not be construed to automatically preclude an examiner from being:
(1)A policyholder or claimant under an insurance policy;
(2)A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;
(3)An investment owner in shares of regulated diversified investment companies; or
(4)A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.