58-43-16.15. Certain insurers required to file Section 404 report and addendum.
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/sd/title-58/chapter-58-43/58-43-16-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An insurer or a group of insurers that is:
(1)Directly subject to Section 404;
(2)Part of a holding company system whose parent is directly subject to Section 404;
(3)Not directly subject to Section 404 but is a SOX compliant entity; or
(4)A member of a holding company system whose parent is not directly subject to Section 404 but is a SOX compliant entity;
If there are internal controls of the insurer or group of insurers that have a material impact on the preparation of the insurer's or group of insurers' audited statutory financial statements and those internal controls were not included in the scope of the Section 404 report, the insurer or group of insurers may either file a report in accordance with § 58-43-16.13 , or the Section 404 report and a § 58-43-16.13 report for those internal controls that have a material impact on the preparation of the insurer's or group of insurers' audited statutory financial statements not covered by the Section 404 report.