58-43-16.23. Applicability of §§ 58-43-10 and 58-43-16.2 to 58-43-16.10.
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/sd/title-58/chapter-58-43/58-43-16-23·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The provisions of § 58-43-10 as amended by SL 2009, ch 271, § 7 apply to audits of the year beginning January 1, 2010. The provisions of §§ 58-43-16.2 to 58-43-16.10 , inclusive, are effective January 1, 2010. An insurer or group of insurers that is not required to have independent audit committee members or only a majority of independent audit committee members because the total written and assumed premium is below the threshold and subsequently becomes subject to one of the independence requirements due to changes in premium shall have one year following the year the threshold is exceeded (but not earlier than January 1, 2010) to comply with the independence requirements.
An insurer that becomes subject to one of the independence requirements as a result of a business combination shall have one calendar year following the date of acquisition or combination to comply with the independence requirements.