58-5A-10.1. Request for public hearing on consolidated basis.
149 words·~1 min read·
/sd/title-58/chapter-58-5/58-5a-10-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a proposed acquisition of control requires the approval of more than one director or commissioner, the public hearing referred to in § 58-5A-10 may be held on a consolidated basis upon request of the person filing the statement referred to in § 58-5A-2 , 58-5A-3 , or 58-5A-3.1 . The statement shall be filed with the NAIC within five days of making the request for public hearing. A director or commissioner may opt out of a consolidated hearing, and shall provide notice to the applicant within ten days of the receipt of the statement.
A hearing conducted on a consolidated basis shall be public and shall be held within the United States before the directors or commissioners of the states in which the insurers are domiciled. The directors or commissioners shall hear and receive evidence. A director or commissioner may attend the hearing, in person or by telecommunication.