58-5A-49. Action by director when acquisition lessens competition--Promulgation of rules establishing competitive standards.
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/sd/title-58/chapter-58-5/58-5a-49A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director may enter an order under § 58-5A-67 or 58-5A-69 with respect to an acquisition if there is substantial evidence that the effect of the acquisition lessens competition in any line of insurance in this state to the detriment of consumers or tends to create a monopoly or if the insurer fails to file adequate information in compliance with § 58-5A-48 . The director may promulgate rules pursuant to chapter 1-26 to establish criteria and factors for competitive standards. The director may disapprove the acquisition or act to prevent the acquisition by invoking the laws of this state.