S.D. Admin. R. 20:06:36:18

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:36:18 - Authorized control level event - Actions of director

If an authorized control level event occurs, the director shall do the following:

(1) Take actions required under §§ 20:06:36:13 to 20:06:36:16, inclusive, for a regulatory action level event; or

(2) If the director considers it to be in the best interests of the policyholders and creditors of the insurer or health organization and of the public, take the actions necessary to cause the insurer or health organization to be placed under regulatory control under SDCL chapter 58-29 B. If the director takes such actions, the authorized control level event is sufficient grounds for the director to take action under SDCL chapter 58-29 B, and the director has the rights, powers, and duties regarding the insurer or health organization set forth in SDCL chapter 58-29 B. If the director takes actions under this subdivision pursuant to an adjusted RBC report, the insurer or health organization is entitled to the protections afforded to insurers or health organizations under the provisions of SDCL 58-29B-24 to 58-29B-30, inclusive.

S.D. Admin. R. 20:06:36:18

23 SDR 228, effective 7/3/1997; 41 SDR 93, effective 12/3/2014.

General Authority: SDCL 58-4-48.

Law Implemented: SDCL 58-4-48.