SB8 clarifies the definition of "control" in South Dakota's insurance holding company law by changing it from "shall be" to "is" presumed when someone owns 10% or more of voting securities, making the legal language more consistent and clear. The bill also updates the definition of "enterprise risk" to include any activity or event that could harm an insurer's financial condition or the entire holding company system if not fixed quickly. These changes modernize South Dakota's oversight rules for insurance companies and their parent organizations.
AI-generated summary
This bill does not directly amend codified state law.
Signed by the Governor S.J. 329
Delivered to the Governor S.J. 291
Signed by the Speaker H.J. 323
Signed by the President S.J. 245
House of Representatives Do Pass Passed, YEAS 65, NAYS 0. H.J. 278
House of Representatives Do Pass Passed, YEAS 65, NAYS 0. H.J. 280
Commerce and Energy Certified uncontested, placed on consent
Commerce and Energy Do Pass Passed, YEAS 13, NAYS 0.
Commerce and Energy Scheduled for hearing
House of Representatives Referred to House Commerce and Energy H.J. 59
First Reading House H.J. 50
Senate Do Pass Passed, YEAS 34, NAYS 0. S.J. 63
Senate Do Pass Passed, YEAS 34, NAYS 0. S.J. 63
Commerce and Energy Certified uncontested, placed on consent
Commerce and Energy Do Pass Passed, YEAS 6, NAYS 0.
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 11
Commerce and Energy — Do Pass
Do Pass
Commerce and Energy — Do Pass