A new bill revising aspects of South Dakota’s captive insurance legislation has been signed into law.
South Dakota governor Dennis Daugaard signed HB 1051, an act to revise certain provisions regarding the regulation of captives, into law on 7 March.
Section 58-46-4 has been amended to say that the insurance department must receive “a statement under oath of an officer, manager, trustee, or other appropriately authorised representative” before the captive’s certificate of authority will be issued.
Title 58 of South Dakota’s state laws, which concerns insurance, previously required statements under oath from the captive’s “president and secretary”
Instead of providing “articles of incorporation and bylaws”, a captive must now also supply the insurance department with its “governing documents”.
Under the new bill, Section 58-46-13 will also give “any captive” the privileges of Title 47, concerning corporations, or Title 55, covering fiduciaries and trusts.
“In the event of conflict between the provisions of this chapter and those of title 47 or title 55, the provisions of this chapter control,” it added.
