SDCL § 58-43-16.29: Exemption from internal audit function requirements.

An insurer is exempt from the requirements of §§ 58-43-16.25 to 58-43-16.28, inclusive, if the insurer:

(1) Has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding any premium that is reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, and that is less than five hundred million dollars; and

(2) Is a member of a group of insurers, the group has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding any premium that is reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, and that is less than one billion dollars.

If an insurer or group of insurers no longer qualifies for this exemption, it has one year after the year the threshold is exceeded to comply with §§ 58-43-16.25 to 58-43-16.29, inclusive.