{"data":{"id":"us-sd/sdcl-58-43-16.9","jurisdiction":"us-sd","citation":"SDCL § 58-43-16.9","heading":"Criteria for proportion of audit committee members.","body":"The proportion of independent audit committee members shall meet or exceed the following criteria:\nPrior Calendar Year Direct Written and Assumed Premiums\n$0--$300,000,000 | Over $300,000,000-- | Over $500,000,000\n$500,000,000\nNo minimum requirements. See also Note A and B. | Majority (50% or more) of members shall be | Supermajority of members (75% or more) shall be\nindependent. See also Note | independent. See also Note\nA and B. | A.\nNote A: The director has authority afforded by state law to require the entity's board to enact improvements to the independence of the audit committee membership if the insurer is in a risk based capital (RBC) action level event, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, or otherwise exhibits qualities of a troubled insurer.\nNote B: Any insurer with less than five hundred million in prior year direct written and assumed premiums is encouraged to structure an audit committee with at least a supermajority of independent audit committee members.\nNote C: Prior calendar year direct written and assumed premiums shall be the combined total of direct premiums and assumed premiums from nonaffiliates for the reporting entities.","path":["TITLE 58. INSURANCE","CHAPTER 58-43. INDEPENDENT AUDIT OF INSURERS"],"source_url":"https://sdlegislature.gov/Statutes/58-43-16.9","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"ec11b367dcac33f4e3b5e6d34c8969c708efc6845cb6c45fdd970ce78c5020d7","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-58-43-16.8","next":"us-sd/sdcl-58-43-16.10"},"notice":"GroundRules: Original legal text. Not legal advice."}