South Dakota § 58-43-14 - Report of material misstatement of financial condition or that capital and surplus requirements not met--Time limit--Liability of accountant.
Full text of South Dakota South Dakota Codified Laws § 58-43-14 — Report of material misstatement of financial condition or that capital and surplus requirements not met--Time limit--Liability of accountant., with citation guidance and answers to common questions.
§ 58-43-14. Report of material misstatement of financial condition or that capital and surplus requirements not met--Time limit--Liability of accountant.
An insurer shall require the accountant to report, in writing, within five business days to the board of directors or its audit committee any determination by the accountant that the insurer has materially misstated its financial condition as reported to the director as of the balance sheet date currently under examination or that the insurer does not meet the minimum capital and surplus requirement of §§ 58-5-21 and 58-6-23 as of that date. An insurer who has received a report pursuant to this section shall forward a copy of the report to the director within five business days of receipt of the report and shall provide the accountant making the report with evidence of the report being furnished to the director. If the accountant fails to receive the evidence within the required five business-day period, the accountant shall send or deliver to the director a copy of its report within the next five business days.
No accountant is liable in any manner to any person for any statement made in connection with this section if the statement is made in good faith.
Source: SL 1992, ch 357, § 14.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-43-14
What does South Dakota Codified Laws § 58-43-14 cover?
Section 58-43-14 ("Report of material misstatement of financial condition or that capital and surplus requirements not met--Time limit--Liability of accountant.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-43-14?
A common citation format is "South Dakota Codified Laws § 58-43-14" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-43-14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.