South Dakota § 58-46-15 - Financial condition reporting--Independent audit.
Full text of South Dakota South Dakota Codified Laws § 58-46-15 — Financial condition reporting--Independent audit., with citation guidance and answers to common questions.
§ 58-46-15. Financial condition reporting--Independent audit.
Each group or sponsored captive insurance company shall submit annually to the director a report of its financial condition pursuant to § 58-6-75, no later than six months after the close of its financial year. The report shall be audited by an independent certified public accountant pursuant to chapter 58-43. Each group or sponsored captive insurance company shall file with its annual report of financial condition an actuarial opinion pursuant to § 58-26-13.1. If requested by the director, the group or sponsored captive insurance company shall submit quarterly reports of its financial condition pursuant to § 58-6-75.
A pure, agency, or trust captive insurance company shall submit annually no later than six months after the close of its financial year to the director a report of its financial condition using statutory accounting principles certified under oath by two of its officers. A pure, agency, or trust captive insurance company shall provide a report of its financial condition audited by an independent certified public accountant every five years pursuant to chapter 58-43 if it has annual direct premiums written of less than two million five hundred thousand dollars. If a pure, agency, or trust captive insurance company has two million five hundred thousand dollars or more of annual direct premiums written, it shall provide a report of its financial condition audited by an independent certified public accountant every three years pursuant to chapter 58-43. Following its first year of operation, and in connection with its audited statement of financial condition (or more often if requested by the director), each pure, agency, or trust captive insurance company shall file an actuarial opinion pursuant to § 58-26-13.1.
No later than six months after the close of its financial year, a special purpose captive insurance company shall submit to the director a report of its financial condition pursuant to § 58-6-75. The report shall be audited by an independent certified public accountant pursuant to chapter 58-43. Following its first year of operation, and every three years thereafter, a special purpose captive insurance company shall file with its annual report of financial condition an actuarial opinion pursuant to § 58-26-13.1. If requested by the director, the special purpose captive insurance company shall submit quarterly reports of its financial condition pursuant to § 58-6-75.
Upon request to and approval by the director, a captive insurance company may use generally accepted accounting principles in lieu of statutory accounting principles in its certification of its financial condition and may use consolidated, nonconsolidated, or a similar type of reporting, as approved by the director.
Source: SL 1996, ch 287, § 15; SL 2009, ch 272, § 7; SL 2013, ch 257, § 13; SL 2015, ch 257, § 3.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-46-15
What does South Dakota Codified Laws § 58-46-15 cover?
Section 58-46-15 ("Financial condition reporting--Independent audit.") 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 § 58-46-15?
A common citation format is "South Dakota Codified Laws § 58-46-15" (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 § 58-46-15 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.