South Dakota § 58-5A-48 - Pre-acquisition notification--Contents--Waiting period.

§ 58-5A-48. Pre-acquisition notification--Contents--Waiting period.

An acquisition covered pursuant to the provisions of § 58-5A-47 may be subject to an order pursuant to § 58-5A-69 unless the acquiring or acquired person files a pre-acquisition notification and the waiting period has expired. The director shall give confidential treatment to information submitted under this section in the same manner as provided in § 58-5A-41.

The notification shall be as follows:

(1)    The pre-acquisition notification of this chapter shall be in a form and contain information as prescribed by the National Association of Insurance Commissioners relating to those markets which, under subdivision 58-5A-47(4), cause the acquisition not to be exempted from the provisions of this section. The director may require additional material and information to determine whether the proposed acquisition, if consummated, would violate the competitive standard of §§ 58-5A-49 and 58-5A-50. The required information may include an opinion of an economist as to the competitive impact of the acquisition in this state accompanied by a summary of the education and experience of the person indicating his ability to render an informed opinion;

(2)    The waiting period required shall begin on the date of receipt of the director of a pre-acquisition notification and shall end on the earlier of the thirtieth day after the date of the receipt, or termination of the waiting period by the director. Prior to the end of the waiting period, the director on a one-time basis may require the submission of additional needed information relevant to the proposed acquisition, in which event the waiting period shall end on the earlier of the thirtieth day after receipt of the additional information by the director or termination of the waiting period by the director.

Source: SL 1992, ch 341, § 10; SL 2015, ch 246, § 24.