Foreign or alien insurers--Exemption

Foreign or alien insurers, filing audited financial reports in another state which report has been found by the director to be substantially similar to the requirements of § 58-43-4 , are exempt if:

(1) A copy of the audited financial report, communication of internal control related matters noted in an audit, and the accountant's letter of qualifications which are filed with the other state are filed with the director in accordance with the filing dates specified in §§ 58-43-2 , 58-43-14 , and 58-43-15 . Canadian insurers may submit accountants' reports as filed with the Office of the Superintendent of Financial Institutions, Canada;

(2) A copy of any notification of adverse financial condition report filed with that other state is filed with the director within the time specified in § 58-43-14 .

This section does not prohibit, preclude or in any way limit the director of insurance from ordering or conducting or performing examinations of insurers under this title.

Source: SL 1992, ch 357, § 3; SL 2009, ch 271, § 4.