Except in cases of a material error or omission in a policy form that has been approved or deemed approved pursuant to the provisions of §§ 58-11-64 to 58-11-76, inclusive, the director may not:

(1) Retroactively disapprove a filing; or

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(2) With respect to those policy forms, examine the filer during a routine or targeted market conduct examination for compliance with any later-enacted policy form filing requirements. However, the policy forms may be examined for compliance with any later-enacted requirement to the extent that the later-enacted requirement applies to new issues of the policy form or to renewals of policies issued under the policy form.

Source: SL 2008, ch 261, § 11.