South Dakota Codified Laws 58-6A-3.5. Written policy in plan of operation
The risk retention group’s board of directors shall adopt a written policy in the plan of operation as approved by the board that requires the board to:
(1) Assure that all owners and insureds of the risk retention group receive evidence of ownership interest;
Terms Used In South Dakota Codified Laws 58-6A-3.5
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) Develop a set of governance standards applicable to the risk retention group;
(3) Oversee the evaluation of the risk retention group’s management including the performance of the managing general underwriter or any other party responsible for underwriting, determination of rates, collection of premiums, adjusting or settling a claim, or the preparation of a financial statement;
(4) Review and approve the amount to be paid for each material service provider; and
(5) Review and approve, at least annually:
(a) The risk retention group’s goals and objectives relevant to the compensation of officers and service providers;
(b) The officers’ and service providers’ performance in light of those goals and objectives; and
(c) The continued engagement of the officers and material service providers.
Source: SL 2016, ch 232, § 7.