If the law or regulation in the place of domicile of a foreign company provides a degree of protection to the policyholders and the public which is substantially equal to that provided by this chapter, the director, in the director's discretion, may consider compliance with that law or regulation as compliance with this chapter.

Source: 4 SDR 6, effective August 9, 1977; 12 SDR 117, effective January 19, 1986; 12 SDR 151, 12 SDR 155, effective July 1, 1986.

General Authority: SDCL 58-28-31.

Law Implemented: SDCL 58-28-25 , 58-28-26.