58-43-10. Rotation of accountant--Application for relief from rotation requirement. The lead or coordinating audit partner, having primary responsibility for the audit pursuant to this chapter, may not act in that capacity for more than five consecutive years. The person shall be disqualified from acting in that or a similar capacity for the same company or its insurance subsidiaries or affiliates for a period of five consecutive years. An insurer may make application to the director for relief from the above rotation requirements for good cause. This application shall be made at least thirty days before the end of the calendar year. The director may consider the following factors in determining if the relief should be granted:
(1) Number of partners, expertise of the partners or the number of insurance clients in the currently registered firm;
(2) Premium volume of the insurer; or
(3) Number of jurisdictions in which the insurer transacts business.
The insurer shall file, with the insurer's annual statement filing, the approval for relief with the states that the insurer is licensed in, with the states that the insurer is doing business in, and with the National Association of Insurance Commissioners. If the nondomestic state accepts electronic filing with the National Association of Insurance Commissioners, the insurer shall file the approval in an electronic format acceptable to the National Association of Insurance Commissioners.
Source: SL 1992, ch 357, § 10; SL 2009, ch 271, § 7.
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