As an aviator, Santa is subject to all the flying rules and regulations and has to take an annual test (checkride) like all other pilots. This can involve emergency situations and scenarios.
So Santa is up for his annual checkride...he shows up, gets the weather, preflights the sleigh, fuels the reindeer and meets the check pilot.
He climbs in the sleigh and starts running the checklist, then notices in horror that the check pilot is loading a .357 magnum.
Santa asks, "What the hell is that??"
The check pilot look irritated for a moment and says, "I'm not supposed to tell you this...but you're Santa, so what the hell. You're um...gonna lose an engine on takeoff."