58-14-23. Qualified United States financial institution defined for eligibility to act as fiduciary of a trust.
A qualified United States financial institution means, for purposes of those provisions of this chapter specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(1)Is organized or, in the case of a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state thereof, and has been granted authority to operate with fiduciary powers; and
(2)Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies.
Source: SL 1992, ch 344, §22; SL 1995, ch 278.
Structure South Dakota Codified Laws
Section 58-14-1 - "Reinsurance" defined.
Section 58-14-3 - Risk limits applicable.
Section 58-14-6 - Original insured--No interest in reinsurance.
Section 58-14-7 - Credit for reinsurance allowed for domestic ceding insurer as asset or reduction.
Section 58-14-8 - Credit allowed for reinsurance if assuming insurer licensed in state.
Section 58-14-9 - Requirements for reinsurer to be accredited.
Section 58-14-10 - A lien assuming insurer--Standards--Surplus required--Examination of records.
Section 58-14-11.1 - Trust fund requirements for single assuming insurer.
Section 58-14-12 - Trust fund requirements for group of incorporated underwriters.
Section 58-14-16.1 - Credit allowed for reinsurance ceded to certified reinsurer.
Section 58-14-16.2 - Eligibility for certification as reinsurer.
Section 58-14-16.7 - Rating of certified reinsurer.
Section 58-14-16.11 - Minimum trusteed surplus requirements.
Section 58-14-16.12 - Reduction in allowable credit for insufficient security.
Section 58-14-16.13 - Terminated or suspended certification--Inactive status.
Section 58-14-16.15 - Inactive certified reinsurers.
Section 58-14-16.17 - Diversification of ceding insurer's reinsurance program--Notice requirements.
Section 58-14-16.20 - Suspension or revocation of reinsurer' s accreditation or certification.
Section 58-14-16.21 - Credit for reinsurance during suspension or revocation.
Section 58-14-16.26 - Documents that must be provided to the division.
Section 58-14-16.27 - Prompt payment practices.
Section 58-14-16.28 - List or reciprocal jurisdictions to be published.
Section 58-14-16.29 - List of assuming insurers.
Section 58-14-16.30 - Assuming insurers that no longer meet one or more requirements.
Section 58-14-16.31 - Procedure for denying statement credit.
Section 58-14-16.32 - Assuming insurers in receivership.
Section 58-14-16.33 - Effective date for reinsurers in reciprocal jurisdictions.
Section 58-14-16.34 - Application of reciprocal jurisdiction laws.
Section 58-14-17 - Promulgation of rules.
Section 58-14-18 - Application of reinsurance provisions.
Section 58-14-19 - "Substantially similar" defined.
Section 58-14-20 - Disallowal of credit or deduction.
Section 58-14-21 - "Reinsurer" defined--Examination of reinsurer.
Section 58-14-22 - Application of chapter.
Section 58-14-24 - Definition of terms.
Section 58-14-25 - Persons not agents.
Section 58-14-26 - License required to sell, solicit, negotiate, or place reinsurance.
Section 58-14-27 - Agent or broker bond--Errors and omissions policy.
Section 58-14-28 - Refusal to license--Reasons.
Section 58-14-29 - Written contract between agent or broker and insurer or reinsurer.
Section 58-14-30 - Records of reinsurance contracts.
Section 58-14-31 - Insurer or reinsurer to employ only licensed agent or broker.
Section 58-14-32 - Approval and filing of contract.
Section 58-14-33 - Additional provisions of contract.
Section 58-14-34 - Handling of reinsurer.
Section 58-14-35 - Restrictions on agent.
Section 58-14-37 - Examination of agent or broker--Cost.
Section 58-14-38 - Penalty for violation.
Section 58-14-39 - Rights of third party.
Section 58-14-40 - Adoption of rules.
Section 58-14-41 - Compliance with and application of §§ 58-14-24 to 58-14-42.
Section 58-14-42 - Qualified United States financial institution.
Section 58-14-43 - Restrictions on brokers connected to a firm or association.