58-14-42. Qualified United States financial institution.
For the purposes of §§58-14-24 to 58-14-42, inclusive, a qualified United States financial institution is an institution that:
(1)Is organized or licensed under the laws of the United States or any state;
(2)Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(3)Has been determined by either the director or the securities valuation office of the National Association of Insurance Commissioners to meet the standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit may be acceptable to the director.
Source: SL 1992, ch 345, §19.
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.