South Dakota Codified Laws
Chapter 14 - Reinsurance
Section 58-14-8 - Credit allowed for reinsurance if assuming insurer licensed in state.

South Dakota Codified Laws

Title 58 - Insurance

Chapter 14 - Reinsurance

Section 58-14-1 - "Reinsurance" defined.

Section 58-14-3 - Risk limits applicable.

Section 58-14-4 - Credit not allowable as an asset or deduction from liability to ceding insurer--Exceptions--Payments.

Section 58-14-4.1 - Association election to succeed to rights and obligations of insolvent insurer under reinsurance contract--Reinsurer's liability to pay claims.

Section 58-14-4.2 - Liquidator of insolvent ceding insurer to provide notice to reinsurer of claim against ceding insurer--Investigation and election to interpose defense.

Section 58-14-5 - Reinsurance contracts filed by ceding insurer--Cancellation or material change, duty to inform director.

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 - Credit for reinsurance ceded to insurer maintaining trust fund for payment of valid claims--Annual report of assuming insurer.

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 58-14-12.1 - Trust fund requirements for group including incorporated and individual unincorporated underwriters.

Section 58-14-13 - Establishment of trust--Annual report of balance and investments--Certification of termination of trust.

Section 58-14-14 - Reinsurance credit for certain insurers limited to risks in foreign or alien jurisdictions.

Section 58-14-15 - Allowance of credit for certain insurers not licensed, certified, or accredited in state.

Section 58-14-16 - Asset or reduction from liability for reinsurance ceded to insurer not meeting requirements of § 58-14-7--Security.

Section 58-14-16.1 - Credit allowed for reinsurance ceded to certified reinsurer.

Section 58-14-16.2 - Eligibility for certification as reinsurer.

Section 58-14-16.3 - Eligibility for certification of association including incorporated and individual unincorporated underwriters.

Section 58-14-16.4 - List of qualified jurisdictions from which domiciled insurer eligible for consideration for certification.

Section 58-14-16.5 - Eligibility of non-United States domiciliary jurisdiction to be recognized as qualified jurisdiction.

Section 58-14-16.6 - National Association of Insurance Commissioners' list of qualified jurisdictions.

Section 58-14-16.7 - Rating of certified reinsurer.

Section 58-14-16.8 - Obligations assumed from United States ceding insurers to be secured consistent with rating.

Section 58-14-16.9 - Security required for domestic ceding insurer to qualify for full financial statement credit for reinsurance ceded to certified reinsurer.

Section 58-14-16.10 - Trust accounts of certified reinsurer securing obligations as multibeneficiary trust.

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 58-14-16.14 - Applicant for certification certified as reinsurer in National Association of Insurance Commissioners accredited jurisdiction.

Section 58-14-16.15 - Inactive certified reinsurers.

Section 58-14-16.16 - Management and notice requirements regarding ceding insurer's reinsurance recoverables.

Section 58-14-16.17 - Diversification of ceding insurer's reinsurance program--Notice requirements.

Section 58-14-16.18 - Qualified United States financial institution defined for purposes of subdivision 58-14-16(3).

Section 58-14-16.19 - Trust agreement conditions for assuming insurers not meeting certain 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 58-14-16.22 - Fees.

Section 58-14-16.23 - Credit for reinsurance for reinsurers in reciprocal jurisdictions--Eligibility requirements.

Section 58-14-16.24 - Credit for reinsurance for reinsurers in reciprocal jurisdictions--Capital and surplus requirements.

Section 58-14-16.25 - Credit for reinsurance for reinsurers in reciprocal jurisdictions--Adequate assurances required.

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 58-14-23 - "Qualified United States financial institution" defined for eligibility to act as fiduciary of a trust.

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 58-14-36 - Loss reserves--Actuary's opinion--Employee of agent or broker not to be appointed to reinsurer's board of directors.

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.

Section 58-14-44 - Restrictions on who may act as agent.