58-46-3.1. Group, sponsored, or special purpose captive insurance company limit of exposure to loss.
A group, sponsored, or special purpose captive insurance company shall limit its exposure to loss on any one risk or hazard to an amount deemed acceptable by the director. The amount shall be determined based on whether the risk or hazard is reinsured through an insurance company that is licensed or accredited in this state, or other safeguards to the group, sponsored, or special purpose captive insurance company's financial solvency and stability are adequate.
Source: SL 2013, ch 257, ยง3.
Structure South Dakota Codified Laws
Chapter 46 - Captive Insurance Companies
Section 58-46-1 - Definition of terms.
Section 58-46-3 - Requirements for doing business.
Section 58-46-4 - Filing requirements.
Section 58-46-5 - Additional filing requirements.
Section 58-46-6 - Examination, investigation, and processing of application_Fees.
Section 58-46-7 - Issuance of certificate of authority.
Section 58-46-8 - Capital and surplus requirements.
Section 58-46-9 - Dividends and distributions.
Section 58-46-10 - Forms of incorporation.
Section 58-46-11 - Organizers.
Section 58-46-12 - Governing board.
Section 58-46-13 - Privileges--Applicable law.
Section 58-46-14 - Acquisitions, mergers and consolidation procedures.
Section 58-46-15 - Financial condition reporting--Independent audit.
Section 58-46-16 - Alternative reporting date.
Section 58-46-17 - Review of company financial condition--Compliance.
Section 58-46-18 - Suspension or revocation of certificate of authority by director.
Section 58-46-19 - Allowable investments--Restrictions.
Section 58-46-20 - Loan to parent or affiliated entity.
Section 58-46-21 - Ceding or taking credit for reserves.
Section 58-46-22 - Rating organization.
Section 58-46-23.1 - Risk management services.
Section 58-46-23.2 - Prohibited insurance risks.
Section 58-46-24 - Annual supervision fee.
Section 58-46-25 - Application of chapter 58-29B.
Section 58-46-26 - Application of Title 58.
Section 58-46-27 - Sponsored captive insurance may establish protected cells--Conditions.
Section 58-46-28 - Sponsor of sponsored captive insurance company.
Section 58-46-29 - Participant in sponsored captive insurance company.
Section 58-46-30 - Combination of assets of protected cells for purposes of investment.
Section 58-46-31 - Form of application--Confidentiality of information.