reglab/housing_qa huggingface dataset:
SD Codified L § 58-14-4.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|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.

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.The reinsurance agreement may provide that the domiciliary liquidator of an insolvent ceding insurer shall give written notice to the reinsurer of the pendency of a claim against such ceding insurer on the contract reinsured within a reasonable time after such claim is filed in the liquidation proceeding. During the pendency of such claim, any reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated any defenses that it deems available to the ceding insurer or its liquidator. Such expense may be filed as a claim against the insolvent ceding insurer as a Class 6 claim pursuant to §58-29B-124 to the extent of a proportionate share of the benefit that may accrue to the ceding insurer solely as result of the defense undertaken by the reinsurer. If two or more reinsurers are involved in the same claim and a majority in interest elect to interpose a defense to such claim, the expense shall be apportioned in accordance with the terms of the reinsurance agreement as though such expense had been incurred by the ceding insurer. Source: SL 2005, ch 274, §5.
SD Codified L § 58-14-5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-5 - Reinsurance contracts filed by ceding insurer--Cancellation or material change, duty to inform director.

58-14-5. Reinsurance contracts filed by ceding insurer--Cancellation or material change, duty to inform director.A ceding insurer shall file copies of all reinsurance contracts with the director and shall promptly inform the director in writing of the cancellation or any other change of any of its reinsurance treaties or arrangements. Source: SL 1966, ch 111, ch 4, §10 (4); SL 1992, ch 344, §16.
SD Codified L § 58-14-6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-6 - Original insured--No interest in reinsurance.

58-14-6. Original insured--No interest in reinsurance.The original insured has no interest in a contract of reinsurance. Source: SL 1966, ch 111, ch 32, §5.
SD Codified L § 58-14-7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-7 - Credit for reinsurance allowed for domestic ceding insurer as asset or reduction.

58-14-7. Credit for reinsurance allowed for domestic ceding insurer as asset or reduction.Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets any one of the requirements of §58-14-8, 58-14-9, 58-14-10, 58-14-11, 58-14-14, or 58-14-16.1. If meeting the requirements of §58-14-10 or 58-14-11, the requirements of §58-14-15 shall also be met. Credit shall be allowed under §58-14-8, 58-14-9, or 58-14-10 only as respects cessions of those kinds or classes of business which the assuming insurer is licensed or permitted to write or assume in its state of domicile or, in the case of a United States branch of an alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance. Source: SL 1992, ch 344, §1; SL 2017, ch 211, §1.
SD Codified L § 58-14-8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-8 - Credit allowed for reinsurance if assuming insurer licensed in state.

58-14-8. Credit allowed for reinsurance if assuming insurer licensed in state.Credit shall be allowed if the reinsurance is ceded to an assuming insurer which is licensed to transact insurance or reinsurance in this state. Source: SL 1992, ch 344, §2.
SD Codified L § 58-14-9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-9 - Requirements for reinsurer to be accredited.

58-14-9. Requirements for reinsurer to be accredited.Credit shall be allowed if the reinsurance is ceded to an assuming insurer that is accredited as a reinsurer in this state. For a reinsurer to be accredited, the reinsurer shall:(1)File with the director evidence of its submission to this state's jurisdiction;(2)Submit to this state's authority to examine its books and records;(3)Be licensed to transact insurance or reinsurance in at least one state or, in the case of a United States branch of an alien assuming insurer, be entered through and licensed to transact insurance or reinsurance in at least one state; (4)File annually with the director a copy of its annual statement filed with the insurance department of its state of domicile and a copy of its most recent audited financial statement; and(5)Demonstrate to the satisfaction of the director that the reinsurer has adequate financial capacity to meet reinsurance obligations and is otherwise qualified to assume reinsurance from domestic insurers. An assuming insurer is deemed to meet this requirement as of the time of the assuming insurer's application if the assuming insurer maintains a surplus as regards policyholders in an amount not less than twenty million dollars and the assuming insurer's accreditation has not been denied by the director within ninety days after submission of the assuming insurer's application.The director, after reviewing the documents submitted, may approve or disapprove the reinsurer.No credit may be allowed a domestic ceding insurer if the assuming insurer's accreditation has been revoked by the director after notice and hearing.To qualify as an accredited reinsurer, an assuming insurer shall meet all of the requirements of this section.The director may deny accreditation if the director determines that accreditation would not be in the best interest of the ceding insurer and policyholders. Source: SL 1992, ch 344, §3; SL 2017, ch 211, §2.
SD Codified L § 58-14-10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-10 - A lien assuming insurer--Standards--Surplus required--Examination of records.

58-14-10. A lien assuming insurer--Standards--Surplus required--Examination of records.Credit shall be allowed if the reinsurance is ceded to an assuming insurer which is domiciled and licensed in, or in the case of a United States branch of an alien assuming insurer is entered through, a state which employs standards regarding credit for reinsurance substantially similar to those applicable under this chapter and the assuming insurer or United States branch of an alien assuming insurer:(1)Maintains a surplus as regards policyholders in an amount not less than twenty million dollars; and(2)Submits to the authority of this state to examine its books and records.Subdivision (1) of this section does not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system. Source: SL 1992, ch 344, §4.
SD Codified L § 58-14-11 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-11 - Credit for reinsurance ceded to insurer maintaining trust fund for payment of valid claims--Annual report of assuming insurer.

58-14-11. Credit for reinsurance ceded to insurer maintaining trust fund for payment of valid claims--Annual report of assuming insurer.Credit shall also be allowed if the reinsurance is ceded to an assuming insurer that maintains a trust fund in a qualified United States financial institution for the payment of the valid claims of the assuming insurer's United States ceding insurers, their assigns and successors in interest. The assuming insurer shall report annually to the director information substantially the same as that required to be reported on the National Association of Insurance Commissioners annual statement form by licensed insurers to enable the director to determine the sufficiency of the trust fund. The assuming insurer shall submit to examination of the assuming insurer's books and records by the director and bear the expense of examination. Credit for reinsurance may not be granted pursuant to this section unless the form of the trust and any amendments to the trust have been approved by the commissioner of the state where the trust is domiciled, or the commissioner of another state has accepted principal regulatory oversight of the trust pursuant to the terms of the trust instrument. Source: SL 1992, ch 344, §5; SL 1994, ch 378; SL 2017, ch 211, §3.
SD Codified L § 58-14-11.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-11.1 - Trust fund requirements for single assuming insurer.

58-14-11.1. Trust fund requirements for single assuming insurer.The trust fund in §58-14-11 for a single assuming insurer shall consist of funds in trust in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by United States ceding insurers, and, in addition, the assuming insurer shall maintain a trusteed surplus of not less than twenty million dollars, except as provided in this section.At any time after a single assuming insurer has permanently discontinued underwriting new business secured by the trust for at least three years, the director with principal regulatory oversight of the trust may authorize a reduction in the required trusteed surplus, but only after a finding, based on an assessment of the risk, that the new required surplus level is adequate for the protection of United States ceding insurers, policyholders, and claimants in light of reasonably foreseeable adverse loss development. The risk assessment may involve an actuarial review, including an independent analysis of reserves and cash flows, and shall consider all material risk factors, including when applicable the lines of business involved, the stability of the incurred loss estimates, and the effect of the surplus requirements on the assuming insurer's liquidity or solvency. The minimum required trusteed surplus may not be reduced to an amount less than thirty percent of the assuming insurer's liabilities attributable to reinsurance ceded by the United States ceding insurers covered by the trust. Source: SL 2017, ch 211, §4.
SD Codified L § 58-14-12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-12 - Trust fund requirements for group of incorporated underwriters.

58-14-12. Trust fund requirements for group of incorporated underwriters.In the case of a group of incorporated underwriters, the trust in §58-14-11 shall be in an amount not less than the group's several liabilities attributable to business ceded by United States ceding insurers to any member of the group pursuant to reinsurance contracts issued in the name of the group. In addition, the group shall maintain a joint trusteed surplus of which one hundred million dollars shall be held jointly for the benefit of United States ceding insurers of any member of the group as additional security for any liabilities, and each member of the group shall make available to the director an annual certification of the member's solvency by the member's domiciliary regulator and financial statements of each underwriter member of the group prepared by its independent public accountant within ninety days after its financial statements are due to be filed with the group's domiciliary regulator. The group shall maintain a trust fund in an amount not less than the group's several liabilities attributable to business ceded by United States domiciled ceding insurers to any member of the group pursuant to reinsurance contracts issued in the name of the group.A group of incorporated underwriters under this section are those under common administration which comply with the filing requirements contained in §58-14-11, that has continuously transacted an insurance business outside the United States for at least three years immediately prior to making application for accreditation, that submits to this state's authority to examine its books and records and bears the expense of the examination, and that has aggregate policyholders' surplus of at least ten billion dollars. Source: SL 1992, ch 344, §6; SL 2017, ch 211, §5.
SD Codified L § 58-14-12.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-12.1 - Trust fund requirements for group including incorporated and individual unincorporated underwriters.

58-14-12.1. Trust fund requirements for group including incorporated and individual unincorporated underwriters.In the case of a group including incorporated and individual unincorporated underwriters, the trust in §58-14-11 shall consist of a trusteed account in an amount not less than the respective underwriters' several liabilities attributable to business ceded by United States domiciled ceding insurers to any underwriter in the group. Notwithstanding the other provisions of this chapter, the trust in §58-14-11 for reinsurance ceded under reinsurance agreements with an inception date on or before June 30, 1993, and not amended or renewed after that date, shall consist of a trusteed account in an amount not less than the respective underwriters' several insurance and reinsurance liabilities attributable to business written in the United States. In addition to these trusts, the group shall maintain in trust a trusteed surplus of which one hundred million dollars shall be held jointly for the benefit of United States domiciled ceding insurers of any member of the group for all years of account.The incorporated members of the group with a trust under §58-14-11 may not be engaged in any business other than underwriting as a member of the group and shall be subject to the same level of regulation and solvency control by the group's domiciliary regulator as are the unincorporated members.Within ninety days after its financial statements are due to be filed with the group's domiciliary regulator, the group shall provide to the director an annual certification by the group's domiciliary regulator of the solvency of each underwriter member or, if a certification is unavailable, financial statements, prepared by independent public accountants, of each underwriter member of the group. Source: SL 2017, ch 211, §6.
SD Codified L § 58-14-13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-13 - Establishment of trust--Annual report of balance and investments--Certification of termination of trust.

58-14-13. Establishment of trust--Annual report of balance and investments--Certification of termination of trust. The form of the trust in §58-14-11 and any trust amendments shall be filed with the director of each state in which the ceding insurer beneficiaries of the trust are domiciled. The trust instrument shall provide that contested claims shall be valid and enforceable upon the final order of any court of competent jurisdiction in the United States. The trust shall vest legal title to its assets in the trustees of the trust for its United States policyholders and ceding insurers, their assigns and successors in interest. The trust and the assuming insurer are subject to examination as determined by the director. The trust shall remain in effect for as long as the assuming insurer has outstanding obligations due under the reinsurance agreements subject to the trust.No later than February twenty-eighth of each year, the trustees shall report to the director in writing setting forth the balance of the trust and listing the trust's investments at the preceding year end and shall certify the date of termination of the trust, if so planned, or certify that the trust does not expire prior to the next following December thirty-first. Source: SL 1992, ch 344, §7; SL 2017, ch 211, §7.
SD Codified L § 58-14-14 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-14 - Reinsurance credit for certain insurers limited to risks in foreign or alien jurisdictions.

58-14-14. Reinsurance credit for certain insurers limited to risks in foreign or alien jurisdictions.Credit shall be allowed if the reinsurance is ceded to an assuming insurer not meeting the requirements of §58-14-8, 58-14-9, 58-14-10, 58-14-11, or 58-14-16.1 but only with respect to the insurance of risks located in foreign or alien jurisdictions where the reinsurance is required by applicable law or regulation of that jurisdiction. Source: SL 1992, ch 344, §8; SL 2017, ch 211, §8.
SD Codified L § 58-14-15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-15 - Allowance of credit for certain insurers not licensed, certified, or accredited in state.

58-14-15. Allowance of credit for certain insurers not licensed, certified, or accredited in state.If the assuming insurer is not licensed, certified, or accredited to transact insurance or reinsurance in this state, the credit permitted by §58-14-10 or 58-14-11 may not be allowed unless the assuming insurer agrees in the reinsurance agreements:(1)That in the event of the failure of the assuming insurer to perform the assuming insurer's obligations under the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding insurer, shall submit to the jurisdiction of any court of competent jurisdiction in any state of the United States, comply with all requirements necessary to give the court jurisdiction, and abide by the final decision of any court or of any appellate court in the event of an appeal; and(2)To designate the director or a designated attorney as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the ceding company.This section is not intended to conflict with or override the obligation of the parties to a reinsurance agreement to arbitrate their disputes if arbitration is created in the agreement. Source: SL 1992, ch 344, §9; SL 2017, ch 211, §9.
SD Codified L § 58-14-16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16 - Asset or reduction from liability for reinsurance ceded to insurer not meeting requirements of § 58-14-7--Security.

58-14-16. Asset or reduction from liability for reinsurance ceded to insurer not meeting requirements of §58-14-7--Security.An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of §58-14-7 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations. The security shall be held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, it shall be held in a qualified United States financial institution, as defined in §58-14-23. This security may be in the form of:(1)Cash;(2)Securities listed by the securities valuation office of the National Association of Insurance Commissioners (NAIC), including any security deemed exempt from filing as defined by the Purposes and Procedures Manual of the NAIC Investment Analysis Office as adopted by administrative rule, and qualifying as admitted assets; (3)Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution as defined in §58-14-16.18, effective no later than December thirty-first of the year for which the filing is being made, and in the possession of, or in the trust of, the ceding insurer on or before the filing date of the assuming insurer's annual statement. Letters of credit meeting applicable standards of issuer acceptability as of the dates of issuance or confirmation shall, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until the security's expiration, extension, renewal, modification, or amendment, whichever occurs first; or(4)Any other form of security acceptable to the director. Source: SL 1992, ch 344, §10; SL 2017, ch 211, §10.
SD Codified L § 58-14-16.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.1 - Credit allowed for reinsurance ceded to certified reinsurer.

58-14-16.1. Credit allowed for reinsurance ceded to certified reinsurer.Credit shall be allowed if the reinsurance is ceded to an assuming insurer that has been certified by the director as a reinsurer in this state and secures the assuming insurer's obligations in accordance with the requirements of §§58-14-16.2 to 58-14-16.15, inclusive. Source: SL 2017, ch 211, §12.
SD Codified L § 58-14-16.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.2 - Eligibility for certification as reinsurer.

58-14-16.2. Eligibility for certification as reinsurer.In order to be eligible for certification as a reinsurer, the assuming insurer shall:(1)Be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined by the director pursuant to §§58-14-16.4 to 58-14-16.6, inclusive;(2)Maintain minimum capital and surplus, or its equivalent, in an amount promulgated in rule by the director;(3)Maintain financial strength ratings from two or more rating agencies deemed acceptable by the director pursuant to regulation;(4)Agree to submit to the jurisdiction of this state, appoint the director as the assuming insurer's agent for service of process in this state, and agree to provide security for one hundred percent of the assuming insurer's liabilities attributable to reinsurance ceded by the United States ceding insurers if the assuming insurer resists enforcement of a final United States judgment;(5)Agree to meet applicable information filing requirements as determined by the director, both with respect to an initial application for certification and on an ongoing basis; and(6)Satisfy any other requirements for certification deemed relevant by the director. Source: SL 2017, ch 211, §13.