reglab/housing_qa huggingface dataset:
SD Codified L § 58-14-16.27 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.27 - Prompt payment practices.

58-14-16.27. Prompt payment practices. An assuming insurer under § 58-14-16.23 shall maintain a practice of prompt payment of claims under a reinsurance agreement. The lack of prompt payment is evidenced if any of the following criteria are met:(1)More than fifteen percent of the reinsurance recoverables from the assuming insurer are overdue and in dispute as reported to the director;(2)More than fifteen percent of the assuming insurer's ceding insurers or reinsurers have overdue reinsurance recoverable on paid losses of ninety days or more that are not in dispute and that exceed one hundred thousand dollars for each ceding insurer or as otherwise specified in a covered agreement; or(3)The aggregate amount of reinsurance recoverable on paid losses that are not in dispute but are overdue by ninety days or more exceeds fifty million dollars or as otherwise specified in a covered agreement. Source: SL 2021, ch 211, § 5.
SD Codified L § 58-14-16.28 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.28 - List or reciprocal jurisdictions to be published.

58-14-16.28. List or reciprocal jurisdictions to be published. The director shall timely create and publish a list of reciprocal jurisdictions that includes any reciprocal jurisdiction as defined under this chapter. A list of reciprocal jurisdictions is published by the NAIC and the director shall consider any other reciprocal jurisdiction included on the list. The director may approve a jurisdiction that does not appear on the list of reciprocal jurisdictions in accordance with criteria provided in this chapter.The director may remove a jurisdiction from the list of reciprocal jurisdictions upon a determination that the jurisdiction no longer meets one or more of the requirements of a reciprocal jurisdiction in accordance with § 58-14-16.23. However, the director may not remove from the list a reciprocal jurisdiction as under subdivisions 58-14-16.23(1) and (2). Upon removal of a reciprocal jurisdiction from this list, credit for reinsurance ceded to an assuming insurer that has its home office or is domiciled in that jurisdiction is allowed if otherwise allowed pursuant to this chapter. Source: SL 2021, ch 211, § 6.
SD Codified L § 58-14-16.29 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.29 - List of assuming insurers.

58-14-16.29. List of assuming insurers. The director shall timely create and publish a list of assuming insurers that have satisfied the conditions set forth in §§ 58-14-16.23 to 58-14-16.34, inclusive, and to which cessions must be granted credit. The director may add an assuming insurer to the list if an NAIC-accredited jurisdiction has added the assuming insurer to its list of assuming insurers or if, upon initial eligibility, the assuming insurer submits the information to the director as required under § 58-14-16.25, except to the extent that submissions conflict with an applicable covered agreement. If an NAIC-accredited jurisdiction has determined that the conditions set forth in §§ 58-14-16.24 to 58-14-16.27, inclusive, have been met, the director has the discretion to defer to that jurisdiction's determination and add such assuming insurer to the list of assuming insurers. The director may accept financial documentation filed with another NAIC-accredited jurisdiction or with the NAIC in satisfaction of the requirements of §§ 58-14-16.24 to 58-14-16.27, inclusive.When requesting that the director defer to another NAIC-accredited jurisdiction's determination, an assuming insurer shall submit a properly executed form prescribed by the director and other additional information as the director may require. A state that has received such a request will notify other states through the NAIC and provide relevant information with respect to the determination of eligibility. Source: SL 2021, ch 211, § 7.
SD Codified L § 58-14-16.30 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.30 - Assuming insurers that no longer meet one or more requirements.

58-14-16.30. Assuming insurers that no longer meet one or more requirements. If the director determines that an assuming insurer no longer meets a requirement under §§ 58-14-16.23 to 58-14-16.34, inclusive, the director may revoke or suspend the eligibility of the assuming insurer.While an assuming insurer's eligibility is suspended, no reinsurance agreement issued, amended, or renewed after the effective date of the suspension qualifies for credit except to the extent that the assuming insurer's obligations under the contract are secured in accordance with § 58-14-16.If an assuming insurer's eligibility is revoked, no credit for reinsurance may be granted after the effective date of the revocation with respect to any reinsurance agreements entered into by the assuming insurer, including reinsurance agreements entered into prior to the date of revocation, except to the extent that the assuming insurer's obligations under the contract are secured in a form acceptable to the director and consistent with the provisions of § 58-14-16. Source: SL 2021, ch 211, § 8.
SD Codified L § 58-14-16.31 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.31 - Procedure for denying statement credit.

58-14-16.31. Procedure for denying statement credit. Before denying statement credit or imposing a requirement to post security under § 58-14-16.30 or adopting any similar requirement that will have substantially the same regulatory impact as security, the director shall:(1)Communicate with the ceding insurer, the assuming insurer, and the assuming insurer's supervisory authority that the assuming insurer no longer satisfies one of the conditions listed in §§ 58-14-16.24 to 58-14-16.27, inclusive;(2)Provide the assuming insurer with thirty days from the initial communication to submit a plan to remedy the defect and ninety days from the initial communication to remedy the defect, except in exceptional circumstances in which a shorter period is necessary for policyholder and other consumer protection;(3)After the expiration of ninety days or less, as set out in subdivision (2) of this section, if the director determines that no or insufficient action was taken by the assuming insurer, the director may impose any of the requirements under §§ 58-14-16.23 to 58-14-16.34, inclusive; and(4)Provide a written explanation to the assuming insurer of any of the requirements under §§ 58-14-16.23 to 58-14-16.34, inclusive. Source: SL 2021, ch 211, § 9.
SD Codified L § 58-14-16.32 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.32 - Assuming insurers in receivership.

58-14-16.32. Assuming insurers in receivership. If subject to a legal process of rehabilitation, liquidation, or conservation, the ceding insurer or its representative may seek and, if determined appropriate by the court in which the proceedings are pending, obtain an order requiring that the assuming insurer post security for all outstanding ceded liabilities. Source: SL 2021, ch 211, § 10.
SD Codified L § 58-14-16.33 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.33 - Effective date for reinsurers in reciprocal jurisdictions.

58-14-16.33. Effective date for reinsurers in reciprocal jurisdictions. Credit may be taken under §§ 58-14-16.23 to 58-14-16.34, inclusive, only for reinsurance agreements entered into, amended, or renewed on or after July 1, 2021, and only with respect to losses incurred and reserves reported on or after the later of the date on which the assuming insurer has met all eligibility requirements pursuant to §§ 58-14-16.23 to 58-14-16.27, inclusive, or the effective date of the new reinsurance agreement, amendment, or renewal. Nothing in this section alters or impairs a ceding insurer's right to take credit for reinsurance, to the extent that credit is not available under §§ 58-14-16.23 to 58-14-16.34, inclusive, as long as the reinsurance qualifies for credit under any other applicable provision of this chapter. Source: SL 2021, ch 211, § 11.
SD Codified L § 58-14-16.34 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.34 - Application of reciprocal jurisdiction laws.

58-14-16.34. Application of reciprocal jurisdiction laws. Nothing in §§ 58-14-16.23 to 58-14-16.34, inclusive:(1)Limits or in any way alters the capacity of parties to a reinsurance agreement to agree on requirements for security or other terms in that reinsurance agreement except as expressly prohibited by this chapter or other applicable law;(2)Authorizes an assuming insurer to withdraw or reduce the security provided under any reinsurance agreement except as permitted by the terms of the agreement; or(3)Limits or alters the capacity of parties to any reinsurance agreement to renegotiate the agreement. Source: SL 2021, ch 211, § 12.
SD Codified L § 58-14-17 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-17 - Promulgation of rules.

58-14-17. Promulgation of rules.The director may promulgate rules, pursuant to chapter 1-26, concerning requirements, qualifications, and criteria for receiving credit for reinsurance, surplus amounts, accreditation of a reinsurer, certification of a reinsurer, minimum levels for reinsurer capital and surplus, financial rating of reinsurers, recognition and appraisal of qualified jurisdictions, trusts and trust agreements, reinsurance contracts, hazardous investments and evidence of submission to this state's authority, requirements and qualifications for life reinsurance agreements, reserve credits, credits for reinsurance, valuation of assets or reserve credits, the adoption of certain methods and manuals for the valuation of assets, the amount and forms of security supporting reinsurance arrangements, reduction of liability or establishment of assets in a financial statement, circumstances under which credit will be reduced or eliminated, and treatment of existing agreements.The director may also promulgate rules, pursuant to chapter 1-26, regarding reinsurance relating to life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits, universal life insurance policies resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period, variable annuities with guaranteed death or living benefits, and long-term care insurance policies. The director may also promulgate rules, pursuant to chapter 1-26, to adopt the use and applicability of the National Association of Insurance Commissioners valuation manual for use in calculating the amounts or form of security to be held by reinsurers. Source: SL 1992, ch 344, §11; SL 2017, ch 211, §11.
SD Codified L § 58-14-18 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-18 - Application of reinsurance provisions.

58-14-18. Application of reinsurance provisions.This section applies to all cessions after July 1, 1993, under reinsurance agreements which have had an inception, anniversary, or renewal date not less than six months after July 1, 1993. Source: SL 1992, ch 344, §12.
SD Codified L § 58-14-19 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-19 - "Substantially similar" defined.

58-14-19. Substantially similar defined.For the purposes of this chapter, the term, substantially similar, means standards which equal or exceed the standards of this state. Source: SL 1992, ch 344, §17.
SD Codified L § 58-14-20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-20 - Disallowal of credit or deduction.

58-14-20. Disallowal of credit or deduction.The director may not allow a credit or deduction to the ceding insurer if the director determines the quality, quantity, or diversity of investments in the trust account of a reinsurer or the surplus to policyholders of the reinsurer is hazardous to a ceding insurer or policyholders. Source: SL 1992, ch 344, §18.
SD Codified L § 58-14-21 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-21 - "Reinsurer" defined--Examination of reinsurer.

58-14-21. Reinsurer defined--Examination of reinsurer.A reinsurer is an insurer that assumes all or part of the insurance or reinsurance written by another insurer and which meets the requirements of this chapter. The director may examine a reinsurer pursuant to chapter 58-3 and costs shall be assessed pursuant to that chapter. Source: SL 1992, ch 344, §19.
SD Codified L § 58-14-22 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-22 - Application of chapter.

58-14-22. Application of chapter.The requirements of this chapter do not apply to a domestic insurer reinsuring companies pursuant to chapter 58-35. Source: SL 1992, ch 344, §20.
SD Codified L § 58-14-23 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-23 - "Qualified United States financial institution" defined for eligibility to act as fiduciary of a trust.

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.
SD Codified L § 58-14-24 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-24 - Definition of terms.

58-14-24. Definition of terms.Terms used in §§58-14-24 to 58-14-42, inclusive, mean:(1)"Actuary," any person who is a member in good standing of the American Academy of Actuaries;(2)"Controlling person," any person who, directly or indirectly, has the power to direct or cause to be directed the management, control, or activities of the agent or broker who sells, solicits, negotiates, or places reinsurance;(3)"Reinsurance agent or agent," any person that has authority to bind or manage all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for the reinsurer whether known as a manager or other similar term;(4)"Reinsurance broker or broker," any person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer. Source: SL 1992, ch 345, §1.
SD Codified L § 58-14-25 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-25 - Persons not agents.

58-14-25. Persons not agents.The following persons are not agents:(1)Any employee of the reinsurer;(2)Any United States manager of the United States branch of an alien reinsurer;(3)Any underwriting manager who, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to chapter 58-5A, and whose compensation is not based on the volume of premiums written;(4)Any manager of a group, association, pool, or organization of insurers which engage in joint underwriting or joint reinsurance and who is subject to examination by the director or commissioner of the state in which the manager's principal business office is located. Source: SL 1992, ch 345, §2.
SD Codified L § 58-14-26 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-26 - License required to sell, solicit, negotiate, or place reinsurance.

58-14-26. License required to sell, solicit, negotiate, or place reinsurance.No person may sell, solicit, negotiate, or place reinsurance without being licensed pursuant to §§58-14-24 to 58-14-42, inclusive, to sell, negotiate, solicit, or place reinsurance. The provisions of chapter 58-30 apply to the extent that the provisions are not inconsistent with this chapter. Source: SL 1992, ch 345, §3; SL 1994, ch 379, §1.
SD Codified L § 58-14-27 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-27 - Agent or broker bond--Errors and omissions policy.

58-14-27. Agent or broker bond--Errors and omissions policy.The director may require an agent or broker under §§58-14-24 to 58-14-42, inclusive, to file a bond in an amount acceptable to the director for the protection of the reinsurer or maintain an errors and omissions policy in an amount acceptable to the director, or both. Source: SL 1992, ch 345, §4.
SD Codified L § 58-14-28 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-28 - Refusal to license--Reasons.

58-14-28. Refusal to license--Reasons.The director may refuse to license an agent or broker in reinsurance if the applicant, any one named on the application, or any member, principal, officer or director of the applicant, is not trustworthy; if any controlling person of the applicant is not trustworthy; if there has been a revocation or suspension of a license; or if the applicant has failed to comply with any prerequisite for the issuance of the license. Upon written request by the applicant, the director shall furnish reasons for the basis of the denial. Source: SL 1992, ch 345, §5.
SD Codified L § 58-14-29 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-29 - Written contract between agent or broker and insurer or reinsurer.

58-14-29. Written contract between agent or broker and insurer or reinsurer.Any transaction between an agent or broker and the insurer or reinsurer that it represents may only be entered into pursuant to a written contract, specifying the responsibilities of each party. The contract shall, at a minimum, provide that:(1)The insurer or reinsurer may terminate the contract for cause upon written notice to the agent or broker. A reinsurer may immediately suspend the authority of the agent or broker to assume or cede business during the pendency of any dispute regarding the cause for termination. Within thirty days of the termination of the contract with an agent or broker, the insurer or reinsurer shall provide written notification of the termination to the director;(2)The agent or broker shall render accounts to the insurer and reinsurer accurately detailing all transactions, including information necessary to support all commissions, charges and other fees received by, or owed to, the agent or broker, and remit all funds due to the insurer or reinsurer within thirty days of receipt;(3)All funds collected for the insurer's or reinsurer's account shall be held by the agent or broker in a fiduciary capacity in a bank which is a qualified United States financial institution. The agent may retain no more than three months estimated claims payments and allocated loss adjustment expenses. The agent shall maintain a separate bank account for each reinsurer that it represents;(4)The agent or broker shall comply with §§58-14-30 and 58-14-31;(5)The agent or broker shall comply with the written standards established by the insurer or reinsurer for the cession or retrocession of all risks; and(6)The broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded. Source: SL 1992, ch 345, §6; SL 1994, ch 379, §2.
SD Codified L § 58-14-30 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-30 - Records of reinsurance contracts.

58-14-30. Records of reinsurance contracts.For at least ten years after expiration of each contract of reinsurance transacted by the agent or broker, the agent or broker shall keep a complete record for each transaction showing:(1)The type of contract, limits, underwriting restrictions, classes or risks, and territory;(2)Period of coverage, including effective and expiration dates, cancellation provisions, and notice required for cancellation. The agent shall also maintain a record of the disposition of outstanding reserves on covered risks;(3)Reporting and settlement requirements of balances;(4)Rate used to compute the reinsurance premium;(5)Names and addresses of reinsurers;(6)Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the agent or broker;(7)Related correspondence and memoranda;(8)Proof of placement;(9)Details regarding retrocessions handled by the agent or broker including the identity of retrocessionaires and percentage of each contract assumed or ceded. Retrocessions for the agent are also subject to §58-14-36;(10)Financial records, including but not limited to, premium and loss accounts; and(11)When the agent or broker procures a reinsurance contract on behalf of a licensed ceding insurer:(a)Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or(b)If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative. Source: SL 1992, ch 345, §7.
SD Codified L § 58-14-31 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-31 - Insurer or reinsurer to employ only licensed agent or broker.

58-14-31. Insurer or reinsurer to employ only licensed agent or broker.No insurer or reinsurer may engage the services of any person to act as an agent or broker on its behalf unless the person is licensed as required by §§58-14-24 to 58-14-42, inclusive, nor employ an individual who is employed by an agent or broker with which it transacts business, unless an agent or broker is under common control with the insurer and subject to chapter 58-5A. Source: SL 1992, ch 345, §8.
SD Codified L § 58-14-32 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-32 - Approval and filing of contract.

58-14-32. Approval and filing of contract.The written contract with the agent, pursuant to §58-14-29, specifying the responsibilities of each party, shall be approved by the reinsurer's board of directors. At least thirty days before the insurer or reinsurer assumes or cedes business through the agent or broker, the contract in §58-14-29 shall be filed with the director for approval pursuant to §§58-5-85 to 58-5-87, inclusive. Source: SL 1992, ch 345, §9.