reglab/housing_qa huggingface dataset:
SD Codified L § 58-14-16.3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.3 - Eligibility for certification of association including incorporated and individual unincorporated underwriters.

58-14-16.3. Eligibility for certification of association including incorporated and individual unincorporated underwriters.An association including incorporated and individual unincorporated underwriters may be a certified reinsurer. In addition to satisfying the requirements of §58-14-16.2, to be eligible for certification:(1)The association shall satisfy the association's minimum capital and surplus requirements through the capital and surplus equivalents, net of liabilities, of the association and the association's members, which shall include a joint central fund that may be applied to any unsatisfied obligation of the association or any of its members, in an amount determined by the director to provide adequate protection;(2)The incorporated members of the association may not be engaged in any business other than underwriting as a member of the association and shall be subject to the same level of regulation and solvency control by the association's domiciliary regulator as are the unincorporated members; and(3)Within ninety days after its financial statements are due to be filed with the association's domiciliary regulator, the association shall provide to the director an annual certification by the association's domiciliary regulator of the solvency of each underwriter member. If the annual certification is unavailable, the association shall file financial statements, prepared by independent public accountants, of each underwriter member of the association. Source: SL 2017, ch 211, §14.
SD Codified L § 58-14-16.4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.4 - List of qualified jurisdictions from which domiciled insurer eligible for consideration for certification.

58-14-16.4. List of qualified jurisdictions from which domiciled insurer eligible for consideration for certification.The director shall create and publish a list of qualified jurisdictions, under which an assuming insurer licensed and domiciled in the jurisdiction is eligible to be considered for certification by the director as a certified reinsurer.If a certified reinsurer's domiciliary jurisdiction ceases to be a qualified jurisdiction, the director has the discretion to suspend the reinsurer's certification indefinitely, in lieu of revocation. Source: SL 2017, ch 211, §15.
SD Codified L § 58-14-16.5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.5 - Eligibility of non-United States domiciliary jurisdiction to be recognized as qualified jurisdiction.

58-14-16.5. Eligibility of non-United States domiciliary jurisdiction to be recognized as qualified jurisdiction.To determine whether the domiciliary jurisdiction of a non-United States assuming insurer is eligible to be recognized as a qualified jurisdiction, the director shall evaluate the appropriateness and effectiveness of the reinsurance supervisory system of the jurisdiction, both initially and on an ongoing basis, and consider the rights, benefits, and the extent of reciprocal recognition afforded by the non-United States jurisdiction to reinsurers licensed and domiciled in the United States. A qualified jurisdiction shall agree to share information and cooperate with the director with respect to all certified reinsurers domiciled within that jurisdiction. A jurisdiction may not be recognized as qualified jurisdiction if the director has determined the jurisdiction does not adequately and promptly enforce final United States judgments and arbitration awards. Additional factors may be considered at the discretion of the director. Source: SL 2017, ch 211, §16.
SD Codified L § 58-14-16.6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.6 - National Association of Insurance Commissioners' list of qualified jurisdictions.

58-14-16.6. National Association of Insurance Commissioners' list of qualified jurisdictions.A list of qualified jurisdictions shall be published through the National Association of Insurance Commissioners. The director shall consider the list in determining qualified jurisdictions. If the director approves a jurisdiction as qualified that does not appear on the list of qualified jurisdictions, the director shall provide a thoroughly documented justification with criteria to be developed in administrative rules promulgated by the director, pursuant to chapter 1-26, to establish criteria for determining the qualifications of the jurisdictions.United States jurisdictions that meet the requirements for accreditation under the National Association of Insurance Commissioners financial standards and accreditation program shall be recognized as qualified jurisdictions. Source: SL 2017, ch 211, §17.
SD Codified L § 58-14-16.7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.7 - Rating of certified reinsurer.

58-14-16.7. Rating of certified reinsurer.The director shall assign a rating to each certified reinsurer, giving due consideration to the financial strength ratings that have been assigned by rating agencies deemed acceptable to the director. The director shall publish a list of all certified reinsurers and their ratings. Source: SL 2017, ch 211, §18.
SD Codified L § 58-14-16.8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.8 - Obligations assumed from United States ceding insurers to be secured consistent with rating.

58-14-16.8. Obligations assumed from United States ceding insurers to be secured consistent with rating.A certified reinsurer shall secure obligations assumed from United States ceding insurers under §§58-14-16.9 to 58-14-16.13, inclusive, at a level consistent with the certified reinsurer's rating. The director may promulgate rules, pursuant to chapter 1-26, to establish standards under §§58-14-16.9 to 58-14-16.13, inclusive. Source: SL 2017, ch 211, §19.
SD Codified L § 58-14-16.9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.9 - Security required for domestic ceding insurer to qualify for full financial statement credit for reinsurance ceded to certified reinsurer.

58-14-16.9. Security required for domestic ceding insurer to qualify for full financial statement credit for reinsurance ceded to certified reinsurer.In order for a domestic ceding insurer to qualify for full financial statement credit for reinsurance ceded to a certified reinsurer, the certified reinsurer shall maintain security in a form acceptable to the director and consistent with §58-14-16, or in a multibeneficiary trust in accordance with §58-14-11, except as otherwise provided in §§58-14-16.8 to 58-14-16.13, inclusive. Source: SL 2017, ch 211, §20.
SD Codified L § 58-14-16.10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.10 - Trust accounts of certified reinsurer securing obligations as multibeneficiary trust.

58-14-16.10. Trust accounts of certified reinsurer securing obligations as multibeneficiary trust.If a certified reinsurer maintains a trust to fully secure the certified reinsurer's obligations subject to §58-14-11 and chooses to secure the certified reinsurer's obligations incurred as a certified reinsurer in the form of a multibeneficiary trust, the certified reinsurer shall maintain separate trust accounts for the certified reinsurer's obligations incurred under reinsurance agreements issued or renewed as a certified reinsurer with reduced security as permitted by this chapter or comparable laws of other United States jurisdictions and for the certified reinsurer's obligations subject to §58-14-11. It shall be a condition to the grant of certification that the certified reinsurer shall have bound itself, by the language of the trust and agreement with the director with principal regulatory oversight of each trust account, to fund upon termination of any trust account, out of the remaining surplus of the trust any deficiency of any other trust account. Source: SL 2017, ch 211, §21.
SD Codified L § 58-14-16.11 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.11 - Minimum trusteed surplus requirements.

58-14-16.11. Minimum trusteed surplus requirements.The minimum trusteed surplus requirements are not applicable with respect to a multibeneficiary trust maintained by a certified reinsurer for the purpose of securing obligations incurred under §§58-14-16.8 to 58-14-16.13, inclusive, except that the trust shall maintain a minimum trusteed surplus of ten million dollars. Source: SL 2017, ch 211, §22.
SD Codified L § 58-14-16.12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.12 - Reduction in allowable credit for insufficient security.

58-14-16.12. Reduction in allowable credit for insufficient security.With respect to obligations incurred by a certified reinsurer under §§58-14-16.8 to 58-14-16.13, inclusive, if the security is insufficient, the director shall reduce the allowable credit by an amount proportionate to the deficiency and has the discretion to impose further reductions in allowable credit upon finding that there is a material risk the certified reinsurer' s obligations may not be paid in full when due. Source: SL 2017, ch 211, §23.
SD Codified L § 58-14-16.13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.13 - Terminated or suspended certification--Inactive status.

58-14-16.13. Terminated or suspended certification--Inactive status.A certified reinsurer whose certification has been terminated for any reason shall be treated as a certified reinsurer required to secure one hundred percent of the certified reinsurer's obligations. For the purposes of this section, the term, terminated, means revocation, suspension, voluntary surrender, and inactive status. If the director continues to assign a higher rating as permitted by other provisions regarding certification, this requirement does not apply to a certified reinsurer in inactive status or to a reinsurer whose certification has been suspended. Source: SL 2017, ch 211, §24.
SD Codified L § 58-14-16.14 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.14 - Applicant for certification certified as reinsurer in National Association of Insurance Commissioners accredited jurisdiction.

58-14-16.14. Applicant for certification certified as reinsurer in National Association of Insurance Commissioners accredited jurisdiction.If an applicant for certification has been certified as a reinsurer in a National Association of Insurance Commissioners accredited jurisdiction, the director has the discretion to defer to that jurisdiction's certification and has the discretion to defer to the rating assigned by that jurisdiction. Upon approval by the director, the applicant shall be considered to be a certified reinsurer in this state. Source: SL 2017, ch 211, §25.
SD Codified L § 58-14-16.15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.15 - Inactive certified reinsurers.

58-14-16.15. Inactive certified reinsurers.A certified reinsurer that ceases to assume new business in this state may request to maintain the certified reinsurer's certification in inactive status in order to continue to qualify for a reduction in security for the certified reinsurer's in-force business. An inactive certified reinsurer shall continue to comply with all applicable requirements of certification, and the director shall assign a rating that takes into account, if relevant, the reasons why the reinsurer is not assuming new business. Source: SL 2017, ch 211, §26.
SD Codified L § 58-14-16.16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.16 - Management and notice requirements regarding ceding insurer's reinsurance recoverables.

58-14-16.16. Management and notice requirements regarding ceding insurer's reinsurance recoverables.A ceding insurer shall take steps to manage the ceding insurer's reinsurance recoverables proportionate to the ceding insurer's own book of business. A domestic ceding insurer shall notify the director within thirty days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceeds fifty percent of the domestic ceding insurer's last reported surplus to policyholders, or after the ceding insurer determined that reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification shall demonstrate the exposure is safely managed by the domestic ceding insurer. Source: SL 2017, ch 211, §27.
SD Codified L § 58-14-16.17 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.17 - Diversification of ceding insurer's reinsurance program--Notice requirements.

58-14-16.17. Diversification of ceding insurer's reinsurance program--Notice requirements.A ceding insurer shall take steps to diversify the ceding insurer's reinsurance program. A domestic ceding insurer shall notify the director within thirty days after ceding to any single assuming insurer, or group of affiliated assuming insurers, more than twenty percent of the ceding insurer's gross written premium in the prior calendar year, or after the ceding insurer has determined that the reinsurance ceded to any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification shall demonstrate the exposure is safely managed by the domestic ceding insurer. Source: SL 2017, ch 211, §28.
SD Codified L § 58-14-16.18 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.18 - Qualified United States financial institution defined for purposes of subdivision 58-14-16(3).

58-14-16.18. Qualified United States financial institution defined for purposes of subdivision 58-14-16(3).For the purposes of subdivision 58-14-16(3), a qualified United States financial institution, means 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;(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 will be acceptable to the director. Source: SL 2017, ch 211, §29.
SD Codified L § 58-14-16.19 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.19 - Trust agreement conditions for assuming insurers not meeting certain requirements.

58-14-16.19. Trust agreement conditions for assuming insurers not meeting certain requirements.If the assuming insurer does not meet the requirements of §58-14-8, 58-14-9, or 58-14-10, the credit permitted by §58-14-11 or 58-14-16.1 may not be allowed unless the assuming insurer agrees in the trust agreement to the following conditions:(1)Notwithstanding any other provisions in the trust instrument, if the trust fund is inadequate because the trust fund contains an amount less than the amount less than the amount required, or if the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of its state or country of domicile, the trustee shall comply with an order of the director with regulatory oversight over the trust or with an order of court of competent jurisdiction directing the trustee to transfer to the director with regulatory oversight all of the assets of the trust fund;(2)The assets shall be distributed by and claims shall be filed with and valued by the director with regulatory oversight in accordance with the laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic insurance companies;(3)If the director with regulatory oversight determines that the assets of the trust fund or any part thereof are not necessary to satisfy the claims of the United States ceding insurer of the grantor of the trust, the assets or part thereof shall be returned by the director with regulatory oversight to the trustee for distribution in accordance with the trust agreement; and(4)The grantor shall waive any right otherwise available to the grantor under United States law that is inconsistent with this section. Source: SL 2017, ch 211, §30.
SD Codified L § 58-14-16.20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.20 - Suspension or revocation of reinsurer' s accreditation or certification.

58-14-16.20. Suspension or revocation of reinsurer' s accreditation or certification.If an accredited or certified reinsurer ceases to meet the requirements for accreditation or certification, the director may suspend or revoke the reinsurer' s accreditation or certification. The director shall give the reinsurer notice and opportunity for hearing. The suspension or revocation may not take effect until after the director's order on hearing, unless:(1)The reinsurer waives the reinsurer's right to hearing;(2)The director's order is based on regulatory action by the reinsurer's domiciliary jurisdiction or the volunteer surrender or termination of the reinsurer' s eligibility to transact insurance or reinsurance business in the reinsurer's domiciliary jurisdiction or in the primary certifying state of the reinsurer under §58-14-16.14; or(3)The director finds that an emergency requires immediate action and a court of competent jurisdiction has not stayed the director's action. Source: SL 2017, ch 211, §31.
SD Codified L § 58-14-16.21 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.21 - Credit for reinsurance during suspension or revocation.

58-14-16.21. Credit for reinsurance during suspension or revocation.While a reinsurer's accreditation or certification is suspended, no reinsurance contract issued or renewed after the effective date of the suspension qualifies for credit except to the extent that the reinsurer's obligations under the contract are secured in accordance with §58-14-16. If a reinsurer's accreditation or certification is revoked, no credit for reinsurance may be granted after the effective date of the revocation except to the extent the reinsurer's obligations under the contract are secured in accordance with §58-14-16 or §§58-14-16.8 to 58-14-16.13, inclusive. Source: SL 2017, ch 211, §32.
SD Codified L § 58-14-16.22 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.22 - Fees.

58-14-16.22. Fees.The fee for each required document included in any application for accreditation, certification or any annual reinsurance filing, or for approval of or amendments to a trust, required by §58-14-5, 58-14-8, 58-14-9, 58-14-10, 58-14-11, 58-14-13, 58-14-14, or §§58-14-16.1 to 58-14-16.3, inclusive, shall be fifty dollars. Source: SL 2017, ch 211, §33.
SD Codified L § 58-14-16.24 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.24 - Credit for reinsurance for reinsurers in reciprocal jurisdictions--Capital and surplus requirements.

58-14-16.24. Credit for reinsurance for reinsurers in reciprocal jurisdictions--Capital and surplus requirements. An assuming insurer under § 58-14-16.23 shall have and maintain, on an ongoing basis:(1)A license to transact reinsurance by, and have its head office or be domiciled in, a reciprocal jurisdiction;(2)Minimum capital and surplus, or its equivalent, calculated on at least an annual basis as of the preceding December thirty-first or at the annual date otherwise statutorily reported to the reciprocal jurisdiction, and confirmed pursuant to subdivision 58-14-16.25(6) according to the methodology of its domiciliary jurisdiction, in the following amounts:(a)No less than two hundred fifty million dollars; or(b)If the assuming insurer is an association, including incorporated and individual unincorporated underwriters, minimum capital and surplus equivalents net of liabilities or own funds of the equivalent of at least two hundred fifty million dollars and a central fund containing a balance of the equivalent of at least two hundred fifty million dollars; and(3)Minimum solvency or capital ratio as follows:(a)If the assuming insurer has its head office or is domiciled in a reciprocal jurisdiction as defined in subdivision 58-14-16.23(1), the ratio specified in the applicable covered agreement;(b)If the assuming insurer is domiciled in a reciprocal jurisdiction as defined in subdivision 58-14-16.23(2), a risk-based capital ratio of three hundred percent of the authorized control level calculated in accordance with a formula developed by the NAIC and prescribed by the director; or(c)If the assuming insurer is domiciled in a reciprocal jurisdiction as defined in subdivision 58-14-16.23(3), after consultation with the reciprocal jurisdiction and considering any recommendations published through the NAIC, such solvency or capital ratio as the director determines to be an effective measure of solvency. Source: SL 2021, ch 211, § 2.
SD Codified L § 58-14-16.26 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-16.26 - Documents that must be provided to the division.

58-14-16.26. Documents that must be provided to the division. An assuming insurer under § 58-14-16.23 or its legal successor shall provide, if requested by the director, on behalf of itself and any legal predecessors, the following documentation to the director:(1)For the two years preceding entry into the reinsurance agreement and on an annual basis thereafter, the assuming insurer's annual audited financial statements in accordance with the applicable law of the jurisdiction of its head office or domiciliary jurisdiction, including the external audit report;(2)For the two years preceding entry into the reinsurance agreement, the solvency and financial condition report or actuarial opinion, if filed with the assuming insurer's supervisor; and(3)Prior to entry into the reinsurance agreement and not more than semiannually thereafter:(a)An updated list of all disputed and overdue reinsurance claims that are outstanding for ninety days or more regarding reinsurance assumed from ceding insurers domiciled in the United States; and(b)Information regarding the assuming insurer's assumed reinsurance by ceding insurer, ceded reinsurance by the assuming insurer, and reinsurance recoverable on paid and unpaid losses by the assuming insurer to allow for the evaluation of the criteria set forth in § 58-14-16.27. Source: SL 2021, ch 211, § 4.