South Dakota § 58-14-16.12 Reduction in allowable credit for insufficient security.

South Dakota Statutes

§ 58-14-16.12 — Reduction in allowable credit for insufficient security.

South Dakota § 58-14-16.12

Title 58INSURANCE

Ch. 58-13REINSURANCE

This text of South Dakota § 58-14-16.12 (Reduction in allowable credit for insufficient security.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-14-16.12 (2026).

Text

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.

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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.