South Dakota § 58-14-16.2 Eligibility for certification as reinsurer.

South Dakota Statutes

§ 58-14-16.2 — Eligibility for certification as reinsurer.

South Dakota § 58-14-16.2

Title 58INSURANCE

Ch. 58-13REINSURANCE

This text of South Dakota § 58-14-16.2 (Eligibility for certification as reinsurer.) 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 § 58-14-16.2 (2026).

Text

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 Un

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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.