South Dakota § 58-14-36 Loss reserves--Actuary's opinion--Employee of agent or broker not to be appointed to reinsurer's board of directors.

South Dakota Statutes

§ 58-14-36 — Loss reserves--Actuary's opinion--Employee of agent or broker not to be appointed to reinsurer's board of directors.

South Dakota § 58-14-36

Title 58INSURANCE

Ch. 58-13REINSURANCE

This text of South Dakota § 58-14-36 (Loss reserves--Actuary's opinion--Employee of agent or broker not to be appointed to reinsurer's board of directors.) 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 § 58-14-36 (2026).

Text

If an agent or broker establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the agent. This opinion shall be in addition to any other required loss reserve certification. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who may not be affiliated with an agent or broker. No reinsurer may appoint to its board of directors, any officer, director, employee, controlling shareholder, or sub - producer of its agent or broker; however, this prohibition does not apply to relationships governed by chapter 58-5A or, if applicable, chapter 58-30 .

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If an agent or broker establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the agent. This opinion shall be in addition to any other required loss reserve certification. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who may not be affiliated with an agent or broker. No reinsurer may appoint to its board of directors, any officer, director, employee, controlling shareholder, or sub - producer of its agent or broker; however, this prohibition does not apply to relationships governed by chapter 58-5A or, if applicable, chapter 58-30 .