South Dakota § 58-5-150 Materiality of nonrenewals, cancellations or revisions.

South Dakota Statutes

§ 58-5-150 — Materiality of nonrenewals, cancellations or revisions.

South Dakota § 58-5-150

Title 58INSURANCE

Ch. 58-4AORGANIZATION AND GENERAL POWERS OF INSURERS

This text of South Dakota § 58-5-150 (Materiality of nonrenewals, cancellations or revisions.) 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 § 58-5-150 (2026).

Text

No nonrenewals, cancellations, or revisions of ceded reinsurance programs need to be reported pursuant to § 58-5-143 if the nonrenewals, cancellations, or revisions are not material. For purposes of the chapter, a material nonrenewal, cancellation, or revision is one that affects the property and casualty business, including accident and health business, by more than fifty percent of an insurer's ceded written premium, or for life, annuity, and accident and health business, more than fifty percent of the total reserve credit taken for business ceded, on an annualized basis as indicated in the insurer's most recently filed statutory statement. However, no filing is required if the insurer's ceded written premium or the total reserve credit taken for business ceded represents, on an annualiz

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No nonrenewals, cancellations, or revisions of ceded reinsurance programs need to be reported pursuant to § 58-5-143 if the nonrenewals, cancellations, or revisions are not material. For purposes of the chapter, a material nonrenewal, cancellation, or revision is one that affects the property and casualty business, including accident and health business, by more than fifty percent of an insurer's ceded written premium, or for life, annuity, and accident and health business, more than fifty percent of the total reserve credit taken for business ceded, on an annualized basis as indicated in the insurer's most recently filed statutory statement. However, no filing is required if the insurer's ceded written premium or the total reserve credit taken for business ceded represents, on an annualized basis, less than ten percent of direct plus assumed written premium or ten percent of the statutory reserve requirement prior to any cession, respectively.