South Dakota § 58-5-151 Reporting material nonrenewal, cancellation or revision.

South Dakota Statutes

§ 58-5-151 — Reporting material nonrenewal, cancellation or revision.

South Dakota § 58-5-151

Title 58INSURANCE

Ch. 58-4AORGANIZATION AND GENERAL POWERS OF INSURERS

This text of South Dakota § 58-5-151 (Reporting material nonrenewal, cancellation or revision.) 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 § 58-5-151 (2026).

Text

Subject to the criteria provided in § 58-5-150 , a report shall be filed without regard to which party has initiated the nonrenewal, cancellation or revision of ceded reinsurance whenever one or more of the following conditions exist:

(1)The entire cession has been cancelled, nonrenewed, or revised and ceded indemnity and loss adjustment expense reserves after any nonrenewal, cancellation, or revision represent less than fifty percent of the comparable reserves that would have been ceded had the nonrenewal, cancellation, or revision not occurred;

(2)An authorized or accredited reinsurer has been replaced on an existing cession by an unauthorized reinsurer; or (3) Collateral requirements previously established for unauthorized reinsurers have been reduced. Subject to the material

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Subject to the criteria provided in § 58-5-150 , a report shall be filed without regard to which party has initiated the nonrenewal, cancellation or revision of ceded reinsurance whenever one or more of the following conditions exist: (1) The entire cession has been cancelled, nonrenewed, or revised and ceded indemnity and loss adjustment expense reserves after any nonrenewal, cancellation, or revision represent less than fifty percent of the comparable reserves that would have been ceded had the nonrenewal, cancellation, or revision not occurred; (2) An authorized or accredited reinsurer has been replaced on an existing cession by an unauthorized reinsurer; or (3) Collateral requirements previously established for unauthorized reinsurers have been reduced. Subject to the materiality criteria, for purposes of subdivisions (2) and (3), a report shall be filed if the result of the revision affects more than ten percent of the cession.