South Dakota § 58-5-153 Determining whether to report material nonrenewals, cancellations, or revisions on a nonconsolidated or consolidated basis.

South Dakota Statutes

§ 58-5-153 — Determining whether to report material nonrenewals, cancellations, or revisions on a nonconsolidated or consolidated basis.

South Dakota·Title 58 INSURANCE·Ch. 58-4A ORGANIZATION AND GENERAL POWERS OF INSURERS

Insurers shall report all material nonrenewals, cancellations, or revisions of ceded reinsurance agreements on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars of total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five perc

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Insurers shall report all material nonrenewals, cancellations, or revisions of ceded reinsurance agreements on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars of total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent of the insurer's capital and surplus.

South Dakota § 58-5-153 (Determining whether to report material nonrenewals, cancellations, or revisions on a nonconsolidated or consolidated basis.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.