South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:06 - INSURANCE
Chapter 20:06:31 - Credit for reinsurance
Section 20:06:31:04.01 - Group of incorporated insurers under common administration
Current through Register Vol. 50, page 114, March 25, 2024
The trust fund for a group of incorporated insurers under common administration, whose members possess aggregate policyholders surplus of $10,000,000,000, calculated in substantially the same manner as prescribed by the annual statement instructions and Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners as provided in § 20:06:25:01 , and which has continuously transacted an insurance business outside the United States for at least three years immediately prior to making application for accreditation, shall:
(1) Consist of funds in trust in an amount not less than the assuming insurers several liabilities attributable to business ceded by U.S. domiciled ceding insurers to any members of the group pursuant to reinsurance contracts issued in the name of such group; and
(2) File a properly executed Form AR-1, provided by the director, as evidence of the submission to this states authority to examine the books and records of any of its members and shall certify that any member examined will bear the expense of any such examination on a form provided by the director.
General Authority: SDCL 58-14-17.
Law Implemented: SDCL 58-14-11, 58-14-12, 58-14-17.
