South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:06 - INSURANCE
Chapter 20:06:31 - Credit for reinsurance
Section 20:06:31:04.05 - Securities ratings
Current through Register Vol. 50, page 114, March 25, 2024
Trust assets may be invested in obligations that are issued in the United States, or that are dollar denominated and issued in a non-U.S. market by a solvent U.S. institution other than an insurance company, or that are assumed or guaranteed by a solvent U.S. institution other than an insurance company, and that are not in default as to principal or interest if the obligations:
(1) Are rated A or higher, or the equivalent, by a securities rating agency recognized by the Securities Valuation Office of the National Association of Insurance Commissioners, or if not so rated, are similar in structure and other material respects to other obligations of the same institution that are so rated;
(2) Are insured by at least one authorized insurer, other than the investing insurer or a parent, subsidiary or affiliate of the investing insurer, licensed to insure obligations in this state and, after considering the insurance, are rated AAA, or the equivalent, by a securities rating agency recognized by the Securities Valuation Office of the National Association of Insurance Commissioners; or
(3) Have been designated as Class One or Class Two by the Securities Valuation Office of the National Association of Insurance Commissioners.
General Authority: SDCL 58-14-17.
Law Implemented: SDCL 58-14-11, 58-14-13, 58-14-17, 58-14-20.
