58-14-16.2. Eligibility for certification as reinsurer.
179 words·~1 min read·
/sd/title-58/chapter-58-14/58-14-16-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In order to be eligible for certification as a reinsurer, the assuming insurer shall:
(1)Be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined by the director pursuant to §§ 58-14-16.4 to 58-14-16.6 , inclusive;
(2)Maintain minimum capital and surplus, or its equivalent, in an amount promulgated in rule by the director;
(3)Maintain financial strength ratings from two or more rating agencies deemed acceptable by the director pursuant to regulation;
(4)Agree to submit to the jurisdiction of this state, appoint the director as the assuming insurer's agent for service of process in this state, and agree to provide security for one hundred percent of the assuming insurer's liabilities attributable to reinsurance ceded by the United States ceding insurers if the assuming insurer resists enforcement of a final United States judgment;
(5)Agree to meet applicable information filing requirements as determined by the director, both with respect to an initial application for certification and on an ongoing basis; and
(6)Satisfy any other requirements for certification deemed relevant by the director.