South Dakota Codified Laws 58-14-1. “Reinsurance” defined
Current as of: 2023 | Check for updates
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“Reinsurance” is a contract under which an originating insurer, called the “ceding insurer,” procures insurance for itself in another insurer, called the “assuming insurer” or the “reinsurer,” with respect to part or all of any insurance risk of the originating insurer.
Terms Used In South Dakota Codified Laws 58-14-1
- Contract: A legal written agreement that becomes binding when signed.
Source: SL 1966, ch 111, ch 4, § 9.