South Dakota Codified Laws 58-14-10. A lien assuming insurer–Standards–Surplus required–Examination of records
Credit shall be allowed if the reinsurance is ceded to an assuming insurer which is domiciled and licensed in, or in the case of a United States branch of an alien assuming insurer is entered through, a state which employs standards regarding credit for reinsurance substantially similar to those applicable under this chapter and the assuming insurer or United States branch of an alien assuming insurer:
(1) Maintains a surplus as regards policyholders in an amount not less than twenty million dollars; and
Terms Used In South Dakota Codified Laws 58-14-10
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
(2) Submits to the authority of this state to examine its books and records.
Subdivision (1) of this section does not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system.
Source: SL 1992, ch 344, § 4.