S.D. Admin. R. 20:06:09:52

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:09:52 - Non-U.S. jurisdictions recognized for group capital calculation

A non-U.S. jurisdiction is considered to recognize and accept the group capital calculation if the non-U.S. jurisdiction satisfies the following criteria:

(1) With respect to SDCL 58-5A-95:

(a) The non-U.S. jurisdiction recognizes the U.S. state regulatory approach to group supervision and group capital by providing confirmation by a competent regulatory authority, in the jurisdiction, that insurers and insurance groups whose lead state is accredited by the National Association of Insurance Commissioners under the National Association of Insurance Commissioners Accreditation Program are subject only to worldwide prudential insurance group supervision, including worldwide group governance, solvency, capital, and reporting, as applicable, by the lead state and will not be subject to group supervision, including worldwide group governance, solvency, capital, and reporting, at the level of the worldwide parent undertaking of the insurance or reinsurance group by the non-U.S. jurisdiction; or

(b) Where no U.S. insurance group operates in the non-U.S. jurisdiction, the non-U.S. jurisdiction indicates formally in writing to the lead state with a copy to the International Association of Insurance Supervisors that the group capital calculation is an acceptable international capital standard. This will serve as the documentation otherwise required in subsection (1)(a) of this section; and

(2) The non-U.S. jurisdiction provides confirmation by a competent regulatory authority in the jurisdiction that information regarding insurers and their parent, subsidiary, or affiliated entities, if applicable, must be provided to the lead state director or commissioner in accordance with a memorandum of understanding or similar document between the commissioner and the jurisdiction, the International Association of Insurance Supervisors Multilateral Memorandum of Understanding or other multilateral memoranda of understanding coordinated by the National Association of Insurance Commissioners. The commissioner shall determine, in consultation with the National Association of Insurance Commissioners committee process, if the requirements of the information sharing agreements are in force.

S.D. Admin. R. 20:06:09:52

50 SDR 157, effective 7/1/2024

General Authority: SDCL 58-5A-94, 58-5A-95.

Law Implemented: SDCL 58-5A-94, 58-5A-95.