S.D. Admin. R. 20:06:25:01.02

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

Section 20:06:25:01.02 - Accounting methods for bail bonds

An insurer writing bail bonds may, in lieu of compliance with SSAP 53 of the Accounting Practices and Procedures Manual, report bail bond written premiums less agent commissions and may recognize total premiums as earned on the effective date of the bonds. An insurer reporting premiums on this method shall file a supplemental Schedule T with the annual statement setting forth the gross premiums by state for premium tax purposes.

29 SDR 5, effective 7/10/2002; 30 SDR 39, effective 9/28/2003; 31 SDR 21, effective 8/23/2004; 33 SDR 59, effective 10/5/2006; 34 SDR 271, effective 5/6/2008; 35 SDR 165, effective 12/22/2008; 36 SDR 209, effective 7/1/2010; 37 SDR 241, effective 7/1/2011; 38 SDR 219, effective 6/25/2012; 39 SDR 219, effective 6/26/2013; 41 SDR 41, effective 9/17/2014; 42 SDR 52, effective 10/13/2015; 42 SDR 177, effective 6/28/2016; 45 SDR 010, effective 8/1/2018; 46 SDR 026, effective 9/4/2019; 46 SDR 146, effective 7/2/2020; 47 SDR 137, effective 6/28/2021; 49 SDR 009, effective 8/9/2022; 50 SDR 013, effective 8/10/2023; 50 SDR 157, effective 7/2/2024

General Authority: SDCL 58-6-75.

Law Implemented: SDCL 58-6-75.

Accounting Practices and Procedures Manual, 2024 edition. Copies may be obtained from the National Association of Insurance Commissioners, 1100 Walnut Street, Ste. 1500, Kansas City, MO 64106-2197, (816) 783-8300; http://www.naic.org. Cost: $550.