S.D. Admin. R. 20:06:31:30

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

Section 20:06:31:30 - Certified reinsurers - filing requirements

The certified reinsurer must 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. All information submitted by certified reinsurers shall be investigated by the division. The filing requirements are, as follows:

(1) Notify the director within ten days of any regulatory actions taken against the certified reinsurer, any change in the provisions of its domiciliary license or any change in rating by an approved rating agency, including a statement describing such changes and the reasons therefore;

(2) Annually file the applicable Form CR-F or CR-S, provided by the director;

(3) Annually file the report of the independent auditor on the financial statements of the insurance enterprise, on the basis described in subdivision (4) of this section;

(4) Annually file the most recent audited financial statements, regulatory filings, and actuarial opinion as filed with the certified reinsurer's domiciliary jurisdiction, with a translation into English. Upon the initial certification, audited financial statements for the last two years filed with the certified reinsurer' s supervisor;

(5) At least annually file an updated list of all disputed and overdue reinsurance claims regarding reinsurance assumed from U.S. domestic ceding insurers;

(6) File a certification from the certified reinsurer's domestic regulator that the certified reinsurer is in good standing and maintains capital in excess of the jurisdiction's highest regulatory action level; and

(7) Any other information that the director may reasonably require.

S.D. Admin. R. 20:06:31:30

44 SDR 71, effective 10/23/2017; 48 SDR 039, effective 10/5/2021

General Authority: SDCL 58-14-17.

Law Implemented: SDCL 58-14-16.1, 58-14-17.