Section 58-14-15 - Allowance of credit for certain insurers not licensed, certified, or accredited in stateIf the assuming insurer is not licensed, certified, or accredited to transact insurance or reinsurance in this state, the credit permitted by § 58-14-10 or 58-14-11 may not be allowed unless the assuming insurer agrees in the reinsurance agreements:
(1) That in the event of the failure of the assuming insurer to perform the assuming insurer's obligations under the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding insurer, shall submit to the jurisdiction of any court of competent jurisdiction in any state of the United States, comply with all requirements necessary to give the court jurisdiction, and abide by the final decision of any court or of any appellate court in the event of an appeal; and(2) To designate the director or a designated attorney as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the ceding company.This section is not intended to conflict with or override the obligation of the parties to a reinsurance agreement to arbitrate their disputes if arbitration is created in the agreement.
SL 1992, ch 344, § 9; SL 2017, ch 211, §9.Amended by S.L. 2017, ch. 211,s. 9, eff. 7/1/2017.