Section 58-14-12 - Amount of trust for group of incorporated assuming insurers--Compliance withrequirements. - South Dakota Statutes

58-14-12. Amount of trust for group of incorporated assuming insurers--Compliance with requirements. In the case of a group of incorporated insurers, the trust in § 58-14-11 shall be in an amount equal to the group's several liabilities attributable to business ceded by United States ceding insurers to any member of the group pursuant to reinsurance contracts issued in the name of the group. In addition, the group shall maintain a joint trusteed surplus of which one hundred million dollars shall be held jointly for the benefit of United States ceding insurers of any member of the group as additional security for any liabilities, and each member of the group shall make available to the director an annual certification of the member's solvency by the member's domiciliary regulator and its independent public accountant.
A group of incorporated insurers under this section are those under common administration which comply with the filing requirements contained in § 58-14-11, which has continuously transacted an insurance business outside the United States for at least three years immediately prior to making application for accreditation, which submits to this state's authority to examine its books and records and bears the expense of the examination, and which has aggregate policyholders' surplus of ten billion dollars.

Source: SL 1992, ch 344, § 6.