South Dakota § 58-14-16.29 - List of assuming insurers.

§ 58-14-16.29. List of assuming insurers.

The director shall timely create and publish a list of assuming insurers that have satisfied the conditions set forth in §§ 58-14-16.23 to 58-14-16.34, inclusive, and to which cessions must be granted credit. The director may add an assuming insurer to the list if an NAIC-accredited jurisdiction has added the assuming insurer to its list of assuming insurers or if, upon initial eligibility, the assuming insurer submits the information to the director as required under § 58-14-16.25, except to the extent that submissions conflict with an applicable covered agreement. If an NAIC-accredited jurisdiction has determined that the conditions set forth in §§ 58-14-16.24 to 58-14-16.27, inclusive, have been met, the director has the discretion to defer to that jurisdiction's determination and add such assuming insurer to the list of assuming insurers. The director may accept financial documentation filed with another NAIC-accredited jurisdiction or with the NAIC in satisfaction of the requirements of §§ 58-14-16.24 to 58-14-16.27, inclusive.

When requesting that the director defer to another NAIC-accredited jurisdiction's determination, an assuming insurer shall submit a properly executed form prescribed by the director and other additional information as the director may require. A state that has received such a request will notify other states through the NAIC and provide relevant information with respect to the determination of eligibility.

Source: SL 2021, ch 211, § 7.