South Dakota § 58-14-9 - Requirements for reinsurer to be accredited.
Full text of South Dakota South Dakota Codified Laws § 58-14-9 — Requirements for reinsurer to be accredited., with citation guidance and answers to common questions.
§ 58-14-9. Requirements for reinsurer to be accredited.
Credit shall be allowed if the reinsurance is ceded to an assuming insurer that is accredited as a reinsurer in this state. For a reinsurer to be accredited, the reinsurer shall:
(1) File with the director evidence of its submission to this state's jurisdiction;
(2) Submit to this state's authority to examine its books and records;
(3) Be licensed to transact insurance or reinsurance in at least one state or, in the case of a United States branch of an alien assuming insurer, be entered through and licensed to transact insurance or reinsurance in at least one state;
(4) File annually with the director a copy of its annual statement filed with the insurance department of its state of domicile and a copy of its most recent audited financial statement; and
(5) Demonstrate to the satisfaction of the director that the reinsurer has adequate financial capacity to meet reinsurance obligations and is otherwise qualified to assume reinsurance from domestic insurers. An assuming insurer is deemed to meet this requirement as of the time of the assuming insurer's application if the assuming insurer maintains a surplus as regards policyholders in an amount not less than twenty million dollars and the assuming insurer's accreditation has not been denied by the director within ninety days after submission of the assuming insurer's application.
The director, after reviewing the documents submitted, may approve or disapprove the reinsurer.
No credit may be allowed a domestic ceding insurer if the assuming insurer's accreditation has been revoked by the director after notice and hearing.
To qualify as an accredited reinsurer, an assuming insurer shall meet all of the requirements of this section.
The director may deny accreditation if the director determines that accreditation would not be in the best interest of the ceding insurer and policyholders.
Source: SL 1992, ch 344, § 3; SL 2017, ch 211, § 2.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-14-9
What does South Dakota Codified Laws § 58-14-9 cover?
Section 58-14-9 ("Requirements for reinsurer to be accredited.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-14-9?
A common citation format is "South Dakota Codified Laws § 58-14-9" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-14-9 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.