S.D. Admin. R. 20:06:09:53

Current through Register Vol. 51, page 57, November 12, 2024

Section 20:06:09:53 - List of non-U.S. jurisdictions determinations

A list of non-U.S. jurisdictions that recognize and accept the group capital calculation will be published as follows:

(1) A list of jurisdictions that recognize and accept the group capital calculation, pursuant to SDCL 58-5A-95, is published through the National Association of Insurance Commissioners committee process to assist the lead state director or commissioner in determining which insurers shall file an annual group capital calculation. The list will clarify those situations in which a jurisdiction is exempted from filing under SDCL 58-5A-95. To assist with a determination under SDCL 58-5A-96, the list will also identify whether a jurisdiction that is exempted under SDCL 58-5A-95 requires a group capital filing for any U.S. based insurance group's operations in that non-U.S. jurisdiction; and

(2) For a non-U.S. jurisdiction where no U.S. insurance groups operate, the confirmation provided to meet the requirement of subsection 20:06:09:52(1)(b) will serve as support for a recommendation to be published as a jurisdiction that recognizes and accepts the group capital calculation through the National Association of Insurance Commissioners committee process.

If the lead state director or commissioner makes a determination, pursuant to SDCL 58-5A-95, that differs from the National Association of Insurance Commissioners' list of non-U.S. jurisdictions that recognize and accept the group capital calculation, the lead state director or commissioner must provide documented, fact-based justification to the National Association of Insurance Commissioners and other states.

Upon determination by the lead state director or commissioner that a non-U.S. jurisdiction no longer meets one or more of the requirements to recognize and accept the group capital calculation, the lead state director or commissioner may provide a recommendation to the National Association of Insurance Commissioners that the non-U.S. jurisdiction be removed from the list of jurisdictions that recognizes and accepts the group capital calculation.

S.D. Admin. R. 20:06:09:53

50 SDR 157, effective 7/1/2024

General Authority: SDCL 58-5A-94, 58-5A-95.

Law Implemented: SDCL 58-5A-94 to 58-5A-96, inclusive.