S.D. Admin. R. 20:06:25:01.02

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:25:01.02 - Accounting methods for bail bonds

Insurers writing bail bonds may, in lieu of compliance with SSAP 53 of the Accounting Practices and Procedures Manual, report bail bond written premiums less agent commissions and may recognize total premiums as earned on the effective date of the bonds. Insurers reporting premiums on this method must file a supplemental Schedule T with their annual statement setting forth the gross premiums by state for premium tax purposes.

29 SDR 5, effective 7/10/2002; 30 SDR 39, effective 9/28/2003; 31 SDR 21, effective 8/23/2004; 33 SDR 59, effective 10/5/2006; 34 SDR 271, effective 5/6/2008; 35 SDR 165, effective 12/22/2008; 36 SDR 209, effective 7/1/2010; 37 SDR 241, effective 7/1/2011; 38 SDR 219, effective 6/25/2012; 39 SDR 219, effective 6/26/2013; 41 SDR 41, effective 9/17/2014; 42 SDR 52, effective 10/13/2015; 42 SDR 177, effective 6/28/2016; 45 SDR 010, effective 8/1/2018; 46 SDR 026, effective 9/4/2019; 46 SDR 146, effective 7/2/2020; 47 SDR 137, effective 6/28/2021; 49 SDR 009, effective 8/9/2022; 50 SDR 013, effective 8/10/2023

General Authority: SDCL 58-6-75.

Law Implemented: SDCL 58-6-75.

The amended version of this section by 50 SDR 157, effective 7/1/2024 is not yet available.

Accounting Practices and Procedures Manual, 2023 edition. Copies may be obtained from the National Association of Insurance Commissioners, 1100 Walnut Street, Ste. 1500, Kansas City, MO 64106-2197, (816) 783-8300; http://www.naic.org. Cost: $550.