S.D. Admin. R. 20:06:09:49

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

Section 20:06:09:49 - Exemptions for filing the group capital calculation

The lead state director or commissioner may exempt the ultimate controlling person from filing the annual group capital calculation if the lead state director or commissioner determines, based upon that filing, that the insurance holding company system meets all of the following criteria:

(1) The holding company has an annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of less than one billion dollars;

(2) The holding company has no insurers within its holding company structure that are domiciled outside of the United States or territories thereof;

(3) The holding company has no banking, depository, or other financial entity that is subject to an identified regulatory capital framework within its holding company structure;

(4) The holding company system attests that there are no material changes in the transactions between insurers and non-insurers in the group that have occurred since the last filing of the annual group capital calculation; and

(5) The non-insurers within the holding company system do not pose a material financial risk to the insurer's ability to honor policyholder obligations.

S.D. Admin. R. 20:06:09:49

50 SDR 157, effective 7/1/2024

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

Law Implemented: SDCL 58-5A-94, 58-5A-95.