Marcia Hultman

Cabinet Secretary

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Division of Insurance


Required Filings of Accredited, Qualified or Certified Reinsurers


Accredited Reinsurers

Accredited Reinsurers are required to submit the following items to the Division of Insurance. The fee for submitting the items listed below is $50 per item, payable at the time of submission.

  1. Hard Copy of Annual Statement - due March 1
  2. Audited Financial Statement - due June 1
  3. Completed AR-1 Certificate of Assuming Insurer (Available in Adobe PDF) - due March 1
  4. Financial exam reports should be submitted within 30 days after the reinsurer has received the final report.

Click here to view the listing of Accredited Reinsurers.

Click here to access the application to become an Accredited Reinsurer in South Dakota. The application fee varies based on the application submitted. The application fee is calculated as $50 per document submitted.

All completed applications, supporting documentation and applicable filing fees should be submitted to the Division using the mailing information available here.

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Qualified Reinsurers

A Qualified Reinsurer is a reinsurer that does not meet the requirements to become accredited or certified but qualifies to offer credit for reinsurance under a different method within South Dakota Codified Law (SDCL) 58-14. The fee for submitting the items listed below is $50 per item, payable at the time of submission.

  1. Hard Copy of Annual Statement - due March 1
  2. Audited Financial Statement - due June 1
  3. Completed AR-1 Certificate of Assuming Insurer (Available in Adobe PDF) - due March 1
  4. Financial exam reports should be submitted within 30 days after the reinsurer has received the final report.
  5. Trust account statements, if applicable, should be submitted within 45 days of the end of each calendar quarter.
  6. Amendments to the trust agreement, if applicable.

Click here to view the listing of Qualified Reinsurers.

Click here to access the application to become a Qualified Reinsurer without using a trust. The application fee varies based on the application submitted. The application fee is calculated as $50 per document submitted.

Click here to access the application to become a Qualified Reinsurer using a trust. The application fee varies based on the application submitted. The application fee is calculated as $50 per document submitted.

All completed applications, supporting documentation and applicable filing fees should be submitted to the Division using the mailing information available here.

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Certified Reinsurers

Companies in the following Non-US Qualified Jurisdictions are eligible to apply to become a Certified Reinsurer. The list is as approved as of July 1, 2017.

Bermuda: The Bermuda Monetary Authority (BMA)
France: Autorite Controle Prudential et de Resolution (ACPR)
Germany: German Federal Financial Supervisory Authority (BaFin)
Ireland: Central Bank of Ireland (Central Bank)
Japan: Financial Services Agency of Japan (FSA)
Switzerland: The Swiss Financial Market Supervisory Authority (FINMA)
United Kingdom: The Prudential Regulation Authority of the Bank of England (PRA)

Applicants seeking Certified Reinsurer status in South Dakota:

Written comments regarding the below proposed applications may be submitted before the comment deadline period to the Division using the contact information available here.

Applicants seeking Certified Reinsurer Status
Federal/
Alien ID
Applicant Name Qualified Jurisdiction Application Data Comment Deadline
         
         

Annual Filing Requirements, due September 1 unless separately stated:

  1. Applicable Form CR-F or CR-S
  2. Independent Auditors Report with Audited Financial Statements, audited on U.S. basis or IFRS.
    • If audited on IFRS basis, statements must be accompanied by a footnote reconciling equity and net income to U.S. GAAP basis and the footnote must be audited.
  3. Regulatory filings and actuarial opinion as filed with the certified reinsurer's domiciliary jurisdiction.
  4. List of all disputed and overdue reinsurance claims regarding reinsurance assumed from U.S. domestic ceding insurers.
  5. Certification from the certified reinsurer's domestic regulator that the certified reinsurer is in good standing and maintains capital in excess of the jurisdiction's highest regulatory action level.
  6. Form CR-1 Certificate of Certified Reinsurer.

Each of the above required filings has a $50 filing fee.

Certified Reinsurers are also required to notify the Director within 10 days of any of the following:

  • Regulatory actions against the certified reinsurer.
  • Change in the provision of its domiciliary license.
  • Change in rating by approved rating agency.

Any of the above filings must include statements describing changes and the reasons for the changes.

Click here to obtain a copy of the Certified Reinsurer application. The application fee varies based on the application submitted. The application fee is calculated as $50 per document submitted.

All completed applications, supporting documentation and applicable filing fees should be submitted to the Division using the mailing information available here.

If the applicant intends to apply for full certification in South Dakota please email the Division before submitting the application. Please include the subject line "Certified Reinsurer request for full certification."

Click here for a listing of Certified Reinsurers.

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