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Division of Insurance
Required Filings of Accredited, Qualified, Certified or Reciprocal Jurisdiction Reinsurers
*A reinsurer's initial application, any annual filing, and applicable fee payment will be submitted electronically through OPTins. Fees are retaliatory with a minimum South Dakota fee of $50 per document submitted. Fee payment is due when filing is submitted. All forms provided below are presented in Adobe PDF unless otherwise listed.
Accredited Reinsurers
Click here to access the application to become an Accredited Reinsurer in South Dakota. SDCL 58-14-9. The application fee varies based on the application submitted. The application fee is calculated per document submitted, payable at the time of submission via OPTins.*
Accredited Reinsurers are required to submit the following items to the Division of Insurance via OPTins. The fee for submitting the items listed below is per item, payable at the time of submission via OPTins.*
- Annual Statement - With initial application and due annually by March 1
- Audited Financial Statement - due June 1
- Completed AR-1 Certificate of Assuming Insurer - With initial application and due annually by March 1
- 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.
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
Initial Application:
-
Click here to access the application to become a Qualified Reinsurer without using a trust. SDCL 58-14-10.
Click here to access the application to become a Qualified Reinsurer using a trust. SDCL 58-14-11.
The application fee varies based on the application submitted. The application fee is calculated per document submitted, payable at the time of submission via OPTins.*
Qualified Reinsurers are required to submit the following items to the Division of Insurance via OPTins. The fee for submitting the items listed below is $50 per item, payable at the time of submission.
- Annual Statement - With initial application and due annually by March 1
- Audited Financial Statement - due June 1
- Completed AR-1 Certificate of Assuming Insurer - With initial application and due annually by March 1
- Financial exam reports should be submitted within 30 days after the reinsurer has received the final report.
- Trust account statements, if applicable, should be submitted within 45 days of the end of each calendar quarter.
- Amendments to the trust agreement, if applicable.
Click here to view the listing of Qualified Reinsurers.
Certified Reinsurers
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 per document submitted, payable at the time of submission via OPTins.*
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."
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.
No proposed applications at this time.
| Applicants seeking Certified Reinsurer Status | ||||
| Federal/ Alien ID |
Applicant Name | Qualified Jurisdiction | Application Date | Comment Deadline |
Annual Filing Requirements, due December 1 unless separately stated:
- Applicable Form CR-F or CR-S
- 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.
- Regulatory filings and actuarial opinion as filed with the certified reinsurer's domiciliary jurisdiction.
- List of all disputed and overdue reinsurance claims regarding reinsurance assumed from U.S. domestic ceding insurers.
- 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.
- Form CR-1 Certificate of Certified Reinsurer.
The required filing fee is calculated per document submitted, payable at the time of submission via OPTins.*
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 for a listing of Certified Reinsurers.
Reciprocal Jurisdiction Reinsurers
Access a listing of Reciprocal Jurisdictions.
Annual Filing Requirements:
- Reciprocal Jurisdiction Application - If the applicant intends to apply for full reciprocal jurisdiction in South Dakota please email the Division before submitting the application. Please include the subject line "Reciprocal Jurisdiction Reinsurer intent to submit application."
- Form RJ-1 Certificate of Reinsurer Domiciled in Reciprocal Jurisdiction.
- Applicable Form CR-F or CR-S.
- 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.
- Solvency and Financial Condition Report or Actuarial Opinion.
- List of all disputed and overdue reinsurance claims regarding reinsurance assumed from U.S. domestic ceding insurers.
- Certification from the reciprocal jurisdiction reinsurer's domestic regulator that the reciprocal jurisdiction reinsurer is in good standing and maintains capital in excess of the jurisdiction's highest regulatory action level.
- Regulatory actions against the certified reinsurer.
- Change in the provision of its domiciliary license.
- Change in rating approved by approved rating agency.
The required filing fee is calculated per document submitted, payable at the time of submission via OPTins.*
For additional requirements of Reciprocal Jurisdiction Reinsurers, see SDCL §§ 58-14-16.23 to 58-14-16.34.
Click here for a listing of Reciprocal Jurisdiction Reinsurers.