58-32-22 Requirements for placing surplus lines insurance.
Requirements for placing surplus lines insurance.
Surplus lines insurance may be
placed by a surplus lines licensee if the insurer is authorized to write the type of insurance in its
domiciliary jurisdiction, and either meets the criteria established through a multi-state agreement
pursuant to § 58-32-45 or meets one of the following criteria:
The insurer has capital and surplus or its equivalent under the laws of its domiciliary
jurisdiction which equals the greater of:
The minimum capital and surplus requirements under § 58-6-23; or
Fifteen million dollars; or
The insurer is a nonadmitted insurer domiciled outside the United States that is listed on
the Quarterly Listing of Alien Insurers maintained by the International Insurers
Department of the National Association of Insurance Commissions.
The requirements of subdivision (1) of this section may be satisfied by an insurer's possessing
less than the minimum capital and surplus upon an affirmative finding of acceptability by the
director. The finding shall be based upon such factors as quality of management, capital and surplus
of any parent company, company underwriting profit and investment income trends, market
availability, and company record and reputation within the industry. The director may not make an
affirmative finding of acceptability if the nonadmitted insurer's capital and surplus is less than four
million five hundred thousand dollars.
Source: SL 1966, ch 111, ch 11, § 6(2); SL 1986, ch 420; SL 1990, ch 407, § 2; SL 2011, ch 223,