58-13-1      Maximum single risk assumed.
58-13-2      Subject of insurance defined.
58-13-3      Surplus to policyholders defined.
58-13-4      Deduction for reinsurance or cosuretyship.
58-13-5      Chapter inapplicable when maximum possible loss not ascertainable.
58-13-6      Application of chapter to alien insurers.

58-13-1. Maximum single risk assumed.

No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding ten percent of its surplus to policyholders.

Source: SL 1966, ch 111, ch 4, § 11 (1).

58-13-2. Subject of insurance defined.

A "subject of insurance" for the purposes of this chapter, as to insurance against fire and hazards other than windstorm, earthquake, or other catastrophe hazards, includes all properties insured by the same insurer which are customarily considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of such other hazard insured against.

Source: SL 1966, ch 111, ch 4, § 11 (2).

58-13-3. Surplus to policyholders defined.

"Surplus to policyholders" for the purposes of this chapter, in addition to the insurer's capital and surplus, shall be deemed to include any voluntary reserves which are not required pursuant to law, and shall be determined from the last sworn statement of the insurer on file with the director, or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk.

Source: SL 1966, ch 111, ch 4, § 11 (5).

58-13-4. Deduction for reinsurance or cosuretyship.

Reinsurance ceded for which credit is allowed pursuant to chapter 58-14 shall be deducted in determining risk retained. As to surety risks, deductions shall also be made of the amount assumed by any established incorporated cosurety and the value of any security deposited, pledged, or held subject to the surety's consent and for the surety's protection.

Source: SL 1966, ch 111, ch 4, § 11 (3).

58-13-5. Chapter inapplicable when maximum possible loss not ascertainable.

This chapter shall not apply to life or health insurance, annuities, title insurance, insurance of wet marine and transportation risks, workers' compensation insurance, employer's liability coverages, nor to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy.

Source: SL 1966, ch 111, ch 4, § 11 (6).

58-13-6. Application of chapter to alien insurers.

As to alien insurers, this chapter shall relate only to risks and surplus to policyholders of the insurer's United States branch.

Source: SL 1966, ch 111, ch 4, § 11 (4).