ARSD 20:06:31:05.01. Security for risks located in foreign or alien jurisdictions

A specific security provided to a ceding insurer by an assuming insurer pursuant to SDCL 58-14-14 shall be applied, until exhausted, to the payment of liabilities of the assuming insurer to the ceding insurer holding the specific security prior to, and as a condition precedent for, presentation of a claim by the ceding insurer for payment by a trustee of a trust established by the assuming insurer pursuant to §§ 20:06:31:04.01 to 20:06:31:04.13, inclusive.