Credit shall be allowed if the reinsurance is ceded to an assuming insurer not meeting the requirements of § 58-14-8 , 58-14-9 , 58-14-10 , 58-14-11 , or 58-14-16.1 but only with respect to the insurance of risks located in foreign or alien jurisdictions where the reinsurance is required by applicable law or regulation of that jurisdiction.
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