Title 58 — INSURANCE

Chapters 58-10 to 58-12 , inclusive, apply as to all insurance contracts and annuity contracts, other than: (1) Reinsurance; (2) Policies or contracts not issued for delivery in this state or not delivered in this state, except as provided in §§ 58-11-12 to 58-11-20 , inclusive. …

Whenever any policy of insurance is written or renewed to insure any real property in this state, including structures on land owned by a person other than the insured, against loss by fire, tornado, or lightning and the property insured is wholly destroyed, without criminal faul…

A change of interest, by will or succession, on the death of the insured, does not avoid an insurance of property and the insurance passes to the person taking his interest in the thing insured. Source: SL 1966, ch 111 , ch 22, § 7.

A transfer of interest by one of several partners, joint owners, or owners in common, who are jointly insured, to the others, does not avoid an insurance of property even though it has been agreed that the insurance shall cease upon an alienation of the thing insured. Source: SL …

For purposes of subdivision 58-10-4(6), the term, trust, includes any trust, including a business trust, and the term, beneficiary, includes the interest of any beneficiary in a trust, including a beneficial owner of a business trust. Source: SL 2006, ch 251 , § 2.

For purposes of subdivision 58-10-4(6), the term, business trust, means a business trust subject to chapter 47-14A or chapter 47-14B . Source: SL 2006, ch 251 , § 3.

An insurance contract for which an insurable interest exists under subdivision 58-10-4(6), is a life insurance policy issued for delivery to a trust governed by South Dakota law. Source: SL 2006, ch 251 , § 4.

The provisions of subdivision 58-10-4(6) and §§ 58-10-13 to 58-10-15 , inclusive, are effective retroactively to November 2, 1889. Source: SL 2006, ch 251 , § 5.

A person who has an insurable interest in the life of an individual settlor pursuant to subdivisions 58-10-4(1) to (6), may create an entity solely for the purpose of purchasing, holding, or administering an insurance contract on the life of the individual settlor. Neither an ins…

"Policy" means the written contract of or written agreement for or effecting insurance, by whatever name called, and includes all clauses, riders, endorsements, and papers which are a part thereof. Source: SL 1966, ch 111 , ch 22, § 2.

Any individual of competent legal capacity may procure or effect an insurance contract upon his own life or body for the benefit of any person. But no person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefi…

Insurable interest with reference to personal insurance includes only interests as follows: (1) Interests in individuals related closely by blood, marriage, or by law, a substantial interest engendered by love and affection; (2) For other persons, a lawful and substantial economi…

If the beneficiary, assignee, or other payee under any contract made in violation of § 58-10-3 receives from the insurer any benefits thereunder accruing upon the death, disablement, or injury of the individual insured, the individual insured or his personal representative, as th…

No life or health insurance contract upon an individual, except a contract of group life insurance or of group or blanket health insurance, shall be made or become effective unless at the time of the making of the contract such individual applies therefor or has consented thereto…

Subject to the policy terms on assignment, a person whose life is insured under a policy of life insurance may assign with his spouse's written consent any or all incidents of ownership granted him under the policy, including but not limited to any right to designate a beneficiar…

No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss. Source: SL 1966, ch 111 , ch 22, …

"Insurable interest" as used in §§ 58-10-7 and 58-10-9 means any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment. Source: SL 1966, ch 111 , ch 22, § 6 (2…

The measure of an insurable interest in property is the extent to which the insured might be directly damnified by loss, injury, or impairment thereof. Source: SL 1966, ch 111 , ch 22, § 6 (3).