Title 58, INSURANCE

As often as the director deems necessary, the director shall examine each rating organization licensed in this state as provided in §§ 58-24-35 to 58-24-39 , inclusive, each advisory organization referred to in § 58-24-53 , and each group, association, or other organization refer…

To determine whether rates are excessive, inadequate, or unfairly discriminatory, the director may consider: (1) Past and prospective loss experience within this state; (2) Conflagration and catastrophic hazards; (3) Reasonable margin for the underwriting profit and contingencies…

One rate is unfairly discriminatory in relation to another in the same class if it clearly fails to reflect equitably the difference in expected losses and expenses. Rates are not unfairly discriminatory because different premiums result for policyholders with like loss exposures…

The director may, if the director finds that any person or organization has violated any provision of this chapter, issue an order which imposes a penalty of not more than five hundred dollars for each violation, but if the director finds a violation to be willful the director ma…

The director may suspend the license of any rating organization or insurer that fails to comply with an order of the director after the time prescribed for an appeal therefrom has expired or the order has been affirmed on appeal. The director may determine when a suspension of li…

No penalty shall be imposed and no license shall be suspended or revoked except upon a written order of the director, stating his findings, made after a hearing held upon not less than ten days' written notice to such person or organization specifying the alleged violation. Sourc…

Any insurer or rating organization aggrieved by any order or decision of the director made without a hearing, may, within thirty days after notice of the order to the insurer or organization, make written request to the director for a hearing thereon. The director shall issue a n…

Any order or decision of the director in proceedings arising under this chapter shall be subject to rehearing and review on appeal in the same manner and by the same procedure as provided by chapter 1-26 , and such procedure shall be exclusive of all other remedies. Source: SL 19…

At least fifteen days before any rating organization makes a loss cost filing required by § 58-24-10 for workers' compensation insurance, the rating organization shall give the director of the Division of Insurance notice of its intent to make a loss cost filing. Source: SL 1990,…

Within thirty days of receipt of a notice pursuant to § 58-24-66 , the director of the Division of Insurance shall schedule an informal hearing and send notice of the intent to conduct the informal hearing to organizations of purchasers of workers' compensation insurance and insu…

For the purposes of §§ 58-24-68 to 58-24-74 , inclusive, the term, exempt commercial policyholder, means any person who applies for or procures any kind of property casualty insurance, except title or workers' compensation insurance, through the use of a risk manager employed or …

For the purposes of §§ 58-24-68 to 58-24-74 , inclusive, the term, risk manager, means an employee of the exempt commercial policyholder, or a third - party consultant retained by the policyholder who provides skilled services in loss prevention, loss reduction, or risk and insur…

Risks may be grouped by classifications for the establishment of rates and minimum premiums. Classification rates may be modified to produce rates for individual risks in accordance with rating plans which establish standards for measuring variations in hazards or expense provisi…

An insurer issuing a policy to an exempt commercial policyholder is exempt, except as provided for in §§ 58-24-68 to 58-24-74 , inclusive, from the rate filing requirements of chapter 58-24 and the form filing requirements of § 58-11-12 . At the time of soliciting an exempt comme…

If a third - party consultant is retained by the exempt commercial policyholder to act as the policyholder's risk manager when a quote for insurance is delivered to the policyholder, the consultant shall disclose, in writing, the existence of any commission, fee, or contingency a…

The director may promulgate rules, pursuant to chapter 1-26 , to carry out the provisions of §§ 58-24-68 to 58-24-74 , inclusive, to ensure that insurers make policyholders aware of their exempt status and that insurers keep separate records of exempt policies. The rules may incl…

The insurer shall maintain copies of the disclosures required by §§ 58-24-68 to 58-24-73 , inclusive. The copies are subject to examination. The insurer shall provide the copies to the division upon request as provided by this title. Source: SL 2004, ch 307 , § 6.

Any insurer who sells any kind of insurance to an exempt commercial policyholder shall maintain records relating to the insurance sales as required by §§ 58-24-68 to 58-24-74 , inclusive. At a minimum, the records shall include: any data, statistics, rates, rating plans, rating s…

No insurer may increase the premium or rate of an insured at policy issuance, during the term of a policy, or at renewal because of an accident if the insured was lawfully engaged in the performance of official duties as a law enforcement officer, firefighter, emergency medical t…

The systems of expense provisions included in the rates for use by any insurer or group of insurers may differ from those of other insurers or group of insurers to reflect the requirements of the operating methods of any such insurer or group of insurers with respect to any kind …

Except to the extent necessary to meet the provisions of § 58-24-5 , uniformity among insurers in any matters within the scope of §§ 58-24-4 to 58-24-8 , inclusive, is neither required nor prohibited. Source: SL 1966, ch 111 , ch 15, § 3 (2).