Title 58 — INSURANCE

Source: SL 2004, ch 307 , § 3.

The purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, and to authorize and regulate cooperative action among insurers in rate - making and in other matters wit…

Every insurer shall file with the director of the Division of Insurance every manual, minimum, class rate, rating schedule, or rating plan and every other rating rule, and every modification of any of the foregoing which it proposes to use. Every such filing shall state the propo…

Every insurer writing automobile insurance as defined by subdivisions 58-11-45(1) to (3), inclusive, and subdivision 58-23-6(2), and every insurer writing liability insurance, physical damage insurance, and collision insurance on all motor vehicles ordinarily used on the public h…

The director of the Division of Insurance may by order require that a particular insurer otherwise entitled to file its rates in accordance with § 58-24-10.1 , file any or all of its rates and supplementary rate information thirty days prior to their effective date, if and to the…

58-24-13 Information furnished in support of filing. 58-24-14 Filing open to public inspection--Specially rated inland marine risks. 58-24-15 Review of filings by director. 58-24-16

An insurer may satisfy its obligation to make filings pursuant to this chapter by: (1) Becoming a member of, or a subscriber to, a licensed rating organization that makes filings; and (2) Authorizing the director to accept filings on its behalf. Nothing contained in this chapter …

If a filing is not accompanied by the information upon which the insurer supports the filing, and the director does not have sufficient information to determine whether the filing meets the requirements of the chapter, the director shall require the insurer to furnish the informa…

A filing and any supporting information shall be open to public inspection after the filing becomes effective. Specific inland marine rates on risks specially rated, made by a rating organization, shall be filed with the director. Source: SL 1966, ch 111 , ch 15, § 4 (1).

The director shall review filings as soon as reasonably possible after they have been made in order to determine whether they meet the requirements of this chapter. Source: SL 1966, ch 111 , ch 15, § 4 (3). 58-24-16. Repealed by SL 2006, ch 260 , § 2.

58-24-18 Disapproval of filing prohibited if rates meet requirements. 58-24-19 Disapproval of filings by director--Notice--Contents. 58-24-20 Disapproval of filing with respect to specially rated risks--Notice, contents. 58-24-21 Effect of finding and order that filing does not c…

Specific inland marine rates on risks specially rated by a rating organization, or any specific filing with respect to a surety or guaranty bond required by law or by court or executive order, or by order, rule, or regulation of a public body and not covered by a previous filing,…

No filing shall be disapproved if the rates thereby produced meet the requirements of this chapter. Source: SL 1966, ch 111 , ch 15, § 5 (5).

If the director finds that a filing does not meet the requirements of this chapter, the director shall send to the insurer or rating organization which made the filing, written notice of disapproval of the filing specifying therein in what respects the director finds the filing f…

This chapter applies to all forms of casualty insurance, including fidelity, surety, and guaranty bonds, to all forms of property, fire, marine, and inland marine insurance, workers' compensation, and to any combination of any of the foregoing, on risks or operations in this stat…

If within thirty days after a specific inland marine rate on a risk specially rated by a rating organization or after a special surety or guaranty filing subject to § 58-24-17 has become effective, the director finds that such filing does not meet the requirements of this chapter…

If at any time subsequent to the applicable review period provided for in § 58-24-19 , 58-24-20 , or in the case of a filing made under § 58-24-10.1 , the director of the Division of Insurance finds that a filing does not meet the requirements of this chapter, he shall, after a h…

Any person or organization aggrieved with respect to any filing which is in effect may make written application to the director for a hearing thereon, provided, however, that the insurer or rating organization that made the filing shall not be authorized to proceed under this sec…

If the director shall find that an application pursuant to § 58-24-22 is made in good faith, that the applicant has a specific economic interest, that the applicant would be so aggrieved if his grounds are established, and that such grounds otherwise justify holding a hearing, he…

If, after hearing pursuant to § 58-24-23 , the director finds that the filing does not meet the requirements of this chapter, he shall issue an order specifying in what respect he finds that such filing fails to meet the requirements of this chapter, and stating when, within a re…

No insurer shall make or issue a contract or policy except in accordance with the filings which are in effect for said insurer as provided in this chapter. This section shall not apply to contracts or policies for inland marine risks as to which filings are not required. Source: …

Upon written application signed by the insured, stating the reasons therefor, filed with and approved by the director, a rate in excess of that provided by a filing otherwise applicable may be used on any specific risk. The application for approval of this rate shall be filed pri…

Agreements may be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods, and such insurers may agree among th…

Every rating organization and every insurer which makes its own rates shall, within a reasonable time after receiving written request therefor and upon payment of such reasonable charge as it may make, furnish to any insured affected by a rate made by it, or to the authorized rep…

Every rating organization and every insurer which makes its own rates shall provide within this state reasonable means whereby any person aggrieved by the application of its rating system may be heard, in person or by his authorized representative, on his written request to revie…

This chapter shall not apply to: (1) Reinsurance, other than joint reinsurance to the extent stated in §§ 58-24-57 and 58-24-58 ; (2) Life insurance; (3) Health insurance; (4) Insurance of vessels or craft, their cargoes, marine builders' risks, marine protection and indemnity, o…

Any party affected by the action of such rating organization or such insurer on such request may, within thirty days after written notice of such action, appeal to the director who, after a hearing held upon not less than ten days' written notice to the appellant and to such rati…

The director shall promulgate rules and statistical plans, reasonably adapted to each of the rating systems on file with the division, which may be modified from time to time and which shall be used thereafter by each insurer in the recording and reporting of its loss and country…

58-24-34 Withholding of or giving false or misleading information--Penalties. 58-24-35 Application for license as rating organization--Contents. 58-24-36 Issuance of license--Finding by director--Time for granting or denying application. 58-24-37 Duration of rating organization l…

In order to further uniform administration of rate regulatory laws, the director and every insurer and rating organization may exchange information and experience data with insurance supervisory officials, insurers, and rating organizations in other states and may consult with th…

No person or organization shall willfully withhold information from, or knowingly give false or misleading information to, the director, any statistical agency designated by the director, any rating organization, or any insurer, which will affect the rates or premiums chargeable …

A corporation, unincorporated association, partnership, individual, or any other legal business entity, whether located within or outside this state, may apply for a license as a rating organization by providing the following information in its application: (1) A copy of its gove…

If the director finds that the applicant is competent, trustworthy, and otherwise qualified to act as a rating organization and that the contents of its application conform to the requirements of law, the director shall issue a license specifying the kinds of insurance, or subdiv…

Each license issued pursuant to § 58-24-36 remains in effect for three years unless suspended or revoked by the director. The license fee for any applicant pursuant to this chapter is twenty-five dollars. Source: SL 1966, ch 111 , ch 15, § 6 (1); SL 2014, ch 239 , § 4.

Any license issued pursuant to § 58-24-36 may be suspended or revoked by the director, after hearing upon notice, if the rating organization ceases to meet any requirement of this chapter, including the requirements of initial licensure. Source: SL 1966, ch 111 , ch 15, § 6 (1); …

Each rating organization shall notify the director promptly of any change in information from what was provided in its application pursuant to §

Rates shall be made in accordance with the provisions of §§ 58-24-5 to 58-24-8 , inclusive. Source: SL 1966, ch 111 , ch 15, § 3 (1).

Subject to rules and regulations of the rating organization that have been approved by the director as reasonable, each rating organization shall permit any insurer that is not a member to be a subscriber to its rating services for any kind of insurance for which it is licensed. …

Any subscriber, member, or insurer may request a hearing held by the director to determine the reasonableness of any rule or regulation of a rating organization in its application to each subscriber or the refusal of any rating organization to admit an insurer as a subscriber. Th…

If, after the hearing held pursuant to § 58-24-41 , the director finds that the action of the rating organization was justified, the director shall issue an order affirming its action. Source: SL 1966, ch 111 , ch 15, § 6 (2); SL 2014, ch 239 , § 9.

Any rating organization may subscribe for or purchase actuarial, technical, or other services, and such services shall be available to all members and subscribers without discrimination. Source: SL 1966, ch 111 , ch 15, § 6 (6).

Any rating organization may provide for the examination of policies, daily reports, binders, renewal certificates, endorsements, or other evidences of insurance, or the cancellation thereof, and may make reasonable rules governing their submission. Rules shall contain a provision…

No rating organization may adopt any rule the effect of which would prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers. Source: SL 1966, ch 111 , ch 15, § 6 (3); SL…

An insurer may market insurance through a group insurance or mass marketing plan, franchise, or blanket policy for any line of insurance regulated under this chapter if: (1) The insured group was not formed solely for the purpose of purchasing insurance; and (2) The premium is pa…

Cooperation among rating organizations or among rating organizations and insurers in rate - making or in other matters within the scope of this chapter is hereby authorized, provided the filings resulting from such cooperation are subject to all the provisions of this chapter whi…

Any member or subscriber to a rating organization may appeal to the director from the action or decision of the rating organization in approving or rejecting any proposed change in or addition to the filings of the rating organization. The director shall, after a hearing held upo…

If an appeal under § 58-24-47 is based upon the failure of the rating organization to make a filing on behalf of the member or subscriber, which is based on a system of expense provisions which differs, in accordance with the right granted in § 58-24-8 , from the system of expens…

Every member of or subscriber to a rating organization shall adhere to the filings made on its behalf by such organization except that any such insurer may make written application to the director to file a deviation from the class rates, schedules, rating plans, or rules respect…

Rates shall not be excessive, inadequate, or unfairly discriminatory. Source: SL 1966, ch 111 , ch 15, § 3 (1) (a).

As to all forms of casualty insurance, including workers' compensation or any combination thereof, no application shall be granted under § 58-24-51 unless the requested deviation is based upon a uniform percentage decrease or increase to be applied to the premiums produced by suc…