Title 58, INSURANCE

Every insurer shall hold to the rates or premiums as approved by the director and may not deviate therefrom nor allow to or for the account of any insured a rebate or discount on the rates or premiums payable. As compensation for procuring business, an insurer may pay or allow a …

In order to further more equitable establishment and adjustment of rates and premiums and forms of contracts, policies, or guarantees of insurance, the director and every insurer may exchange information and experience data with each other, and with the insurance supervisory offi…

No person or organization shall knowingly give false or misleading information to the director, to any insurer or to any other person which will in any manner affect the proper determination of rates or premiums, or the proper issuance of a contract, policy, or guarantee of insur…

No insurance company shall issue any policy of title insurance or certificate of title or other guarantee of title, covering any property located within the State of South Dakota, unless the same is countersigned by a person, partnership, or corporation, who has met the requireme…

The director may, if he finds that any person or organization has violated any provision of this chapter, impose a penalty of not more than two hundred fifty dollars for each such violation, but, if he finds such violation to be willful he may impose a penalty of not more than on…

The director may suspend the license of any insurer who fails to comply with any lawful order of the director within the time limited by such order, or any extension thereof which the director may grant. The director shall not suspend the license of any insurer for failure to com…

No penalty shall be imposed and no license shall be suspended except upon 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 insurer and specifying the alleged violation. Source: SL 1966, ch…

All rates shall be made in accordance with the provisions of §§ 58-25-3 to 58-25-6 , inclusive. Source: SL 1966, ch 111 , ch 14, § 2.

Hearings before the director as to matters under this chapter shall be conducted in accordance with chapter 1-26 . Source: SL 1966, ch 111 , ch 14, § 7 (1); SL 1978, ch 359 , § 16.

A title insurance company shall establish and maintain a statutory premium reserve of not less than an amount computed in accordance with this section. The statutory premium reserve shall consist of the aggregate of the statutory premium reserve on January 1, 2002, and: (1) A sum…

The aggregate of the amounts set aside in this reserve in any calendar year pursuant to § 58-25-22 shall be released from the reserve and restored to net profits over a period of twenty years at an amortization rate not to exceed the following formula: thirty - five percent of th…

The insurer shall calculate an adjusted statutory or unearned premium reserve as of the year of first application of § 58-25-22 . The adjusted reserve must be calculated as if § 58-25-22 had been in effect for each year beginning twenty years before the year of first application …

The aggregate of the amounts set aside in this reserve in any calendar year as adjustments to the insurer's statutory or unearned premium reserve pursuant to § 58-25-24 shall be released from the reserve and restored to net profits, or equity if the additions required by § 58-25-…

A title insurer shall establish and maintain a known claim reserve in an amount estimated to be sufficient to cover all unpaid losses, claims, and allocated loss adjustment expenses arising under title insurance policies, guaranteed certificates of title, guaranteed searches, and…

A supplemental reserve shall be established consisting of any other reserves necessary, when taken in combination with the reserves required by §§ 58-25-22 to 58-25-27 , inclusive, to cover the company's liabilities with respect to all losses, claims, and loss adjustment expenses…

Rates shall be reasonable and adequate for the class of risks to which they apply. Source: SL 1966, ch 111 , ch 14, § 2 (1).

Rates shall not discriminate unfairly between risks involving essentially the same hazards and expense elements. Source: SL 1966, ch 111 , ch 14, § 2 (2).

Guarantees may be grouped by classification for the establishment of rates and minimum premiums. A special or unusual guarantee, more hazardous to the insurer than ordinary title guarantees because of an alleged irregularity or a difference in interpretation or application of law…

Due consideration will be given to past and prospective loss experiences within and outside the state, reasonable margin for profit and contingencies, cost of participating insurance, percentage to be allocated to reserve, operating expenses and all other relevant factors fairly …

Every insurer must file with the director, any manual or schedule of rates or premiums which it proposes to use, together with any rules or regulations governing the setting or making of such rates or premiums, and indicate the character or extent of coverage contemplated under s…

Every insurer must file with the director, all forms of contracts, policies, or guarantees of insurance with any and all types of modifications thereof, except as to special or unusual risks, which it proposes to use. Source: SL 1966, ch 111 , ch 14, § 3 (2).

No change in rates or premiums or in the forms of contracts, policies, or guarantees of insurance shall be permitted to any insurer, unless and until a report indicating such change is filed and approved by the director. Source: SL 1966, ch 111 , ch 14, § 3 (3).