Title 58 — INSURANCE

The association shall perform its functions under the plan of operation established and approved under § 58-29C-53 and shall exercise its powers through a board of directors established under §

This chapter shall be known and may be cited as the South Dakota Life and Health Insurance Guaranty Association Act. Source: SL 2003, ch 252 , § 1.

A. The purpose of this chapter is to protect, subject to certain limitations, the persons specified in subpart A of § 58-29C-46 against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in subpart B of §…

A. This chapter shall provide coverage for the policies and contracts specified in subpart B: (1) To persons who, regardless of where they reside (except for nonresident certificate holders under group policies or contracts), are the beneficiaries, assignees, or payees of the per…

This chapter shall be construed to effect the purpose under §

Terms used in this chapter mean: (1) "Account," either of the two accounts created under § 58-29C-49 ; (2) "Association," the South Dakota Life and Health Insurance Guaranty Association described in § 58-29C-49 ; (3) "Authorized assessment" or the term "authorized" when used in t…

A. There is hereby continued the nonprofit legal entity known as the South Dakota Life and Health Insurance Guaranty Association as created by former §

A. The board of directors of the association shall consist of not less than seven nor more than eleven member insurers serving terms as established in the plan of operation. The insurer members of the board shall be elected by member insurers subject to the approval of the direct…

A. If a member insurer is an impaired insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the director: (1) Guarantee, assume, rei…

A. For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at the time and for the amounts as the board finds necessary. Assessments are due not l…

A. (1) The association shall submit to the director a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upon t…

In addition to the duties and powers enumerated elsewhere in this chapter, A. The director shall: (1) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer; (2) When an imp…

To aid in the detection and prevention of member insurer insolvencies or impairments, A. It is the duty of the director: (1) To notify the directors of all the other states, territories of the United States and the District of Columbia within thirty days following the action take…

A. A member insurer may offset against its premium tax liability to this state an assessment described in subpart 58-29C-52H to the extent of twenty percent of the amount of the assessment for each of the five calendar years following the year in which the assessment was paid. If…

A. This chapter may not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. B. Records shall be kept of all meetings of the board of directors to discuss the activities o…

For the purpose of carrying out the association's obligations under this chapter, the association is a creditor of the impaired or insolvent insurer to the extent of assets attributable to covered policies reduced by any amounts to which the association is entitled as subrogee pu…

The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property. Source: SL 2003, ch 252 , § 16.

There is no liability on the part of and no cause of action of any nature may arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors, or the director or the director's representatives, for any act…

All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to …

A. No person, including a member insurer, agent, or affiliate of a member insurer may make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in any newspaper…