Title 58 — INSURANCE

Source: SL 2024, ch 204 , § 2.

Source: SL 1992, ch 353 , § 9.

58-30-1.2 "Rejected business" defined. 58-30-2

Excess business is that portion of a risk which is in excess of the amount that an insurer then represented by the insurance producer will accept. Source: SL 1982, ch 365 , § 6; SL 2001, ch 286 , § 154.

Rejected business is a risk that an insurer then represented by the insurance producer has rejected for underwriting reasons, or is willing to accept only on a substandard basis; but which business will be accepted and issued by another authorized insurer at a lower rate. Source:…

The provisions of § 58-30-9 do not apply as to any insurer and insurance producer between whom the relationship of employer and employee exists. Source: SL 1966, ch 111 , ch 9, § 22 (2); SL 2001, ch 286 , § 161. 58-30-11. Repealed by SL 1995, ch 289 , § 4 58-30-12. Repealed by SL…

58-30-101

Repealed by SL 2001, ch 286 , § 277 58-30-102

Repealed by SL 1982, ch 365 , § 17 58-30-103

Repealed by SL 2001, ch 286 , § 278 58-30-104

58-30-105 58-30-105 to 58-30-107. Repealed by SL 2001, ch 286 , §§ 279 to 281 58-30-108 Suspension, revocation, or refusal to renew one license affects all other licenses of licensee. 58-30-109

Suspension, revocation, or refusal to renew of any one license held by the licensee under this title shall automatically likewise, suspend, revoke, or refuse renewal of all other licenses held by the licensee under this title. Source: SL 1966, ch 111 , ch 9, § 34 (2). 58-30-109. …

58-30-111 Waiting period for new license after revocation. 58-30-112 Licenses are property of South Dakota--Delivery to director on termination. 58-30-113 Affidavit as to lost, stolen, or destroyed license. 58-30-114 Continuing education requirements--Definitions. 58-30-115 Conti…

Repealed by SL 1995, ch 289 , § 4 58-30-12

Upon suspension, revocation, or refusal to renew any license, the director shall notify the licensee thereof and give like notice to the insurers represented in case of an insurance producer's license. Source: SL 1966, ch 111 , ch 9, § 34 (1); SL 2001, ch 286 , § 183.

The director may not again issue a license under this title to any person whose license has been revoked, until after expiration of one year from the date of such revocation or if judicial review of such revocation is sought, then within one year from the date of final court orde…

All licenses, although issued and delivered as to the licensee insurance producer or surplus lines broker, shall, at all times, be the property of the State of South Dakota. Upon any expiration, termination, suspension, or revocation of the license, the licensee or other person h…

As to any license lost, stolen, or destroyed while in the possession of any such licensee, the director may accept in lieu of return of the license the affidavits of the licensee or other person responsible for or involved in the safekeeping of such license, concerning the facts …

Terms, as used in §§ 58-30-114 to 58-30-123 , inclusive, mean: (1) "Director," the director of the Division of Insurance; (2) "Instructor," any individual who teaches, lectures, or otherwise instructs an insurance education offering; (3) "Licensee," any individual who is licensed…

The provisions of §§ 58-30-114 to 58-30-121 , inclusive, do not apply to the following persons: (1) Licensees for whom an examination is not required under the laws of this state. However, persons who are excused from the examination under subdivision 58-30-52(1) may not be exemp…

Any licensee meeting the exception under subdivision 58-30-115(2) shall renew his or her license pursuant to §

Any licensee meeting the exception pursuant to subdivision 58-30-115(3) shall renew the license pursuant to §

Biennially, beginning April 1, 2012, on the last day of the licensee's birth month, the licensee shall furnish evidence to the director of the Division of Insurance that the licensee has satisfactorily completed the following continuing education requirements: (1) Any licensee wh…

The director may promulgate rules, in accordance with chapter 1-26 , regarding insurance producer continuing education requirements, exemptions, programs, courses, providers, definitions, extensions, fees and funding, instructors, applications, advertising, and administration. So…

The director of the Division of Insurance shall certify as approved continuing education activities those courses, lectures, seminars, or other instructional programs, including insurance company education programs, which he determines are beneficial in improving the product know…

For good cause shown, the director of the Division of Insurance may grant an extension of time during which the requirements imposed by §§ 58-30-114 to 58-30-121 , inclusive, may be completed, but such extension of time may not exceed one year. Source: SL 1984, ch 331 , § 6.

58-30-13 58-30-13 to 58-30-19. Repealed by SL 2001, ch 286 , §§ 231 to 237 58-30-20 Licensing provisions inapplicable to title insurance. 58-30-21 58-30-21 to 58-30-23.5. Repealed by SL 2001, ch 286 , §§ 238 to 245 58-30-23.6 Criminal files check. 58-30-23.7 Joint issuance of wai…

An insurance producer licensed for life or health insurance, or both, may place excess or rejected life or health insurance or annuity risks with any authorized insurer other than an insurer the insurance producer is licensed to represent; but the insurance producer may not recei…

The director of the Division of Insurance may not renew a license or issue a new license in those lines for which the licensee has failed to comply with the requirements set forth in §§ 58-30-114 to 58-30-121 , inclusive. However, the licensee is exempt from the examination requi…

The Division of Insurance shall charge each licensee an additional fee of twenty dollars upon renewal of the license. Beginning April 1, 2012, the fee as defined in § 58-2-29 is due on the last day of the licensee's birth month and for each succeeding twenty-four month period. Th…

The director may approve or disapprove a provider or instructor. Each provider is responsible for the actions of the provider's instructor. The provider and the instructor shall conduct themselves in a professional manner and may not: (1) Offer or teach any course not approved by…

If the director determines that a provider or instructor has violated the provisions of § 58-30-117 or 58-30-122 , the director may withdraw approval of the provider or instructor, or may order a refund of course fees to licensees who attended the course, or both. The director ma…

Terms as used in §§ 58-30-124 to 58-30-139 , inclusive, mean: (1) "Actuary," any person who is a member in good standing of the American Academy of Actuaries; (2) "Managing general agent," any person: (a) Who manages all or part of the insurance business of an insurer, including …

The following persons are not managing general agents for the purposes of §§ 58-30-124 to 58-30-139 , inclusive: (1) Any employee of the insurer; (2) Any United States manager of the United States branch of an alien insurer; (3) Any underwriting manager who, pursuant to contract,…

No person may act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed insurance producer in this state. No person may act in the capacity of a managing general agent represen…

No managing general agent may place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party and specifies the division of common or shared responsibilities. The contract shall contain the followi…

If the managing general agent may settle claims on behalf of the insurer, the following shall be included in the contract: (1) All claims shall be reported to the company in a timely manner; (2) A copy of the claim file shall be sent to the insurer at its request or as soon as it…

If the contract provides for a sharing of interim profits by the managing general agent, and the managing general agent may determine the amount of the interim profits by establishing loss reserves or controlling claim payments, or in any other manner, interim profits may not be …

A managing general agent may not: (1) Bind reinsurance or retrocessions on behalf of the insurer, except that the managing general agent may bind facultative reinsurance contracts pursuant to obligatory facultative agreements if the contract with the insurer contains reinsurance …

The insurer has the following duties: (1) The insurer shall review and have on file an annual independent financial examination done by a person acceptable to the director, of each managing general agent with which it has done business; (2) If a managing general agent establishes…

The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent is subject to examination by the director pursuant to chapter 58-3 . Unless otherwise set forth in the contract between the insurer and the m…

If the director finds after hearing that any person has violated any provision of §§ 58-30-124 to 58-30-139 , inclusive, the director may order one or all of the following: (1) For each separate violation, a penalty in an amount of not more than twenty - five thousand dollars; (2…

Nothing contained in §§ 58-30-124 to 58-30-139 , inclusive, limits or restricts the rights of policyholders, claimants, and auditors. Source: SL 1992, ch 353 , § 11.

Rules for implementation and administration of §§ 58-30-124 to

No insurer may continue to utilize the services of a managing general agent on and after July 1, 1992, unless the utilization is in compliance with §§ 58-30-124 to 58-30-139 , inclusive. Source: SL 1992, ch 353 , § 13.

The contract between the insurer and the managing general agent shall be filed and approved by the director and is subject to §§ 58-5-85 to 58-5-87 , inclusive. Source: SL 1992, ch 353 , § 14.

Application of §§ 58-30-124 to

58-30-140 Agents not to obtain loans from clients--Exceptions. 58-30-141 Application of reciprocity provisions to surplus lines brokers. 58-30-142 Definitions. 58-30-143 Sale, solicitation or negotiation limited to licensed line of insurance only. 58-30-144 License not required u…

No insurance producer may obtain a loan from an existing or former client, other than a lending institution authorized by state or federal law, unless there is a written contract establishing the terms for repayment of the loan and the contract is filed with the division within t…

Except as to the underlying requirements of a surplus lines broker holding an insurance producer license in the applicable lines and except as provided in §§ 58-30-159 to 58-30-162 , inclusive, §§ 58-30-142 to 58-30-195 , inclusive, do not apply to surplus lines brokers licensed …