Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
SDCL § 58-34-55 Surplus deposits--Allowance as assets
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The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits delinquent for ninety days shall first be charged against such surplus deposit. Source: SL 1966, ch 111 , ch 19, § 18 (2).
SDCL § 58-34-56 Uncollected assessments not allowed as assets
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An assessment levied upon subscribers, and not collected, shall not be allowed as an asset. Source: SL 1966, ch 111 , ch 19, § 18 (5).
SDCL § 58-34-57 Contingent liability of subscribers not allowed as asset
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The contingent liability of subscribers shall not be allowed as an asset. Source: SL 1966, ch 111 , ch 19, § 18 (6).
SDCL § 58-34-58 Reserves charged as liabilities
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The director shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis. Source: SL 1966, ch 111 , ch 19, § 18 (1).
SDCL § 58-34-59 Computation of reserves
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The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for expenses and the compensation of the attorney. Source: SL 1966, ch 111 , ch 19, § 18 (7).
SDCL § 58-34-6 Organization of insurer--Number of persons required
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Twenty - five or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the director for a certificate of authority. Source: SL 1966, ch 111 , ch 19, § 7 (1).
SDCL § 58-34-60 Surplus deposits of subscribers not a liability
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The surplus deposits of subscribers shall not be charged as a liability. Source: SL 1966, ch 111 , ch 19, § 18 (3).
SDCL § 58-34-61 Merger or conversion prohibited
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A domestic reciprocal insurer shall not merge with another reciprocal insurer or be converted to a stock or mutual insurer. Source: SL 1966, ch 111 , ch 19, § 29.
SDCL § 58-34-62 Impairment of surplus--Deficiency to be made up
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If the assets of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall forthwith make up the deficiency or levy a…
SDCL § 58-34-63 Failure to make up deficiency--Insurer deemed insolvent
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If the attorney fails to make up the deficiency described in § 58-34-62 or to make the assessment within thirty days after the director orders him to do so, or if the deficiency is not fully made up within sixty days after the date the assessment was made, the insurer shall be de…
SDCL § 58-34-64 Liquidation of insurer ordered--Levy of assessment against subscribers
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If liquidation of a reciprocal insurer is ordered, an assessment shall be levied upon the subscribers for such an amount, subject to limits as provided by this chapter, as the director determines to be necessary to discharge all liabilities of the insurer, exclusive of any funds …
SDCL § 58-34-7 Application for certificate of authority--Execution and filing--Contents
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The proposed attorney shall execute and file with the director an application for a certificate of authority setting forth: (1) The name of the insurer; (2) The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained wit…
SDCL § 58-34-8 Bond of attorney in fact--Filing with and approval by director
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Concurrently with the filing of the application provided for in § 58-34-7 , the attorney of a domestic reciprocal insurer shall file with the director a bond in favor of the State of South Dakota for the benefit of all persons damaged as a result of a breach of the conditions of …
SDCL § 58-34-9 Amount and conditions of bond
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The bond required by § 58-34-8 shall be in the penal sum of twenty - five thousand dollars, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his hands, and that he will not withdraw or appropriate to his own use fr…
SDCL 58-6-28
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Source: SL 1966, ch 111 , ch 19, § 8 (4).
SDCL 58-6-39
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Source: SL 1966, ch 111 , ch 19, § 15 (1).