Title 58 — INSURANCE

The annual statement of the insurer, as required to be filed with the director under § 58-35-54 , shall be presented at the next annual meeting. Source: SL 1966, ch 111 , ch 17, § 16.

The following chapters and sections of this title apply to farm mutual insurers to the extent not inconsistent with the express provisions of this chapter and the reasonable implications of the express provisions: (1) Chapter 58-1 . Definitions and General Provisions; (2) Chapter…

Nothing in the insurance laws of this state shall be deemed to apply to or govern either directly or indirectly domestic farm mutual insurers except as contained or referred to in this chapter. Source: SL 1966, ch 111 , ch 17, § 1 (3).

The financial reporting standards, procedures and accounting principles for farm mutuals are those set forth in the following National Association of Insurance Commissioners' manuals as amended as of December 31, 1993: Annual Statement Instructions, Property and Casualty; Examine…

Twenty - five or more individuals residing in this state, each of whom is an adult and owns farm or ranch land valued at not less than five thousand dollars located in the county of the principal office of the proposed insurer, or any county contiguous to the county of the princi…

Any two or more farm mutual corporations authorized to transact business pursuant to this chapter may merge into one farm mutual corporation pursuant to a plan of merger as provided in this section and §§ 58-35-61 to 58-35-74 , inclusive. The board of directors of each corporatio…

Following the adoption of the resolution approving the plan of merger required by § 58-35-60 , a meeting of the policyholders of each of the corporations shall be held to vote upon the proposed merger plan. Written notice of the meeting of the policyholders shall be given to all …

At the meeting of the policyholders, the policyholders shall vote on the proposed plan of merger. The plan of merger is approved if the majority of the policyholders present at the meeting vote for the proposed plan of merger. No policyholder may vote by proxy. Source: SL 1995, c…

If the plan of merger is approved, an original and one exact or conforming copy of the articles of merger shall be executed by each corporation by the chairman of the board of directors of the corporation or by its president or by another of its officers. The articles shall be ac…

If two or more companies propose to merge under the provisions of § 58-35-63 and their membership has approved the plan of merger, the plan of merger shall be filed with the director of the Division of Insurance, accompanied by the articles of merger, and a request for the approv…

If the director of the Division of Insurance does not approve any such plan and agreement, the director shall notify the corporations in writing, specifying the reasons. Source: SL 1995, ch 293 , § 6.

The director of the Division of Insurance, after approving the articles of merger, shall submit the proposed articles of merger to the attorney general for examination. If the attorney general finds that the articles of merger comply with the provisions of §§ 58-35-60 to 58-35-74…

Following the delivery of the articles of merger from the director of the Division of Insurance to the secretary of state, the secretary shall, on finding that the articles conform to law, if all required fees have been paid: (1) Endorse the word "filed" on the original and the c…

Upon the issuance of the certificate of merger by the secretary of state, the merger is effective. Source: SL 1995, ch 293 , § 9.

If a merger has been effected pursuant to §§ 58-35-60 to 58-35-74 , inclusive: (1) The several corporations to the plan of merger are a single corporation which is that corporation designated in the plan of merger as the surviving corporation; (2) The separate existence of all co…

The individuals proposing to form a farm mutual insurer as referred to in § 58-35-5 or 58-35-6 shall file with the director: (1) A declaration of their intention to form such a corporation signed by at least one hundred incorporators if a proposed state mutual insurer, or by at l…

If a merger or consolidation has been effected pursuant to §§ 58-35-60 to 58-35-74 , inclusive: (1) The surviving or new corporation thereupon and thereafter possesses all the rights, privileges, immunities, and franchises, of a public as well as of a private nature, of each of t…

If a merger or consolidation has been effected pursuant to this chapter: (1) The surviving or new corporation is thenceforth responsible and liable for all the liabilities and obligations of each of the corporations so merged; and (2) Any claim existing or action or proceeding pe…

If a merger has been effected pursuant to §§ 58-35-60 to 58-35-74 , inclusive, the articles of incorporation of the surviving corporation shall be deemed to be amended to the extent, if any, the changes in its articles of incorporation are stated in the plan of merger. Source: SL…

A farm mutual insurer may dissolve under the applicable procedures prescribed by the statutes of this state applying to corporations for profit and be subject to any additional requirements found in chapter 58-35 . Source: SL 1995, ch 293 , § 14.

The provisions of §§ 47-1A-1101 to 47-1A-1108 , inclusive, regarding the rights of dissenting members and proxy voting do not apply to mergers of farm mutual insurers pursuant to §§ 58-35-60 to 58-35-74 , inclusive. Source: SL 1995, ch 293 , § 15; SL 2005, ch 202 , § 28.

Any farm mutual may divide itself into two or more farm mutuals. A written plan of division shall be prepared by the board of directors or by a committee selected by the board for that purpose. The plan of division shall set forth all the terms of the division and the proposed ef…

The members of the farm mutual shall vote on the proposed plan of division in the manner provided in §§ 58-35-61 and

The articles of division of a farm mutual, if approved, shall set forth the approved plan and such other information as required by § 58-35-63 and shall be filed and approved as provided for by §

Any farm mutual insurer having direct premiums written in this state of more than two million dollars in any calendar year and more than two thousand policyholders or certificate holders of directly written policies nationwide at the end of a calendar year shall have an annual au…

The articles of incorporation required by § 58-35-7 shall state: (1) The name of the corporation, which shall include the words "farm mutual" and if a county mutual insurer the name of the county of its principal place of business; (2) If a county mutual insurer, the name of the …

At the time of filing the proposed articles of incorporation, the incorporators shall submit a fee of twenty - five dollars payable to the division and the applicable filing fee payable to the secretary of state. Source: SL 1966, ch 111 , ch 17, § 8 (3); SL 1993, ch 369 , § 2.