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79 chapters · 3,426 sections in this title.
SDCL § 58-5-37 Extinguishment of contingent liability--Issuance of nonassessable policies--Revocation of authority
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After a domestic mutual insurer has established the surplus prescribed in §§ 58-5-21 and 58-5-22 , and has authority to issue nonassessable policies, it may, with the director's approval, extinguish the contingent liability resulting from assessment of its members and thereafter …
SDCL § 58-5-38 Extinguishment of contingent liability must apply to all members and policies
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The director shall not approve the extinguishment of contingent liability pursuant to § 58-5-37 unless it applies to all members and all policies of insurance of such insurer. Source: SL 1966, ch 111 , ch 16, § 31 (2).
SDCL § 58-5-39 Bylaws of domestic mutual insurer--Adoption, modification, and revocation
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The initial board of directors of a domestic mutual insurer shall adopt bylaws, subject to the approval of the insurer's members at the next succeeding meeting by a two - thirds vote of those present in person or by proxy. The members shall have power by a two - thirds vote of th…
SDCL § 58-5-4 Applicability of corporation laws
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The applicable laws of this state as to domestic corporations formed for profit shall apply as to both stock and mutual insurers, except where in conflict with the express provisions of this title and the reasonable implications of such provisions. Source: SL 1966, ch 111 , ch 16…
