Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
SDCL § 58-5-82 Vice - presidents acting as directors during national emergency--Insufficient number of vice - presidents, appointment of directors by insurance director
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If there are no surviving directors, but at least three vice - presidents of the insurer survive, the three vice - presidents with the longest term of service shall be the directors and shall possess all of the powers of the previous board of directors and such powers as are gran…
SDCL § 58-5-83 Succession to office during national emergency
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At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of such a national emergency and in the event of the death or incapacity of the president, the secretary or the treasurer of the insurer, such officers, or any of them, shall be…
SDCL § 58-5-84 Principal place of business during national emergency
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At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of such national emergency the home office or principal place of business of the insurer shall be at such location as is named or described in the resolution. Such resolution ma…
SDCL § 58-5-85 Domestic insurers--Management and exclusive agency contracts, filing with and approval by director--Violation as misdemeanor
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No domestic insurer shall make or participate in any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors, or to have the controlling or preemptive right to produce substantially all ins…
SDCL § 58-5-86 Domestic insurer--Management and exclusive agency contracts, disapproval by director, grounds
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The director shall disapprove any such contract if he finds that it: (1) Subjects the insurer to excessive charges; or (2) Is to extend for an unreasonable length of time; or (3) Does not contain fair and adequate standards of performance; or (4) Contains any provision which the …
SDCL § 58-5-87 Domestic insurer--Management and exclusive agency contracts, time for disapproval by director--Disapproval in writing, statement of grounds
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The contract shall be deemed approved unless disapproved by the director within twenty days after date of filing, subject to such reasonable extension of time as the director may require by notice given within such twenty days. Any disapproval shall be delivered to the insurer in…
SDCL § 58-5-9 Distribution of copies of approved articles
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Upon such approval, the director shall retain one copy of such articles and return the original and remaining copy thereof to the incorporators, who shall file the original with the secretary of state. Source: SL 1966, ch 111 , ch 16, § 7 (2).
Location of home office and principal place of business of domestic insurers--Records maintained
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Every domestic insurer shall have and maintain its principal place of business and home office in this state and shall keep therein complete records of its assets, transactions, and affairs in accordance with such methods and systems as are customary or suitable as to the kinds o…
SDCL § 58-5-94 Assets of domestic insurer to be maintained in state--Exceptions
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Every domestic insurer shall have and maintain its assets in this state, except as to: (1) Real property and personal property appurtenant thereto lawfully owned by the insurer and located outside this state; and (2) Such property of the insurer as may be customary, necessary, an…
SDCL § 58-5-95 Director's consent required for removal of records or assets from state--Unauthorized removal or concealment as felony
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Removal of all or a material part of the records or assets of a domestic insurer from this state except pursuant to a plan of merger or consolidation approved by the director under this title, or for such reasonable purposes and periods of time as may be approved by the director …
SDCL § 58-5-96 Delinquency proceedings by director for removal or attempted removal of records or assets of domestic insurer
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Upon any removal or attempted removal of such records or assets or upon retention of such records or assets or material part thereof outside this state, beyond the period therefor specified in the director's consent under which the records were so removed thereat, or upon conceal…
SDCL § 58-5-97 Branch offices established by domestic insurer--Transmission of funds outside state--Deposits under custodial arrangements
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Sections 58-5-93 to 58-5-96 , inclusive, shall not be deemed to prohibit or prevent an insurer from: (1) Establishing and maintaining branch offices or "regional home offices" in other states where necessary or convenient to the transaction of its business and keeping therein the…
SDCL § 58-5-98 Prior maintenance by domestic insurer of branch or regional place of business or home office outside state not invalidated
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Nothing in §§ 58-5-93 to 58-5-96 , inclusive, shall invalidate continued maintenance by any domestic insurer of branch or regional places of business or home offices established outside this state prior to July 1, 1959, or business practices in connection therewith established pr…
SDCL § 58-5-99 Reciprocating state defined
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A "reciprocating" state, as used in §§ 58-5-100 to 58-5-103 , inclusive, is one under the laws of which limitations similar to those contained in said sections are imposed upon and enforced against insurers domiciled in that state. Source: SL 1966, ch 111 , ch 16, § 28 (4).