Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
SDCL § 58-6-56 Suspension, revocation, or refusal to renew certificate because of deficiency of assets or impairment of capital or surplus--Cessation of business in state
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Upon suspension, revocation, or refusal to renew the certificate of authority of an insurer on account of deficiency of assets, if a foreign insurer, or failure to cure an impairment of the capital of a domestic stock insurer, or surplus of a reciprocal or domestic mutual insurer…
SDCL § 58-6-57 Failure to notify or continuation of business after notice as felony
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Each individual made responsible for the notification under § 58-6-56 , who fails so to notify, and every person so authorized who, after being so notified or otherwise being informed as to such impairment or suspension, revocation, or refusal, solicits or writes further business…
SDCL § 58-6-58 Impairment of assets, capital, or surplus--Suspension, revocation, or refusal to renew certificate of authority--Rehabilitator or receiver of insurer not required to notify agents
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Sections 58-6-56 and 58-6-57 do not apply to any person who has been appointed as and is acting as rehabilitator or receiver of the insurer in judicial proceedings in a court of the United States or of the State of South Dakota. Source: SL 1966, ch 111 , ch 3, § 22 (3).
SDCL § 58-6-59 Liability of officers and directors of impaired insurers
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The liability of the officers and directors of impaired insurers shall be determined in accordance with the provisions of §
SDCL § 58-6-6 Eligibility of insurer for certificate of authority
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To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with this title and with its charter provisions, and must be an incorporated stock insurer, or an incorporated mutual insurer, or a reciprocal insurer, of the same ge…
SDCL § 58-6-60 Notice to insurer and insurance producers of refusal, suspension, or revocation of certificate
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Upon refusal, suspension, or revocation of an insurer's certificate of authority, the director shall forthwith give notice thereof by registered or certified mail to the insurer and to its insurance producers in this state of record in the director's office. Source: SL 1966, ch 1…
SDCL § 58-6-61 Suspension or revocation of authority of insurance producers--Notice by director
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Such refusal, suspension, or revocation shall likewise automatically suspend or revoke, as the case may be, the authority of all such insurance producers to act as insurance producers of the insurer in this state, and the director shall so state in the notice to insurance produce…
SDCL § 58-6-67 SDCL 58-6-67
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Superseded.
SDCL § 58-6-68 Insurers subject to taxation--Filing of returns and reports--Exemption of qualified pension, annuity, or profit - sharing plans
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Insurers shall be subject to taxation according to the provisions of Title 10 and shall file such tax returns and reports as may be directed by the director, provided, however, that no tax shall be due or payable as to premiums or considerations received from policies or contract…
SDCL § 58-6-69 Report and payment of tax by surplus line brokers
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Surplus line brokers shall report and pay the taxes upon surplus line policies written pursuant to chapter 58-32 . Source: SL 1966, ch 111 , ch 3, § 28 (2).
SDCL § 58-6-7 Eligibility of insurer for certificate of authority--Necessity for maintenance of required reserves
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No insurer shall be authorized to transact insurance in this state which does not maintain reserves as required by the chapter of this title relating to assets and liabilities, applicable to the kinds of insurance transacted by such insurer, wherever transacted in the United Stat…
SDCL § 58-6-70 Retaliatory tax provisions--Exception
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If any other state or foreign country imposes any taxes, licenses, and other fees, in the aggregate, or fines, penalties, deposit requirements, or other material obligations, prohibitions, or restrictions upon South Dakota insurers, or upon the insurance producers or representati…
SDCL § 58-6-71 Exemption from retaliatory tax provisions
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Section 58-6-70 shall not apply as to personal income taxes, nor as to ad valorem taxes on real or personal property, nor as to special purpose obligations or assessments imposed by another state in connection with particular kinds of insurance other than property insurance; exce…
SDCL § 58-6-72 Domicile of alien insurer for retaliatory tax purposes
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For the purposes of § 58-6-70 and subject to the provisions of § 58-6-73 , the domicile of an alien insurer, shall be that state in which is located its principal place of business in the United States. Source: SL 1966, ch 111 , ch 3, § 29 (3).
SDCL § 58-6-73 Domicile of Canadian insurer for retaliatory tax purposes
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In case of an insurer formed under the laws of Canada or a province thereof, its domicile for the purposes of § 58-6-70 shall be deemed to be that province in which its head office is situated. Source: SL 1966, ch 111 , ch 3, § 29 (4).
SDCL § 58-6-74 Dissolution or retirement of insurer during year--Filing of reports and collection of taxes not defeated
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In the event any insurer shall dissolve or retire from this state, either voluntarily or involuntarily, during any calendar year, such dissolution or voluntary or involuntary retirement from this state shall not defeat the filing of reports and the assessment and collection of th…
SDCL § 58-6-76 Summary of statement of financial condition of insurer--Publication by director
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The director of the Division of Insurance shall cause a summary, condensed from the annual statement of each company to be published three times, at the expense of the company, at legal rates, in a legal newspaper printed and published in each judicial circuit of the state in whi…
SDCL § 58-6-77 Time for publication of summary statement by director--Publication in judicial circuits
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The director shall cause the publication of such statements to be made within sixty days from the end of the limit of time provided by law for filing such annual statements. The director shall, thereafter, provide for publication of the annual statements in such judicial circuits…
SDCL § 58-6-78 Director to supply summary statement to each legal newspaper published in each judicial circuit--Recognition of legal newspaper
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The director shall supply at least one such statement to each legal newspaper published in each judicial circuit, if there are a sufficient number of such statements to be published so to supply each newspaper, and no newspaper shall receive a second statement for publication unt…
SDCL § 58-6-79 Publication requirements do not apply to fraternal or benevolent life association transactions nor to mutual insurance companies or associations
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Nothing in §§ 58-6-76 to 58-6-78 , inclusive, which relates to the publication of statements shall relate to any fraternal or benevolent life association transacting business in this state, nor to any mutual insurance company or association organized under the laws of this state.…
SDCL § 58-6-8 Denial of authority to engage in business when contrary to public interest--Denial when managed by unqualified personnel--Affiliates
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The director, after a hearing, shall not grant or continue authority to engage in the insurance business in this state of any insurer when contrary to public interest or when the principal management personnel of such insurer is found by him to be untrustworthy or not of good cha…
SDCL § 58-6-80 Confidentiality of analysis ratios and examination synopses--Participation in regulatory information system
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All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the department by the National Association of Insurance Commissioners' Insurance Regulatory Information System are confidential and may not be disclosed by the department. …
SDCL § 58-6-9 Continuance of authorization of prior authorized mutual and stock insurers--Participating policyholders--Quorum--Proxies--Issuance of nonvoting participating policies
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Any mutual and stock insurer authorized on July 1, 1966, to transact insurance in this state shall be eligible to continue such authorization if otherwise in compliance with this title and its charter provisions. As to any such domestic insurer, each holder of a policy of insuran…
The failure of any applicant under this section to submit all information requested by the director pursuant to this section and the director's regulatory authority under Title 58 relevant to any finding to be made under this section is sufficient to deny the application
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Source: SL 1966, ch 111 , ch 3, § 5; SL 1978, ch 49 , § 5; SL 1997, ch 284 , § 1.