Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
SDCL 58-4-17
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Source: SL 1966, ch 111 , ch 3, § 20 (1); SL 2013, ch 246 , § 2.
SDCL 58-5-118
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Source: SL 1966, ch 111 , ch 3, § 23.
SDCL § 58-6-1 Certificate of authority required for transaction of insurance business--Exceptions--Violation as misdemeanor
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No person may act as an insurer and no insurer or its insurance producers, attorneys, subscribers, or representatives may directly transact insurance in this state except as authorized by a subsisting certificate of authority issued to the insurer by the director, except as to su…
SDCL § 58-6-10 Governmentally owned insurers prohibited--Exceptions
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Except for instrumentalities of the United States government, no insurer, the voting control or ownership of which is held in whole or substantial part by any government or governmental agency, or which is operated for or by any such government or agency, may transact insurance i…
SDCL § 58-6-11 Readmission to state as an authorized insurer--Requirements--Payment of back premium taxes
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In addition to other applicable requirements therefor, no insurer, formerly authorized in this state and again seeking admission to this state as an authorized insurer, shall be so authorized unless the insurer, as part of its application for such authority, includes a written st…
SDCL § 58-6-12 Unauthorized insurers--Application of insurer violating insurance laws for authority to transact insurance in state--Payment of back premium taxes
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Any insurer, not before authorized in this state, which, within three years prior to its application for authority to transact insurance in South Dakota, transacted insurance in violation of the laws of South Dakota, may not be granted authority unless it is otherwise fully quali…
Foreign insurance companies--Compliance with requirements for admissions to do business in state--Waiver
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No foreign insurance company may be admitted to do business in the State of South Dakota until it has fully complied with the following requirements, in addition to such other requirements as may be specifically provided: (1) Such company shall have had two continuous calendar ye…
SDCL § 58-6-14 Use of deceptively similar name prohibited
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No insurer shall be formed or authorized to transact insurance in this state which has or uses a name or principal identifying name factor which is the same as or deceptively similar to that of another insurer earlier so authorized. Source: SL 1966, ch 111 , ch 3, § 8 (1).
SDCL § 58-6-15 Use of deceptively similar name by life insurer prohibited for ten years
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No life insurer shall be authorized to transact insurance in this state which has or uses a name deceptively similar to that of another insurer authorized to transact insurance in this state within the preceding ten years if life insurance policies originally issued by such other…
SDCL § 58-6-16 Use of name deceptively similar to name of foreign insurer prohibited
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No insurer shall hereafter be formed or newly authorized to transact insurance in this state which has or uses a name the same as or deceptively similar to the name of any foreign insurer doing business elsewhere than in this state if such foreign insurer has within the last prec…
SDCL § 58-6-17 Name tending to deceive or mislead as to type of organization of insurer prohibited
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No insurer shall be authorized to transact insurance in this state which has or uses a name which tends to deceive or mislead as to the type of organization of the insurer. Source: SL 1966, ch 111 , ch 3, § 8 (4).
SDCL § 58-6-18 Prevention of confusing similarity of names by director
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In case of conflict of names hereafter between two insurers, or a conflict otherwise prohibited under §§ 58-6-14 to 58-6-17 , inclusive, the director may require, as a condition to the issuance of an original certificate of authority to an applicant insurer, the insurer to use in…
SDCL § 58-6-19 Combination of insuring power of one insurer--Exception
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An insurer which otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in this title except as provided by §§ 58-6-20 to 58-6-22 , inclusive. Source: SL 1966, ch 111 , ch 3, § 9.
SDCL § 58-6-2 Solicitation of insurance or transacting business in another state by insurer in this state without certificate of authority prohibited--Misdemeanor
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No insurer shall from offices or by personnel or facilities located in this state solicit insurance applications or otherwise transact insurance in another state or country unless it holds a subsisting certificate of authority issued to it by the director authorizing it to transa…
SDCL § 58-6-20 Life insurer--Kinds of business authorized, exception
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An insurer authorized to engage in the business of life insurance may also grant annuities, but shall not be authorized to engage in any other kind of insurance business except health; except, that the director shall, if the insurer otherwise qualifies therefor, continue so to au…
SDCL § 58-6-21 Reciprocal insurer--Transaction of life or title insurance prohibited
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A reciprocal insurer may not transact life or title insurance. Source: SL 1966, ch 111 , ch 3, § 9 (2); SL 1996, ch 290 .
SDCL § 58-6-22 Title insurer--Transaction of other insurance prohibited
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A title insurer shall not transact any other kind of insurance. Source: SL 1966, ch 111 , ch 3, § 9 (3).
SDCL § 58-6-23 Paid - in capital and surplus requirements for certificate of authority
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To qualify for authority to transact any one kind of insurance or combination of kinds of insurance as shown below, a foreign insurer, or a domestic stock insurer applying for its original certificate of authority in this state, or any insurer reapplying for a certificate of auth…
SDCL § 58-6-24 Determination of capital and surplus requirements for certificate of authority
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Capital and surplus requirements of § 58-6-23 are based upon all kinds of insurance transacted by the insurer in any and all areas in which it operates or proposes to operate, whether or not only a portion of such kinds are to be transacted in this state. Source: SL 1966, ch 111 …
SDCL § 58-6-25 Additional types of insurance--Request for authority to transact within three years after issuance of initial certificate--Basic surplus or additional surplus required
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If within three years after date of its initial certificate of authority in this state such an insurer requests authority to transact an additional kind or kinds of insurance, it shall not be so authorized unless it then possesses basic surplus or additional surplus in such an am…
SDCL § 58-6-26 Surplus to qualify to transact one or more kinds of insurance by domestic mutual and reciprocal insurers--Laws governing
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As to surplus required for qualification to transact one or more kinds of insurance and thereafter to be maintained, domestic mutual insurers formed after June 30, 1966, are governed by chapters 58-5 and 58-35 and domestic reciprocal insurers formed after June 30, 1966, are gover…
SDCL § 58-6-27 Continuation of authority of insurer holding prior certificate--Maintenance of capital stock or surplus requirements
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A domestic or foreign insurer holding a valid certificate of authority to transact insurance in this state immediately prior to July 1, 1966, may continue to transact the same kinds of insurance as permitted by such certificate of authority by maintaining thereafter unimpaired no…
SDCL § 58-6-29 Annuities--Granting by life insurer without additional capital or surplus
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A life insurer may also grant annuities without additional capital or additional surplus. Source: SL 1966, ch 111 , ch 3, § 12 (1).
SDCL § 58-6-3 Preemption of field of insurance regulation by state--Licensing by political subdivisions prohibited
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The state hereby preempts the field of regulating insurers and their insurance producers and solicitors; and all political subdivisions of the state are prohibited from requiring of any insurer, insurance producer, or solicitor regulated under this title any authorization, permit…
SDCL § 58-6-30 Health insurer issuing insurance against congenital defects without additional capital or surplus
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A health insurer may also issue insurance against congenital defects without additional capital or additional surplus. Source: SL 1966, ch 111 , ch 3, § 12 (2).
SDCL § 58-6-31 Casualty insurer transacting health insurance without additional capital or surplus
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A casualty insurer may also be authorized to transact health insurance without additional capital or additional surplus. Source: SL 1966, ch 111 , ch 3, § 12 (3).
SDCL § 58-6-32 Property insurer including additional kinds of insurance without additional capital or surplus
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A property insurer may without additional capital or additional surplus include such amount and kind of insurance against legal liability for injury, damage, or loss to the person or property of others, and for medical, hospital, and surgical expense related to such injury, as th…
SDCL § 58-6-33 Deposit by all insurers--Exceptions
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Sections 58-6-34 and 58-6-35 shall apply as to all insurers other than title insurers, existing mutual casualty insurers writing a single line of insurance, and mutual assessment life insurance. Source: SL 1966, ch 111 , ch 3, § 13 (1).
SDCL § 58-6-35 Deposits of foreign or alien insurers in another state--Quality of cash or securities
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Deposits of foreign insurers or deposits of alien insurers under subdivision 58-6-34(2) in another state shall be in cash or securities of a quality comparable to those eligible for deposit in this state by domestic insurers. Source: SL 1966, ch 111 , ch 3, § 13 (3).
SDCL § 58-6-36 Deposit of title insurer--Amount required
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No title insurer shall be authorized to transact business in this state unless it deposits and maintains on deposit in this state through the director, cash or securities eligible for deposit as set forth in the chapter hereof relating to deposits and administration of deposits, …
SDCL § 58-6-37 Deposit of title insurer as guaranty fund--Purpose
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The deposit shall be known as a "guaranty fund," and shall be held as security for the faithful performance by the insurer of all its undertakings and liabilities under its title policies or other guarantees of title to property, but shall not be subject to any other liabilities …
SDCL § 58-6-38 Application for initial certificate of authority--Documents accompanying
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Every insurer applying for an initial certificate of authority shall file the following documents with the director: (1) A certified copy of its articles of incorporation with all amendments; (2) A certified copy of its bylaws with all amendments; (3) A copy of its annual stateme…
SDCL § 58-6-4 Activities excepted from certificate of authority requirements
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A certificate of authority shall not be required of an insurer with respect to the following: (1) Investigation, settlement, or litigation of claims under its policies lawfully written in this state, or liquidation of assets and liabilities of the insurer, other than collection o…
SDCL § 58-6-40 Time for approval or disapproval of original certificate--Extension--Failure to disapprove deemed approval
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Upon the filing and completion of an application for an original certificate of authority, the director shall have sixty days in which to approve the application by issuing an appropriate certificate of authority or to disapprove the application by issuing an order setting forth …
SDCL § 58-6-41 Kinds of insurance specified in certificate--Limitations within class
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The certificate, if issued, shall specify the kinds of insurance the insurer is authorized to transact in South Dakota. At the insurer's request, the director may issue a certificate of authority limited to particular types of insurance or insurance coverages within the scope of …
SDCL § 58-6-42 Annual reissuance of certificate not required--Annual renewal fee--Expiration of certificate
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The certificate of authority issued by the director to an insurer shall not require annual reissuance but shall remain in force as long as the insurer pays the annual renewal fee provided in § 58-2-29 on or before the thirtieth day of April of each year and as long as the insurer…
SDCL § 58-6-43 Foreign insurer exempt from foreign corporation laws
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A foreign insurer authorized to transact insurance in this state and fully complying with this title shall be exempt from complying with other provisions of the South Dakota Code concerning foreign corporations. Source: SL 1966, ch 111 , ch 3, § 24.
SDCL § 58-6-44 Refusal to renew or suspension or revocation of certificate, grounds
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The director shall refuse to renew, or shall suspend or revoke, an insurer's certificate of authority: (1) If such action is required by any provision of this title; or (2) If a foreign insurer, it no longer meets the requirements for the authority, on account of deficiency of as…
SDCL § 58-6-45 Hearing required on refusal to issue, suspension or revocation of certificate
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Except in cases of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in subdivision 58-6-44(4), the director shall so refuse, suspend, or revoke the certificate of authority only after a hearing granted to the ins…
SDCL § 58-6-46 Grounds for refusal to renew, suspension, or revocation of certificate
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The director may refuse to renew or may suspend or revoke an insurer's certificate of authority if the director finds after a hearing thereon that the insurer has violated or failed to comply with any lawful order of the director, any laws of this state relevant to the business o…
SDCL § 58-6-47 Suspension or revocation of certificate after hearing, grounds
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The director shall suspend or revoke an insurer's certificate of authority on any of the following grounds if he finds after a hearing thereon that the insurer: (1) Is in unsound condition, or in such condition or using such methods and practices in the conduct of its business, a…
SDCL § 58-6-48 Suspension of certificate on commencement of delinquency proceedings
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The director may without advance notice or a hearing thereon, immediately suspend the certificate of authority of any insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings, have been commenced in any state by the publi…
SDCL § 58-6-49 Order of suspension, revocation, or refusal to renew certificate--Replacement of policies
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Each suspension or revocation of, or refusal to renew, an insurer's certificate of authority shall be by the director's order given to the insurer as provided by §
SDCL § 58-6-5 Foreign insurer--Investments in state without a certificate of authority
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A foreign insurer may make investments in this state without a certificate of authority as provided by §
SDCL § 58-6-50 Notice to insurance producers of suspension, revocation, or refusal to renew certificate--Insurance Producers' authority
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Upon suspending or revoking or refusing to renew the insurer's certificate of authority, the director shall forthwith give, by registered or certified mail, notice thereof to the insurer's insurance producers in this state of record in the department, and shall likewise suspend o…
SDCL § 58-6-51 Publication of notice of suspension, revocation, or refusal to renew certificate of authority
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The director may also publish notice of such suspension, revocation, or refusal in one or more newspapers of general circulation in this state. Source: SL 1966, ch 111 , ch 3, § 20 (3).
SDCL § 58-6-52 Duration of suspension of certificate of authority--Rescission or shortening
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Suspension of an insurer's certificate of authority shall be for such period as the director specifies in the order of suspension, but not to exceed one year. During the suspension the director may rescind or shorten the suspension by his further order. Source: SL 1966, ch 111 , …
SDCL § 58-6-53 Rights and obligations of insurer during suspension
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During the suspension period the insurer shall not solicit or write any new business in this state, but shall file its annual statement, pay fees, licenses, and taxes as required under this title, and may service its business already in force in this state, as if the certificate …
SDCL § 58-6-54 Reinstatement of certificate of authority which has not terminated where cause for suspension no longer exists
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After an insurer has been suspended and if the insurer's certificate of authority has not terminated, the insurer's certificate of authority shall be reinstated if the insurer can demonstrate to the satisfaction of the director that cause for suspension no longer exists. Source: …
SDCL § 58-6-55 Reinstatement of authority of insurance producers--Notice to insurer and insurance producers
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Upon reinstatement of the insurer's certificate of authority, the authority of its insurance producers in this state to represent the insurer shall likewise reinstate. The director shall promptly notify by registered or certified mail the insurer and its insurance producers in th…