Title 58 — INSURANCE

The director may promulgate rules pursuant to chapter 1-26 as deemed appropriate for the supervision of this chapter. The rules may cover any type of credit insurance including credit life, credit health, credit unemployment, and credit property insurance, including guaranteed au…

Whenever the director finds that there has been a violation of this chapter or any rules or regulations issued pursuant thereto, and after written notice thereof and hearing given to the insurer or other person authorized or licensed by the director, he shall set forth the detail…

The director may revoke or suspend the license or certificate of authority of the person, firm, or corporation guilty of violation of an order of the commissioner after it has become final, and while such order is in effect. Such order for suspension or revocation shall be upon n…

In addition to any other penalty provided by law, any person, firm, or corporation which violates an order of the director after it has become final, and while such order is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the State of Sou…

This chapter may be cited as "The Model Act for the Regulation of Credit Life Insurance and Credit Health Insurance." Source: SL 1966, ch 111 , ch 27, § 2 (1).

Any credit unemployment insurance sold in connection with loans or other credit transactions is subject to the provisions of this chapter to the extent such provisions are not inconsistent with the specific provisions of §§ 58-19-40 to 58-19-46 , inclusive. Source: SL 1987, ch 38…

Credit life insurance and credit health insurance shall be issued only in the following forms: (1) Individual policies of life insurance issued to debtors on the term plan; (2) Individual policies of health insurance issued to debtors on a term plan or disability benefit provisio…

Credit unemployment insurance may be offered but in no event may be required by the lender in consumer transactions. This shall be clearly and conspicuously disclosed to the consumer in the loan agreement. Source: SL 1987, ch 380 , § 2.

Credit unemployment insurance shall provide coverage beginning with the first day of unemployment. However, the policy may include a waiting period before the consumer may file a claim. Source: SL 1987, ch 380 , § 3.

Credit unemployment insurance shall be sold separately and shall be separately priced from any other insurance offered or sold at the same time unless credit unemployment insurance is included as part of an insurance offering by a credit card issuer. However, credit unemployment …

All credit unemployment insurance policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders delivered or issued for delivery in this state and the schedules of premium rates pertaining thereto shall be filed with the …

Within thirty days after the filing of any credit unemployment insurance policy, certificate of insurance, notice of proposed insurance, application for insurance, endorsement, or rider, the director shall disapprove any such form if the premium rates charged or to be charged are…

With regard to credit unemployment insurance, the basic test of the reasonableness of the relation of benefits to the premium charged shall be the development of an anticipated loss ratio of claims incurred to premiums earned of at least fifty percent. If the total current expect…

In approving or establishing the premium rates for credit unemployment insurance, the division shall review the insurance company's actuarial data to assure that the rates are fair and reasonable. The insurance director may hire or contract with a qualified actuary to review the …

Any group property insurance authorized by credit card is subject to the provisions of this chapter to the extent such provisions are not inconsistent with the specific provisions of §§ 58-19-48 to 58-19-50 , inclusive. Source: SL 2001, ch 281 , § 3.

Group property insurance authorized by credit card shall be sold separately and shall be separately priced from any other insurance offered or sold at the same time unless it is included as part of an insurance offering provided to the debtor through the use of a credit card purc…

All group property insurance authorized by credit card insurance policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this state and the schedules of premium rates pertaining th…

When credit life insurance or credit health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled…

No lessor may require a lessee to purchase credit insurance as a term or condition of the lease. Source: SL 1998, ch 295 , § 2.

Within thirty days after the filing of any group property insurance authorized by credit card insurance policy, certificate of insurance, notice of proposed insurance, application for insurance, endorsement or rider, the director shall disapprove any such form if the premium rate…

The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness and, where an indebtedness is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount o…

Notwithstanding the provisions of § 58-19-6 , insurance on agricultural credit transaction commitments may be written for the amount of the portion of such commitment that has not been advanced by the creditor. Source: SL 1966, ch 111 , ch 27, § 4 (2).

The total amount of periodic indemnity payable by credit health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness; and the amount of each periodic indemnity payment shal…

The term of any credit life insurance or credit health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to existing obligations, the insu…

However, the requirements of this section become effective January 1, 1994, for insurers issuing policies pursuant to §

Terms used in this chapter mean: (1) "Compensation," all insurances effected by virtue of statutes providing payment to an employee for personal injury irrespective of fault of the employer; (2) "Earned premiums," gross premiums charged on all policies written, including all dete…

Every policy issued by any corporation, association or organization to assure the payment of compensation under the provisions of the title "Workers' Compensation" shall contain a clause providing that, as between any employer and the insurer, notice or knowledge of the occurrenc…

No such policy of insurance issued shall contain any provision relieving the insurer from payment if the insured becomes insolvent or discharged in bankruptcy during the period that the policy is in operation, or the compensation, or any part of it, is due and unpaid. Source: SL …

Every policy written insuring against the liability of employers for personal injuries, other than payment of compensation under the provisions of the title, Workers' Compensation, shall contain provisions to the effect that the insurer shall be directly liable to the injured par…

No such policy of compensation or liability insurance or rider shall be issued or delivered in this state until a copy of the form thereof shall have been filed with the director at least thirty days, unless prior to the expiration of such thirty days, the director shall in writi…

No workers' compensation policy may be cancelled for nonpayment of premiums unless notice of the cancellation has been sent by mail to the employer at least ten days prior to the date of cancellation. Any policy cancelled for reasons other than nonpayment of premiums is subject t…

After consultation with insurers authorized to issue workers' compensation policies in this state, the director shall provide or approve a reasonable plan or plans for the equitable apportionment among such insurers of applicants for such workers' compensation policies who are in…

Any insurer engaging in the business of writing workers' compensation insurance in this state shall maintain a reinsurance reserve for outstanding losses under such insurance, for which the insured is liable as follows: (1) For all liability suits being defended under policies wr…

All unallocated compensation loss expense payments made in a given calendar year subsequent to the first three years in which an insurer has been issuing compensation policies shall be distributed as follows: forty percent shall be charged to the policies written in that year, fo…

All unallocated liability loss expense payments made in a given calendar year, subsequent to the first four years in which an insurer has been issuing liability policies, shall be distributed as follows: thirty - five percent shall be charged to the policies written in that year,…

Whenever, in the judgment of the director, the liability or compensation loss reserves of any insurer under his supervision, calculated in accordance with the provisions of §§ 58-20-16 to 58-20-18 , inclusive, are inadequate, he may require such insurer to maintain additional res…

All policies or contracts made for the insurance of the compensation provided by the title, Workers' Compensation, or against employers' liability described in § 58-20-12 , shall be deemed to be made subject to the provisions of this chapter and all provisions of such policies in…

Each insurer that writes liability or compensation policies shall include in the annual statement required by law a schedule of its experience thereunder in such form as the director may prescribe. Source: SL 1966, ch 111 , ch 29, § 4.

Any insurer writing workers' compensation insurance in this state shall offer to conduct or contract for annual workplace safety review services, including review reports with written recommendations for improved safety procedures, to each of its insureds whose policy premium is …

Any insurer writing workers' compensation in this state shall provide an appropriate reduction in premium, as determined by the insurer, to its insureds that due to size do not qualify for experience rating and who have not incurred liability for indemnity compensation or for med…

For purposes of § 58-20-22 , liability for indemnity compensation or medical losses means payment made to or on behalf of the injured worker for medical costs, loss of wages, or injuries resulting in permanent total, permanent partial, or temporary disabilities, as defined in §§ …

Effective January 1, 1995, every policy issued by any corporation, association, or organization to assure the payment of compensation under the provisions of the title, Workers' Compensation, shall contain provisions to provide medical services and health care to injured workers …

Terms as used in §§ 58-20-25 to

Any two or more electric utility employers or their trade associations may form an association for the purpose of providing to members group self - insurance to protect members against losses arising from workers' compensation liability. Source: SL 1995, ch 282 , § 2.

An association proposing to self - insure its workers' compensation liability shall apply to the department for the authority to self - insure, using forms available from the department. The application shall include: (1) The association's name; (2) The location and mailing addre…

To obtain and maintain its certificate an association shall: (1) Have sufficient assets, net worth, and liquidity to promptly meet all obligations of the association's members under §§ 58-20-25 to 58-20-40 , inclusive, and their workers' compensation liability. In determining whe…

The department shall grant or deny the association's application to self - insure within sixty days after a complete application has been filed. However, the time may be extended for an additional thirty days upon fifteen days' prior notice to the applicant. The department shall …

Any insurer authorized or which may be authorized to write workers' compensation insurance in this state, shall be and is hereby authorized to issue policies covering employers who perform labor incidental to their occupations as well as employees, such policies insuring to such …

Premiums for workers' compensation insurance may not be based on wages paid to employees while they are on vacation, holidays, or sick leave or on wages received from employment not performed for the insured employer. Source: SL 1983, ch 386 ; SL 2016, ch 236 , § 7.

The department may examine the affairs, transactions, accounts, records, assets, and liabilities of any association created under §§ 58-20-25 to 58-20-40 , inclusive, as deemed reasonably necessary. Source: SL 1995, ch 282 , § 6.