Title 58, INSURANCE

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…

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).

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 , …

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 …

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: …

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…

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…

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…

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).

The liability of the officers and directors of impaired insurers shall be determined in accordance with the provisions of § 58-5-118 . Source: SL 1966, ch 111 , ch 3, § 23.

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…

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…

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…

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…

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).

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…

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…

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…

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).

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).

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…

Each domestic insurer and those domestic insurers subject to chapters 58-34 , 58-37A , 58-38 , 58-39 , 58-40 , and 58-41 , and foreign insurers if required by the director, shall annually, on or before March first, and quarterly, on or before May fifteenth, August fifteenth, and …

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…

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…

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…

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.…

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…

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. …

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…

Terms used in this chapter mean: (1) "Board of directors" or "board," the governing body of the risk retention group as elected by the shareholders or members to establish policy, elect or appoint officers and committees, and make other governing decisions; (2) "Completed operati…

The following acts by a risk retention group are hereby prohibited: (1) The solicitation or sale of insurance by a risk retention group to any person who is not eligible for membership in such group; and (2) The solicitation or sale of insurance by, or operation of, a risk retent…

No risk retention group shall be allowed to do business in this state if an insurance company is directly or indirectly a member or owner of such risk retention group, other than in the case of a risk retention group all of whose members are insurance companies. Source: SL 1987, …

A risk retention group not chartered in this state and doing business in this state shall comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by a state insurance director if there has been a finding of financial impair…

No risk retention group may be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds, receive any benefit from any such fund for claims arising out of the ope…

A policy of insurance issued to a risk retention group or any member of that group is not required to be countersigned. Source: SL 1987, ch 372 , § 14; SL 2021, ch 210 , § 3.

A risk retention group may not offer insurance coverage prohibited under the insurance laws of this state or declared unlawful by the Supreme Court of this state. Source: SL 1987, ch 372 , § 15.

A purchasing group and its insurer or insurers are subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers are exempt, in regard to liability insurance for the purchasing group, from any law that would: (1) Prohibit the establishme…

Any purchasing group which intends to do business in this state shall furnish notice to the director which shall: (1) Identify the state in which the group is domiciled; (2) Specify the lines and classifications of liability insurance which the purchasing group intends to purchas…

A purchasing group shall, within ten days, notify the director of any changes in any of the items set forth in § 58-6A-17 . Source: SL 1988, ch 392 , § 6.

Each group that is required to give notice pursuant to § 58-6A-17 shall also furnish such information as may be required by the director to: (1) Verify that the entity qualifies as a purchasing group; (2) Determine where the purchasing group is located; and (3) Determine appropri…

The purchasing group shall register with and designate the director as its agent solely for the purpose of receiving service of legal documents or process, except that such requirements do not apply in the case of a purchasing group: (1) Which was domiciled before April 1, 1986, …

A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed insurance producer acting pursuant …

Any purchasing group which obtains liability insurance from an insurer not admitted in this state or a risk retention group shall inform each of the members of such group which have a risk resident or located in this state that such risk is not protected by an insurance insolvenc…

No purchasing group may purchase insurance providing for a deductible or self - insured retention applicable to the group as a whole. However, coverage may provide for a deductible or self - insured retention applicable to individual members. Any purchase of insurance by purchasi…

No person, firm, association, or corporation may act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless the person, firm, association, or corporation is licensed as an insurance producer in accordance…

No person, firm, association, or corporation may act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless the person, firm, associati…