Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
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…
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…
SDCL § 58-6A-1 Definition of terms
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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…
SDCL § 58-6A-10 Prohibited acts by risk retention group
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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…
SDCL § 58-6A-11 Insurance company as member or owner
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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, …
SDCL § 58-6A-12 Compliance with voluntary dissolution or delinquency order by group not chartered if financially impaired
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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…
SDCL § 58-6A-13 Financial contribution to or benefit from insurance insolvency guaranty fund prohibited
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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…
SDCL § 58-6A-14 Countersignature on policy not required
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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.
SDCL § 58-6A-15 Prohibited insurance coverage
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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. 58-6A-16. Repealed by SL 1988, ch 392 , § 3
SDCL § 58-6A-16 Repealed by SL 1988, ch 392 , § 3 58-6A-16.1 Exemptions for purchasing group and insurer in regard to liability insurance--Subject to other laws
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58-6A-17 Notice to director--Contents. 58-6A-17.1 Notice to director of changes. 58-6A-17.2 Information required by director--Time for giving notice and information. 58-6A-18 Designation of director as agent for purchasing group--Exceptions. 58-6A-19
SDCL § 58-6A-16.1 Exemptions for purchasing group and insurer in regard to liability insurance--Subject to other laws
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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…
SDCL § 58-6A-17 Notice to director--Contents
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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…
SDCL § 58-6A-17.1 Notice to director of changes
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A purchasing group shall, within ten days, notify the director of any changes in any of the items set forth in §
SDCL § 58-6A-17.2 Information required by director--Time for giving notice and information
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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…
SDCL § 58-6A-18 Designation of director as agent for purchasing group--Exceptions
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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, …
SDCL § 58-6A-19 Repealed by SL 1988, ch 392 , § 8 58-6A-19.1 Purchase from risk retention group not chartered or insurer not admitted in state prohibited--Exception
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58-6A-19.2 Notice of unprotected risk when liability insurance obtained from insurer not admitted in this state or risk retention group. 58-6A-19.3 Purchase of insurance providing for deductible or self-induced retention applicable to whole group prohibited--Application to indivi…
SDCL § 58-6A-19.1 Purchase from risk retention group not chartered or insurer not admitted in state prohibited--Exception
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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 …
SDCL § 58-6A-19.2 Notice of unprotected risk when liability insurance obtained from insurer not admitted in this state or risk retention group
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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…