Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
SDCL § 58-7-25 Effect of deposit in foreign state
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If any domestic insurer is required to deposit with a public officer of any foreign state or any agency of that state any securities or assets for security of policyholders, to the extent that those securities or assets are admissible for that purpose under this chapter, and upon…
SDCL § 58-7-26 Sufficiency of deposit--Valuation of assets
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For the purpose of determining the sufficiency of its deposit in this state the assets and securities of the insurer on deposit shall be valued at current market value except bonds which may, in the discretion of the director, be valued as provided in §
SDCL § 58-7-27 Decline in market value of deposited assets--Deposit of additional assets or securities
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If for any reason the current market value of such assets and securities falls below the amount of deposit required of the insurer under this title, the insurer shall promptly deposit other or additional assets or securities eligible for deposit and in amount sufficient to cure t…
SDCL § 58-7-28 Appraisal or valuation of deposited assets or securities--Cost borne by insurer
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The director may, prior to acceptance for deposit of any particular asset or security, or at any time thereafter while so deposited, have the same appraised or valued by appraisers approved by the director. The costs of any appraisal or valuation shall be borne by the insurer. So…
SDCL § 58-7-29 Deposit exceeding requirements--Release to insurer upon request--Release during insolvency of insurer
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An insurer may so deposit and have on deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under this title, for the purpose of absorbing fluctuations in the value of assets and securities deposited, and to facilitate the exchange and su…
SDCL § 58-7-3 Credit of other deposit against reserve deposit
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A domestic insurer may credit toward the deposit the amount of any other deposit of the insurer required by the director for the protection of its policyholders. Source: SL 1966, ch 111 , ch 7, § 1 (3); SL 1991, ch 398 , § 2.
SDCL § 58-7-30 Right of insurer to deposited assets and securities during solvency
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While the insurer remains solvent and is in compliance with this title it may: (1) Demand, receive, sue for, and recover the income from the assets or securities deposited; (2) Exchange and substitute for the deposited assets or securities, or any part thereof, other eligible ass…
SDCL § 58-7-31 Levy upon deposited assets and securities
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No judgment creditor or other claimant of an insurer shall have the right to levy or to proceed by any remedies, provisional or otherwise, upon any of the assets or securities of the insurer held on deposit in this state. As to deposits pursuant to the retaliatory law, §§ 58-6-70…
SDCL § 58-7-32 Deposits by foreign or alien insurers not subject to taxation
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Deposits made by foreign or alien insurers shall not be subject to taxation. Source: SL 1966, ch 111 , ch 7, § 5 (2).
SDCL § 58-7-33 Duration of deposit of assets and securities
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Every deposit made in this state by an insurer pursuant to this title, including assets and securities held in another state under custodial arrangements, shall be held as long as there is outstanding any liability of the insurer as to which the deposit was so required; or if a d…
SDCL § 58-7-34 Release of deposit on request of domestic insurer
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Upon the request of a domestic insurer, the director shall direct the depository or custodian to return to the insurer the whole or any portion of the assets and securities of the insurer held on deposit if the director is satisfied that the assets and securities to be returned a…
SDCL § 58-7-35 Return of deposit of foreign insurer
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The director shall direct the depository or custodian to return to a foreign insurer any deposit made pursuant to this title by the insurer, if: (1) The insurer has ceased transacting business in this state, or in the United States, and the insurer is not subject to any liability…
SDCL § 58-7-36 Return of deposit upon merger or consolidation of insurer
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Upon the merger or consolidation of an insurer that has made a deposit in this state, the director may, after preserving the interests of South Dakota policyholders, direct the depository or custodian to return the deposit to the resulting or surviving corporation, or to any pers…
SDCL § 58-7-37 Insurer subject to delinquency proceedings--Surrender of deposited assets and securities to authorized officer of court
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If the insurer is subject to delinquency proceedings as defined in this title, upon the order of a court of competent jurisdiction, the director shall yield the assets and securities held on deposit to the receiver, conservator, rehabilitator, or liquidator of the insurer, or to …
SDCL § 58-7-38 Release of deposited assets--Terms--Nonliability of director acting in good faith
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No release of deposited assets and securities may be made except upon application to and the written order of the director and under the terms of the custodial or depository arrangement. The director is not personally liable for the release of any deposit made by him in good fait…
SDCL § 58-7-39 Certain depository or custodial requirements superseded
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The provisions of the 1991 amendments to §§ 58-7-1 , 58-7-3 , 58-7-6 , 58-7-12 , 58-7-13 , 58-7-14 , 58-7-16 , 58-7-18 , 58-7-20 , 58-7-21 , 58-7-24 , 58-7-25 , 58-7-28 , 58-7-34 , 58-7-35 , 58-7-36 , 58-7-38 , and 58-7-39 shall supersede any and all depository or custodial requi…
SDCL § 58-7-4 Annual deposit of additional securities to cover increase of reserves
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Annually on or before April first, the insurer shall deposit any additional securities required under § 58-7-1 and related to the increase of such reserves during the calendar year next preceding as determined from the insurer's annual statement as of December thirty - first of s…
SDCL § 58-7-5 Ineligibility for deposit of securities in default
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If default occurs in the payment of interest or principal of any deposited security and such default continues for a period of one hundred twenty days, the director may declare such security no longer eligible for deposit under §
SDCL § 58-7-6 Authorized deposits of insurers
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The following deposits of insurers shall be accepted and held, and are subject to the provisions of this chapter: (1) Deposits required under this title for authority to transact insurance business in this state; (2) Deposits of domestic insurers if made pursuant to the laws of o…
SDCL § 58-7-7 Purpose of deposits
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Such deposits shall be held for purposes set forth in §§ 58-7-8 to 58-7-12 , inclusive. Source: SL 1966, ch 111 , ch 7, § 3.
SDCL § 58-7-8 Certificates of deposit--Eligible securities--Purpose of deposits
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All such deposits required under §§ 58-6-33 to 58-6-35 , inclusive, for authority to transact insurance in this state shall consist of certificates of deposit, or any combination of securities of the kinds described in §§ 58-27-9 , 58-27-11 , 58-27-12 , 58-27-14 , and
SDCL § 58-7-9 Deposit of domestic insurer held in this state pursuant to laws of another state or country--Assets comprising--Protection of all policyholders of insurer
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All other deposits of a domestic insurer held in this state pursuant to the laws of another state, province, or country shall be comprised of assets of the kinds described in § 58-7-8 , and of such additional securities required or permitted by the laws of such state, province, o…
SDCL § 58-8-1 Representing or aiding unauthorized insurer as misdemeanor
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No person may in this state, directly or indirectly, act as insurance producer for, or otherwise represent any insurer not then authorized to transact insurance business in this state, in the solicitation, negotiation, or effectuation of insurance or of annuity contracts, inspect…
SDCL § 58-8-10 Service of process on agent of unauthorized insurer other than director
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Service of process in any such action, suit or proceeding shall in addition to the manner provided in §§ 58-8-8 and 58-8-9 , be valid if served upon any person within this state who, in this state on behalf of such insurer, is: (1) Soliciting insurance; or (2) Making, issuing, or…
SDCL § 58-8-12 Mode of service of process cumulative
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Nothing in this chapter shall limit or abridge the right to serve any process, notice, or demand upon any insurer in any other manner now or hereafter permitted by law. Source: SL 1966, ch 111 , ch 12, § 8.
SDCL § 58-8-13 Conditions precedent to filing of pleadings by unauthorized foreign or alien insurer--Deposit or bond--Procurement of certificate of authority
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Before any unauthorized foreign or alien insurer shall file or cause to be filed any pleading in any action, suit, or proceeding instituted against it, such unauthorized insurer shall in addition to any other requirement that may be imposed by law either: (1) Deposit with the cle…
SDCL § 58-8-14 Motion of unauthorized foreign or alien insurer to quash or set aside service of process--Deposit or bond not required--Grounds for motion
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Nothing in § 58-8-13 is to be construed to prevent an unauthorized foreign or alien insurer from filing a motion to quash any process or to set aside service thereof made in the manner provided in §§ 58-8-8 to 58-8-10 , inclusive, on the ground either: (1) That such unauthorized …
SDCL § 58-8-15 Action against unauthorized insurer commenced by substituted process--Postponement by court to give defendant opportunity to defend
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The court in any action, suit or proceeding, in which service is made in the manner provided in §§ 58-8-8 to 58-8-10 , inclusive, may order such postponement as may be necessary to afford the defendant reasonable opportunity to comply with the provisions of § 58-8-13 and to defen…
SDCL § 58-8-16 Vexatious refusal by unauthorized foreign or alien insurer to make payment--Attorney fees of plaintiff
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In any action against an unauthorized foreign or alien insurer upon a contract of insurance issued or delivered in this state to a resident thereof or to a corporation authorized to do business therein, if the insurer has failed for thirty days after demand prior to the commencem…
SDCL § 58-8-17 Exemptions from unauthorized insurers process provisions
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The provisions of §§ 58-8-6 to 58-8-19 , inclusive, shall not apply to any action, suit or proceeding against any unauthorized foreign or alien insurer arising out of a contract of: (1) Reinsurance of the liability of an admitted insurer; (2) Insurance against perils of navigatio…
SDCL § 58-8-18 Uniformity of interpretation of chapter
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This chapter shall be so interpreted as to effectuate its general purpose to make uniform the law of those states which enact it. Source: SL 1966, ch 111 , ch 12, § 2 (2).
SDCL § 58-8-19 Citation of unauthorized insurers process provisions
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Sections 58-8-6 to 58-8-19 , inclusive, constitute and may be cited as the Unauthorized Insurers Process Act. Source: SL 1966, ch 111 , ch 12, § 2 (1).
SDCL § 58-8-2 Acts which do not constitute representing or aiding unauthorized insurer
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Section 58-8-1 shall not apply to: (1) Acceptance of service of process by the director under § 58-8-8 ; (2) Surplus lines insurance, and other transactions as to which a certificate of authority is not required of an insurer as stated in § 58-6-4 ; (3) Reinsurance as authorized …
SDCL § 58-8-3 Advertising relating to unauthorized insurers as misdemeanor
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It is a Class 2 misdemeanor for any person to publish or print in this state in any newspaper, magazine, periodical, circular, letter, pamphlet, or in any other manner, or to publish by radio or television broadcasting in this state, any advertisement or other notice, either dire…
SDCL § 58-8-4 Acceptance of advertising without proof of authority to do business in state as misdemeanor
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No person may accept for publication or printing any newspaper, magazine, or other periodical, or for radio or television broadcasting in this state, any advertisement or other notice, either directly or indirectly setting forth the advantages of or soliciting business for any in…
SDCL § 58-8-5 Distribution of advertising matter as to advantages of doing business with unauthorized insurer as misdemeanor
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It is a Class 2 misdemeanor for any manufacturer, jobber, wholesaler, or retailer to distribute or to cause to be distributed any match books or other advertising matter, directly or indirectly, setting forth the advantages of or soliciting business for any insurer, insurance pro…
SDCL § 58-8-6 Unauthorized insurers--Purposes of Process Act
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The purpose of §§ 58-8-6 to 58-8-19 , inclusive, is to subject certain insurers to the jurisdiction of the courts of this state in suits by or on behalf of insureds or beneficiaries under insurance contracts. The Legislature declares that it is a subject of concern that many resi…
SDCL § 58-8-7 Acts by unauthorized insurer constituting appointment of director of insurance as agent for service of process
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Any of the following acts in this state, effected by mail or otherwise, by an unauthorized foreign or alien insurer: (1) The issuance or delivery of contracts of insurance to residents of this state or to corporations authorized to do business therein; (2) The solicitation of app…
SDCL § 58-8-8 Manner of service of process--Duties of director
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Such service of process shall be made by delivering to and leaving with the director or some person in apparent charge of his office two copies thereof and the payment to him of a fee as set forth in subdivision 58-2-29(12)(c) which shall be taxed in the costs of the proceeding. …
SDCL § 58-8-9 Notice by mail to insurer--Proof of service
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Service of process pursuant to § 58-8-8 is sufficient, provided notice of such service and a copy of the process are sent within ten days thereafter by registered or certified mail by plaintiff or plaintiff's attorney to the defendant at its last known principal place of business…
SDCL § 58-9-1 Definitions not mutually exclusive
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It is intended that certain insurance coverages may come within the definitions of two or more kinds of insurance as defined in this chapter, and the inclusion of such coverage within one definition shall not exclude it as to any other kind of insurance within the definition of w…
SDCL § 58-9-10 Marine protection and indemnity insurance included
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"Marine and transportation insurance" includes "marine protection and indemnity insurance," meaning insurance against, or against legal liability of the insured for, loss, damage, or expense arising out of, or incident to, the ownership, operation, chartering, maintenance, use, r…
SDCL § 58-9-11 Casualty insurance including vehicle insurance
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"Casualty insurance" includes vehicle insurance, insurance against loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, from any hazard or cause, and aga…
SDCL § 58-9-12 Casualty insurance including automobile guaranty insurance
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"Casualty insurance" includes automobile guaranty insurance, insurance of the mechanical condition, or freedom from defective or worn parts or equipment, of motor vehicles. Source: SL 1966, ch 111 , ch 4, § 6 (1) (b).
SDCL § 58-9-13 Casualty insurance including liability insurance
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"Casualty insurance" includes liability insurance, insurance against legal liability for the death, injury, or disability of any human being, or for damage to property; and provision of medical, hospital, surgical, disability benefits to injured persons and funeral and death bene…
SDCL § 58-9-14 Casualty insurance including workers' compensation insurance
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"Casualty insurance" includes workers' compensation insurance, insurance of the obligations accepted by, imposed upon, or assumed by employers under law for death, disablement, or injury of employees. Source: SL 1966, ch 111 , ch 4, § 6 (1) (d).
SDCL § 58-9-15 Casualty insurance including burglary and theft insurance
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"Casualty insurance" includes burglary and theft insurance, insurance against loss or damage by burglary, theft, larceny, robbery, forgery, fraud, vandalism, malicious mischief, confiscation, or wrongful conversion, disposal, or concealment, or from any attempt at any of the fore…
SDCL § 58-9-16 Casualty insurance including personal property floater insurance
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"Casualty insurance" includes personal property floater insurance, insurance upon personal effects against loss or damage from any cause, under a personal property floater. Source: SL 1966, ch 111 , ch 4, § 6 (1) (f).
SDCL § 58-9-17 Casualty insurance including glass
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"Casualty insurance" includes insurance against loss or damage to glass, including its lettering, ornamentation, and fittings. Source: SL 1966, ch 111 , ch 4, § 6 (1) (g).
SDCL § 58-9-18 Casualty insurance including boiler and machinery insurance
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"Casualty insurance" includes boiler and machinery insurance, insurance against any liability and loss or damage to property or interest resulting from accidents to or explosions of boilers, pipes, pressure containers, machinery, or apparatus, and to make inspection of and issue …