Title 58, INSURANCE

"Surety insurance" includes fidelity insurance, insurance to guarantee the fidelity of persons holding positions of public or private trust. Source: SL 1966, ch 111 , ch 4, § 7 (1).

"Health insurance" is insurance of human beings against bodily injury, disablement, or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, or childbirth, or against expenses incurred in prevention of sickness, …

"Surety insurance" includes insurance or guaranty of the obligations of employers under workers' compensation laws. Source: SL 1966, ch 111 , ch 4, § 7 (2).

"Surety insurance" includes insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings, and contracts of suretyship. Source: SL 1966, ch 111 , ch 4, § 7 (3).

"Surety insurance" includes insurance indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts, or other …

"Title insurance" is the insurance of owners of property or others having an interest therein or liens or encumbrances thereon, against loss by encumbrance, or defective titles, or invalidity, or adverse claim to title. Source: SL 1966, ch 111 , ch 4, § 8.

Burial insurance as used in this section includes any kind of agreement, certificate, policy, contract, bond, assurance guarantee, or other arrangement, by bylaw, regulation or otherwise, in or by which the party issuing such certificate, policy, contract, bond, assurance guarant…

"Property insurance" is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazards or causes, and against loss consequential upon such loss or damage, other than noncon…

"Marine and transportation insurance" includes insurance against any kind of loss or damage to vessels, craft, aircraft, cars, automobiles, and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious…

"Marine and transportation insurance" includes insurance against any kind of loss or damage to person or to property in connection with or appertaining to a marine, inland marine, transit, or transportation insurance, including liability for loss of or damage to either, arising o…

"Marine and transportation insurance" includes insurance against any kind of loss or damage to precious stones, jewels, jewelry, gold, silver, and other precious metals, whether used in business or trade or otherwise and whether the same be in course of transportation or otherwis…

"Marine and transportation insurance" includes insurance against any kind of loss or damage to bridges, tunnels, and other instrumentalities of transportation and communication, excluding buildings, their furniture and furnishings, fixed contents and supplies held in storage, unl…

Chapters 58-10 to 58-12 , inclusive, apply as to all insurance contracts and annuity contracts, other than: (1) Reinsurance; (2) Policies or contracts not issued for delivery in this state or not delivered in this state, except as provided in §§ 58-11-12 to 58-11-20 , inclusive. …

Whenever any policy of insurance is written or renewed to insure any real property in this state, including structures on land owned by a person other than the insured, against loss by fire, tornado, or lightning and the property insured is wholly destroyed, without criminal faul…

A change of interest, by will or succession, on the death of the insured, does not avoid an insurance of property and the insurance passes to the person taking his interest in the thing insured. Source: SL 1966, ch 111 , ch 22, § 7.

A transfer of interest by one of several partners, joint owners, or owners in common, who are jointly insured, to the others, does not avoid an insurance of property even though it has been agreed that the insurance shall cease upon an alienation of the thing insured. Source: SL …

For purposes of subdivision 58-10-4(6), the term, trust, includes any trust, including a business trust, and the term, beneficiary, includes the interest of any beneficiary in a trust, including a beneficial owner of a business trust. Source: SL 2006, ch 251 , § 2.

For purposes of subdivision 58-10-4(6), the term, business trust, means a business trust subject to chapter 47-14A or chapter 47-14B . Source: SL 2006, ch 251 , § 3.

An insurance contract for which an insurable interest exists under subdivision 58-10-4(6), is a life insurance policy issued for delivery to a trust governed by South Dakota law. Source: SL 2006, ch 251 , § 4.

The provisions of subdivision 58-10-4(6) and §§ 58-10-13 to 58-10-15 , inclusive, are effective retroactively to November 2, 1889. Source: SL 2006, ch 251 , § 5.

A person who has an insurable interest in the life of an individual settlor pursuant to subdivisions 58-10-4(1) to (6), may create an entity solely for the purpose of purchasing, holding, or administering an insurance contract on the life of the individual settlor. Neither an ins…

"Policy" means the written contract of or written agreement for or effecting insurance, by whatever name called, and includes all clauses, riders, endorsements, and papers which are a part thereof. Source: SL 1966, ch 111 , ch 22, § 2.

Any individual of competent legal capacity may procure or effect an insurance contract upon his own life or body for the benefit of any person. But no person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefi…

Insurable interest with reference to personal insurance includes only interests as follows: (1) Interests in individuals related closely by blood, marriage, or by law, a substantial interest engendered by love and affection; (2) For other persons, a lawful and substantial economi…

If the beneficiary, assignee, or other payee under any contract made in violation of § 58-10-3 receives from the insurer any benefits thereunder accruing upon the death, disablement, or injury of the individual insured, the individual insured or his personal representative, as th…

No life or health insurance contract upon an individual, except a contract of group life insurance or of group or blanket health insurance, shall be made or become effective unless at the time of the making of the contract such individual applies therefor or has consented thereto…

Subject to the policy terms on assignment, a person whose life is insured under a policy of life insurance may assign with his spouse's written consent any or all incidents of ownership granted him under the policy, including but not limited to any right to designate a beneficiar…

No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss. Source: SL 1966, ch 111 , ch 22, …

"Insurable interest" as used in §§ 58-10-7 and 58-10-9 means any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment. Source: SL 1966, ch 111 , ch 22, § 6 (2…

The measure of an insurable interest in property is the extent to which the insured might be directly damnified by loss, injury, or impairment thereof. Source: SL 1966, ch 111 , ch 22, § 6 (3).

Premium is the consideration for insurance by whatever name called. Any assessment, or any membership, policy, survey, inspection, service, or similar fee or other charge in consideration for an insurance contract is deemed part of the premium. However, the premium for title insu…

A policy may contain additional lawful provisions, including reasonable policy exclusions, not inconsistent with this title, subject to the director's approval. Source: SL 1966, ch 111 , ch 22, § 18; SL 2010, ch 235 , § 1.

No policy shall contain any provision purporting to make any portion of the charter, bylaws or other constituent document of the insurer, other than the subscriber's agreement or power of attorney of a reciprocal insurer, a part of the contract unless such portion is set forth in…

No basic insurance policy or annuity contract form, or group certificate form, or application form where written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be delivered or …

Section 58-11-12 shall not apply to surety bonds, or to specially rated inland marine risks, nor to policies, riders, endorsements, or forms of unique character designed for and used with relation to insurance upon a particular subject, or which relate to the manner of distributi…

Every form of insurance document and every rate or other filing lawfully in use immediately prior to July 1, 1966, may continue to be so used until the director otherwise prescribes pursuant to this title. Source: SL 1966, ch 111 , ch 22, § 13 (5).

The director may, by order, exempt from the requirements of § 58-11-12 for so long as he deems proper, any insurance document or form or type thereof as specified in such order, to which, in his opinion, said section may not practically be applied, or the filing and approval of w…

As to forms for use in property, marine and transportation, casualty and surety insurance coverages, the filing required by § 58-11-12 may be made by rating organizations on behalf of its members and subscribers; but this provision shall not be deemed to prohibit any such member …

Every filing pursuant to § 58-11-12 shall be made not less than thirty days in advance of any such delivery. At the expiration of such thirty days, the form so filed shall be deemed approved unless prior thereto it has been approved or disapproved by order of the director. Approv…

The director may extend by not more than thirty days the period within which he may so approve or disapprove any such form, by giving notice to the insurer of such extension before expiration of the initial thirty - day period. At the expiration of any such period as so extended,…

The director may at any time, after notice and for cause shown, withdraw any such approval. Source: SL 1966, ch 111 , ch 22, § 13 (2).

Every policy as defined by § 58-10-2 shall specify: (1) The names of the parties to the contract; (2) The subject of the insurance; (3) The risks insured against; (4) The time when the insurance takes effect and the duration thereof; (5) The premium; and (6) The conditions pertai…

Any order of the director disapproving any such form or withdrawing a previous approval shall state the grounds therefor and the particulars thereof in such detail as reasonably to inform the insurer thereof. Source: SL 1966, ch 111 , ch 22, § 13 (3).

The director shall disapprove any form filed under § 58-11-12 , or withdraw any previous approval thereof, only if the form: (1) Is in any respect in violation of or does not comply with this title; (2) Contains or incorporates by reference, where such incorporation is otherwise …

All policies and annuity contracts issued, and the forms thereof filed with the director, shall have printed thereon an appropriate designating letter or figure, or combination thereof identifying the respective forms of policies or contracts. Whenever any change is made in any s…

Every insurance policy shall be executed in the name of and on behalf of the insurer by its officer, attorney in fact, employee, or representative duly authorized by the insurer. Source: SL 1966, ch 111 , ch 22, § 20 (1).