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 to the surplus lines laws and regulations of such state.
S.D. Codified Laws § 58-6A-19.1
Purchase from risk retention group not chartered or insurer not admitted in state prohibited--Exception
Source: SL 1988, ch 392, § 9; SL 2001, ch 286, § 92.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.