Chapter

ORGANIZATION AND GENERAL POWERS OF INSURERS

S.D. Codified Laws § 58-5-1— Scope of chapter
S.D. Codified Laws § 58-5-2— "Stock" insurer defined
S.D. Codified Laws § 58-5-3— "Mutual" insurer defined
S.D. Codified Laws § 58-5-4— Applicability of corporation laws
S.D. Codified Laws § 58-5-5— Incorporation of stock and mutual insurers
S.D. Codified Laws § 58-5-6— Incorporators--Number and qualifications
S.D. Codified Laws § 58-5-6.1— Domestication of foreign company--Requirements and procedure
S.D. Codified Laws § 58-5-7— Articles of incorporation--Execution and acknowledgment--Contents
S.D. Codified Laws § 58-5-8— Articles of incorporation delivered to director with filing fees--Examination and approval by attorney general, return to director
S.D. Codified Laws § 58-5-9— Distribution of copies of approved articles
S.D. Codified Laws § 58-5-10— Disapproval of articles by attorney general--Statement of reasons--Returned to incorporators
S.D. Codified Laws § 58-5-11— Amendment of articles of incorporation--Submission and filing
S.D. Codified Laws § 58-5-12— Bond required of mutual insurer before soliciting applications for insurance--Filing by incorporators--Amount, conditions
S.D. Codified Laws § 58-5-13— Deposit by incorporators of mutual insurer in lieu of bond--Amount
S.D. Codified Laws § 58-5-14— Duration of bond or deposit by mutual insurer
S.D. Codified Laws § 58-5-15— Commencement of solicitation by mutual insurer
S.D. Codified Laws § 58-5-16— Temporary insurance producer's licenses for solicitation of applications for mutual insurance--Issuance by director
S.D. Codified Laws § 58-5-17— Applications for mutual insurance--Signature by applicant, coverage
S.D. Codified Laws § 58-5-18— Applications for mutual insurance--Contents
S.D. Codified Laws § 58-5-19— Trust deposit of premiums or fees collected by mutual insurer on qualifying applications
S.D. Codified Laws § 58-5-20— Transaction of business without certificate of authority as misdemeanor
S.D. Codified Laws § 58-5-21— Insurance applications and surplus required for original certificate of authority to domestic mutual insurer
S.D. Codified Laws § 58-5-22— Expendable surplus funds required of domestic mutual insurer
S.D. Codified Laws § 58-5-23— Determination by director as to weight to be given to insurance plans
S.D. Codified Laws § 58-5-24— Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority--Return of trust deposit
S.D. Codified Laws § 58-5-25— Issuance of certificate of authority to domestic mutual insurer--Funds in trust deposit become funds of insurer--Delivery of policies--Effective date of policies
S.D. Codified Laws § 58-5-26— Authorization of domestic mutual insurer to transact additional kinds of insurance
S.D. Codified Laws § 58-5-27— Membership of policyholders in domestic mutual insurer--Reinsurance contract excepted
S.D. Codified Laws § 58-5-28— Eligibility to membership in domestic, foreign, or alien mutual insurer
S.D. Codified Laws § 58-5-29— Contingent liability of members of mutual insurer--Exception
S.D. Codified Laws § 58-5-30— Contingent liability of member of mutual insurer not terminated by termination of policy
S.D. Codified Laws § 58-5-31— Unrealized contingent liability of members of mutual not an asset of insurer
S.D. Codified Laws § 58-5-32— Levy of assessment by mutual insurer for contingent liability
S.D. Codified Laws § 58-5-33— Amount of assessment by mutual insurer
S.D. Codified Laws § 58-5-34— Computation of assessment levied by mutual insurer
S.D. Codified Laws § 58-5-35— Offsets not allowed against assessment by mutual insurer
S.D. Codified Laws § 58-5-36— Lien of mutual insurer for levy of assessment for contingent liability
S.D. Codified Laws § 58-5-37— Extinguishment of contingent liability--Issuance of nonassessable policies--Revocation of authority
S.D. Codified Laws § 58-5-38— Extinguishment of contingent liability must apply to all members and policies
S.D. Codified Laws § 58-5-39— Bylaws of domestic mutual insurer--Adoption, modification, and revocation
S.D. Codified Laws § 58-5-40— Meetings of members of domestic mutual insurer--Time, notice, quorum, and conduct
S.D. Codified Laws § 58-5-41— Voting rights of members of domestic mutual insurer
S.D. Codified Laws § 58-5-42— Directors of domestic mutual insurer--Number, qualifications, election, terms of office, and powers
S.D. Codified Laws § 58-5-43— Officers of domestic mutual insurer--Number, designation, election, and terms of office--Powers and duties
S.D. Codified Laws § 58-5-44— Funds of domestic mutual insurer--Deposit, custody, disbursement, and accounting
S.D. Codified Laws § 58-5-46— Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds
S.D. Codified Laws § 58-5-47— Bylaws of domestic stock insurer--Adoption, modification, and revocation
S.D. Codified Laws § 58-5-48— Bylaws of domestic stock insurer subject to approval of director
S.D. Codified Laws § 58-5-49— Equity securities of domestic stock insurer--Rules and regulations as to solicitation of proxies, consents, and authorities--Adoption and promulgation
S.D. Codified Laws § 58-5-50— Annual meetings of stockholders or members--Election of directors--Reports of officers of insurer as to affairs--Transaction of other business--Notice of meeting
S.D. Codified Laws § 58-5-51— Special meetings of stockholders or members--Calling by board of directors--Notice
S.D. Codified Laws § 58-5-52— Special meetings of stockholders or members called by secretary on request of directors, stockholders, or members--Failure of secretary to issue call
S.D. Codified Laws § 58-5-53— Stockholder or member compelling board of directors to call annual meeting
S.D. Codified Laws § 58-5-54— Place for holding meetings of stockholders or members--Waiver
S.D. Codified Laws § 58-5-55— Meetings of stockholders or members--Organization for transaction of business, quorum required
S.D. Codified Laws § 58-5-56— Amendment of articles of incorporation at meeting of stockholders or members--Notice of meeting
S.D. Codified Laws § 58-5-57— Reduction of capital of stock insurer--Disapproval by director, grounds
S.D. Codified Laws § 58-5-58— Directors of domestic insurer--Number--Management of affairs of insurer
S.D. Codified Laws § 58-5-59— Election of directors of domestic insurer--Qualifications
S.D. Codified Laws § 58-5-60— Directors of domestic insurer--Terms of office
S.D. Codified Laws § 58-5-61— Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor
S.D. Codified Laws § 58-5-62— Guarantee by insurer of any financial obligation of its officers, directors, stockholders, or members prohibited
S.D. Codified Laws § 58-5-63— Policy holding not a prohibited pecuniary interest
S.D. Codified Laws § 58-5-64— Stock ownership not a prohibited pecuniary interest
S.D. Codified Laws § 58-5-65— Other permitted pecuniary interest of director, officer, or employee of insurer
S.D. Codified Laws § 58-5-66— Compensation of officers and employees of domestic insurer
S.D. Codified Laws § 58-5-67— Pensions to officers and directors of domestic insurers
S.D. Codified Laws § 58-5-68— "Equity security" defined
S.D. Codified Laws § 58-5-69— Statement of ownership of insurance company filed with director--Change of ownership, time for statement
S.D. Codified Laws § 58-5-70— Short sales by insider as misdemeanor--Delivery of securities sold, when required
S.D. Codified Laws § 58-5-71— Profits from insider security transactions accruing to company
S.D. Codified Laws § 58-5-72— Suit to recover insider profits accruing to company
S.D. Codified Laws § 58-5-73— Exemption from insider trading restrictions
S.D. Codified Laws § 58-5-74— Registered and closely held securities exempt from insider trading restrictions
S.D. Codified Laws § 58-5-75— Brokers and market specialists exempt from insider trading restrictions
S.D. Codified Laws § 58-5-76— Arbitrage transactions exempt from insider trading restrictions
S.D. Codified Laws § 58-5-77— Rules and regulations on insider trading
S.D. Codified Laws § 58-5-78— Nonliability for insider trading acts in good faith in conformity with rule or regulation
S.D. Codified Laws § 58-5-79— Management of domestic insurers during national emergency--Continuity, means for facilitating
S.D. Codified Laws § 58-5-80— Bylaws to cover management during national emergency
S.D. Codified Laws § 58-5-81— Quorum of directors during national emergency--Filling vacancies in board
S.D. Codified Laws § 58-5-82— Vice-presidents acting as directors during national emergency--Insufficient number of vice-presidents, appointment of directors by insurance director
S.D. Codified Laws § 58-5-83— Succession to office during national emergency
S.D. Codified Laws § 58-5-84— Principal place of business during national emergency
S.D. Codified Laws § 58-5-85— Domestic insurers--Management and exclusive agency contracts, filing with and approval by director--Violation as misdemeanor
S.D. Codified Laws § 58-5-86— Domestic insurer--Management and exclusive agency contracts, disapproval by director, grounds
S.D. Codified Laws § 58-5-87— Domestic insurer--Management and exclusive agency contracts, time for disapproval by director--Disapproval in writing, statement of grounds
S.D. Codified Laws § 58-5-88— Repealed by SL 2012, ch 252, §§ 32 to 36
S.D. Codified Laws § 58-5-93— Location of home office and principal place of business of domestic insurers--Records maintained
S.D. Codified Laws § 58-5-94— Assets of domestic insurer to be maintained in state--Exceptions
S.D. Codified Laws § 58-5-95— Director's consent required for removal of records or assets from state--Unauthorized removal or concealment as felony
S.D. Codified Laws § 58-5-96— Delinquency proceedings by director for removal or attempted removal of records or assets of domestic insurer
S.D. Codified Laws § 58-5-97— Branch offices established by domestic insurer--Transmission of funds outside state--Deposits under custodial arrangements
S.D. Codified Laws § 58-5-98— Prior maintenance by domestic insurer of branch or regional place of business or home office outside state not invalidated
S.D. Codified Laws § 58-5-99— "Reciprocating state" defined
S.D. Codified Laws § 58-5-100— Solicitation by domestic insurer in reciprocating state in which it has no license prohibited
S.D. Codified Laws § 58-5-101— Advertising through publications and broadcasts originating outside reciprocating state not prohibited
S.D. Codified Laws § 58-5-102— Insurance in reciprocating state under contracts issued in state in which licensed not prohibited--Policies issued as an unauthorized insurer permitted under laws of reciprocating state not prohibited
S.D. Codified Laws § 58-5-103— Suspension or revocation of certificate of authority for violation by domestic insurer
S.D. Codified Laws § 58-5-104— Participating policies--Issuance authorized by articles of domestic insurer--Nondiscrimination between policyholders
S.D. Codified Laws § 58-5-105— Continued issuance of participating policies without authorization in articles
S.D. Codified Laws § 58-5-106— Dividends on participating policies not contingent on renewal premiums
S.D. Codified Laws § 58-5-107— Participating policyholder as member
S.D. Codified Laws § 58-5-108— Borrowed surplus of domestic stock or mutual insurer--Agreement to repay, interest
S.D. Codified Laws § 58-5-109— Approval of loan and agreement by director--Disapproval of proposed loan or agreement, grounds
S.D. Codified Laws § 58-5-110— Legal liabilities of insurer on borrowed funds--Disclosure in financial statement
S.D. Codified Laws § 58-5-111— Repayment of loan by domestic insurer
S.D. Codified Laws § 58-5-112— Provisions as to borrowed surplus inapplicable to loans in ordinary course of business or secured by pledge or mortgage
S.D. Codified Laws § 58-5-113— Illegal dividends--Revocation or suspension of certificate of authority
S.D. Codified Laws § 58-5-114— Impairment of capital or surplus of domestic stock or mutual insurer--Determination of amount of deficiency by director--Notice to insurer
S.D. Codified Laws § 58-5-115— Curing impairment of capital or surplus
S.D. Codified Laws § 58-5-116— Assessment of stockholders to cure impairment of capital or surplus--Enforcement
S.D. Codified Laws § 58-5-117— Levy of assessment by mutual insurer to cure deficiency
S.D. Codified Laws § 58-5-118— Officers and directors permitting new business during impairment of capital or surplus--Liability for losses
S.D. Codified Laws § 58-5-119— Failure to cure deficiency, insurer deemed insolvent--Delinquency proceedings
S.D. Codified Laws § 58-5-120— Bulk reinsurance by domestic stock insurer--Agreement, filing with and approval by director
S.D. Codified Laws § 58-5-121— Approval by director of bulk reinsurance agreement--Disapproval
S.D. Codified Laws § 58-5-122— Compensation for promoting bulk reinsurance prohibited
S.D. Codified Laws § 58-5-123— Bulk reinsurance by mutual insurer--Agreement, filing with and approval by director
S.D. Codified Laws § 58-5-124— Members of domestic mutual insurer voting on bulk insurance, requirement by director--Calling of meeting, notice--Limited rights of members of life insurer to vote
S.D. Codified Laws § 58-5-125— Bulk reinsurance by domestic mutual insurer in stock insurer--Payments to members
S.D. Codified Laws § 58-5-126— Approval by director of bulk reinsurance by mutual insurer--Disapproval--Notice
S.D. Codified Laws § 58-5-127— Compensation for promoting bulk reinsurance by mutual insurer
S.D. Codified Laws § 58-5-128— Merger or consolidation of stock insurers
S.D. Codified Laws § 58-5-129— Stock acquisition plan deemed merger--Approval required
S.D. Codified Laws § 58-5-130— Compensation for promoting merger or consolidation of stock insurers
S.D. Codified Laws § 58-5-131— Filing and hearing on consolidation or merger plan--Grounds for disapproval
S.D. Codified Laws § 58-5-132— Participation by other states in hearing on merger or consolidation
S.D. Codified Laws § 58-5-133— Disapproval of merger or consolidation--Notice to insurer
S.D. Codified Laws § 58-5-134— Merger or consolidation of mutual insurers--Procedure
S.D. Codified Laws § 58-5-135— Members of mutual insurer voting on merger or consolidation--Procedure--Limited right of members of life insurer
S.D. Codified Laws § 58-5-136— Provisions applicable to mutual mergers and consolidations
S.D. Codified Laws § 58-5-137— 58-5-137. Repealed by SL 1983, ch 371, § 3
S.D. Codified Laws § 58-5-138— Conversion of mutual to stock insurer restricted
S.D. Codified Laws § 58-5-138.1— Compensation of officer, insurance producer, or employee of converting mutual insurer prohibited
S.D. Codified Laws § 58-5-139— Liquidation of domestic mutual insurer--Distribution of remaining assets to members
S.D. Codified Laws § 58-5-140— Distributive share of each member on liquidation of mutual insurer--Classification of policies
S.D. Codified Laws § 58-5-141— 58-5-141, 58-5-142. Repealed by SL 1994, ch 372, §§ 1, 2
S.D. Codified Laws § 58-5-143— Disclosure of certain material transactions required--Filing a report
S.D. Codified Laws § 58-5-144— Confidentiality of disclosure report
S.D. Codified Laws § 58-5-145— Exception from disclosure requirement--"Material acquisition" defined
S.D. Codified Laws § 58-5-146— Types of asset acquisitions subject to chapter
S.D. Codified Laws § 58-5-147— Types of asset dispositions subject to chapter
S.D. Codified Laws § 58-5-148— Information required in report of material acquisition or disposition of assets
S.D. Codified Laws § 58-5-149— Determining whether to report acquisitions on a nonconsolidated or consolidated basis
S.D. Codified Laws § 58-5-150— Materiality of nonrenewals, cancellations or revisions
S.D. Codified Laws § 58-5-151— Reporting material nonrenewal, cancellation or revision
S.D. Codified Laws § 58-5-152— Required information in reporting material nonrenewal, cancellation, or revision
S.D. Codified Laws § 58-5-153— Determining whether to report material nonrenewals, cancellations, or revisions on a nonconsolidated or consolidated basis
S.D. Codified Laws § 58-5-154— "Qualified education loan insurer" defined
S.D. Codified Laws § 58-5-155— Qualified education loan insurer subject to Title 58--Exceptions
S.D. Codified Laws § 58-5-156— Investment of funds by qualified education loan insurer--Limitations--Permitted rating categories
S.D. Codified Laws § 58-5-157— Investment of funds in securities
S.D. Codified Laws § 58-5-158— Subsidiary investment to be counted as admitted asset
S.D. Codified Laws § 58-5-159— Applicability of federal Bankruptcy Code
S.D. Codified Laws § 58-5-160— Additional exemptions or exemption authority
S.D. Codified Laws § 58-5-161— Definitions for §§ 58-5-161 through 58-5-171
S.D. Codified Laws § 58-5-162— Corporate governance disclosure--Requirements and limitations
S.D. Codified Laws § 58-5-163— Submission of disclosure--Requirement
S.D. Codified Laws § 58-5-164— Information provided with disclosure--Appropriate corporate level
S.D. Codified Laws § 58-5-165— Duplicate information not required--Documentation
S.D. Codified Laws § 58-5-166— Content and maintenance--Promulgation of Rules
S.D. Codified Laws § 58-5-167— Disclosure documents and other information--Confidential and privileged--Exempt from public record--Permitted uses
S.D. Codified Laws § 58-5-168— Disclosure documents and other materials--Testimony prohibited
S.D. Codified Laws § 58-5-169— Disclosure documents and other materials--Information sharing and receiving
S.D. Codified Laws § 58-5-170— Disclosure review--Expert assistance
S.D. Codified Laws § 58-5-171— Disclosure information--Access by National Association of Insurance Commissioners--Requirements