An employer may secure the payment of compensation to any employee by insuring and keeping insured the payment of the compensation in some association organized for the exchange of reciprocal or interinsurance contracts with each other by individuals, partnerships, or corporations of this state for the purpose of providing indemnity among themselves from any loss under the workers' compensation law, if the association is authorized to do the business of entering into reciprocal or interinsurance contracts by the director of the Division of Insurance. Nothing in this section applies to reciprocal or interinsurance exchanges authorized to do business under the provisions of chapter 58-34.
S.D. Codified Laws § 62-5-3
Reciprocal or interinsurance contracts providing indemnity for loss under workers' compensation law
Applied in 1 court decision — leading case Lewis v. South Dakota State Department of Transportation (2003)
Most recently applied in Lewis v. South Dakota State Department of Transportation (July 2003)
Source: SL 1931, ch 271, § 1; SDC 1939, § 64.0106 (2); SL 2008, ch 278, § 36.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.