South Dakota Codified Laws 10-44-1. Definition of terms
Terms used in this chapter mean:
(1) “Company,” any corporation, association, reciprocal or inter–insurance exchange, and any other organization whatsoever, whether foreign or domestic, transacting business in South Dakota under the insurance laws of this state, as insurer, indemnitor, or surety;
Terms Used In South Dakota Codified Laws 10-44-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) “Consideration for annuity contracts,” the gross amount of consideration received by a company during the preceding calendar year for annuity contracts on lives of residents in this state less annuity considerations returned, termination allowances on group annuity contracts and so–called dividends on participating annuity contracts;
(3) “Domestic company,” any company organized under the laws of South Dakota;
(4) “Foreign company,” any company organized under the laws of a jurisdiction other than South Dakota;
(5) “Premiums,” as defined under § 58-11-1, (but not including premiums received for re–insurance and not including any consideration for annuity contracts) upon property or risks, resident or located within this state, less premium refunds, including refunds of deposits to subscribers of reciprocal or inter–insurance exchanges, and so–called dividends on participating policies.
Source: SL 1951, ch 456, § 1; SDC Supp 1960, § 57.35A01; SL 1993, ch 98, § 2; SL 1995, ch 66, § 1.