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 insurance shall be the rates filed and approved in § 58-25-7.

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Source: SL 1966, ch 111, ch 22, § 3; SL 1995, ch 66, § 2; SL 2009, ch 259, § 1; SL 2014, ch 229, § 1.