A corporation, unincorporated association, partnership, individual, or any other legal business entity, whether located within or outside this state, may apply for a license as a rating organization by providing the following information in its application:

(1) A copy of its governing documents, to include its constitution, articles of agreement or association, certificate of incorporation, bylaws, rules, and regulations, as applicable;

Terms Used In South Dakota Codified Laws 58-24-35

  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2

(2) A list of its members and subscribers;

(3) The name and address of a resident of this state upon whom notices or orders of the director or process affecting such rating organization may be served;

(4) A statement of its qualifications as a rating organization; and

(5) A statement specifying the kind of insurance, or subdivision, class, or part of risk or combination thereof for which the rating organization intends to be licensed.

Source: SL 1966, ch 111, ch 15, § 6 (1); SL 2014, ch 239, § 2.

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