South Dakota Codified Laws 58-30-124. Definition of terms
Terms as used in §§ 58-30-124 to 58-30-139, inclusive, mean:
(1) “Actuary,” any person who is a member in good standing of the American Academy of Actuaries;
Terms Used In South Dakota Codified Laws 58-30-124
- Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) “Managing general agent,” any person:
(a) Who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; and
(b) Acts as an agent for the insurer or who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross written premium of five percent or more of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year and either:
(i) Adjusts or pays claims; or
(ii) Negotiates reinsurance on behalf of the insurer;
(3) “Underwrite,” the authority to accept or reject risk on behalf of the insurer.
Source: SL 1992, ch 353, § 1.