The term, home state, as used in this chapter, means, with respect to an insured:

(1) The state in which an insured maintains its principal place of business or, in the case of an individual, the individual’s principal residence; or

Terms Used In South Dakota Codified Laws 58-32-3.1

  • Contract: A legal written agreement that becomes binding when signed.
  • 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) If one hundred percent of the insured risk is located out of the state referred to in subdivision (1) of this section, the state to which the greatest percentage of the insured’s taxable premium for the insurance contract is allocated.

If more than one insured from an affiliated group are named insureds on a single nonadmitted insurance contract, the term means the home state as determined under subdivision (1) of this section of the member of the affiliated group that has the largest percentage of premium attributable to it under the contract.

Source: SL 2011, ch 223, § 6.