South Dakota Codified Laws 58-33-106. Requirements for engaging in transacting of insurance by issuing stop loss policy
No insurer may engage in the transacting of insurance by issuing a stop loss policy unless the insurer is an admitted insurer in this state and the stop loss policy form has been filed and approved by the division, unless the form is exempt by law from filing. The transacting of insurance includes:
(1) Issuing a stop loss policy covering an employer located in this state. Coverage of an employer for claims incurred under the employer’s self-funded health benefit plan with a stop loss policy is insurance, not reinsurance, regardless of whether the contract is described by the insurer as reinsurance; or
Terms Used In South Dakota Codified Laws 58-33-106
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- Trustee: A person or institution holding and administering property in trust.
(2) Issuing a stop loss policy to a trust or trustee, whether the trust or trustee is located in this state or otherwise, if an employer located in this state is directly or indirectly the beneficiary of the trust.
Source: SL 2007, ch 292, § 14.