South Dakota Codified Laws 58-44-1. Definition of terms
Terms used in this chapter mean:
(1) “Accredited state,” any state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the National Association of Insurance Commissioners (NAIC);
Terms Used In South Dakota Codified Laws 58-44-1
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- 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) “Control” or “controlled,” as defined in chapter 58-5A;
(3) “Controlled insurer,” any licensed insurer which is controlled, directly or indirectly, by a broker;
(4) “Controlling broker,” any person who, directly or indirectly, controls an insurer and for any compensation, commission, or other thing of value, acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the controlling broker;
(5) “Licensed insurer” or “insurer,” any person duly licensed to transact a property and casualty insurance business in this state. The term does not include any residual market pool or any joint underwriting authority or association.
Source: SL 1992, ch 358, § 1; SL 2016, ch 232, § 16.