Terms Used In South Dakota Codified Laws 58-5C-3
- Insurance: a contract whereby one undertakes to indemnify another or to pay or provide a specified or determinable amount or benefit upon determinable contingencies. See South Dakota Codified Laws 58-1-2
- 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
All domestic corporations, organized for the purpose of transacting such insurance business under the provisions of this chapter, shall incorporate under the provisions of chapter 58-5, and be regulated as mutual insurers; provided, the provisions of this chapter shall govern where in conflict with other laws or parts of laws.