South Dakota Codified Laws 62-5-3. Reciprocal or interinsurance contracts providing indemnity for loss under workers’compensation law
An employer may secure the payment of compensation to any employee by insuring and keeping insured the payment of the compensation in some association organized for the exchange of reciprocal or interinsurance contracts with each other by individuals, partnerships, or corporations of this state for the purpose of providing indemnity among themselves from any loss under the workers’ compensation law, if the association is authorized to do the business of entering into reciprocal or interinsurance contracts by the director of the Division of Insurance. Nothing in this section applies to reciprocal or interinsurance exchanges authorized to do business under the provisions of chapter 58-34.
Terms Used In South Dakota Codified Laws 62-5-3
- employer: includes the state and any municipal corporation within the state or any political subdivision of this state, and any individual, firm, association, limited liability company, or corporation, or the receiver or trustee of the same, or the legal representative of a deceased employer, using the service of another for pay. See South Dakota Codified Laws 62-1-2
Source: SL 1931, ch 271, § 1; SDC 1939, § 64.0106 (2); SL 2008, ch 278, § 36.