§ 58-5-1 Scope of chapter
§ 58-5-2 “Stock” insurer defined
§ 58-5-3 “Mutual” insurer defined
§ 58-5-4 Applicability of corporation laws
§ 58-5-5 Incorporation of stock and mutual insurers
§ 58-5-6 Incorporators–Number and qualifications
§ 58-5-6.1 Domestication of foreign company–Requirements and procedure
§ 58-5-7 Articles of incorporation–Execution and acknowledgment–Contents
§ 58-5-8 Articles of incorporation delivered to director with filing fees–Examination and approval by attorney general, return to director
§ 58-5-9 Distribution of copies of approved articles
§ 58-5-10 Disapproval of articles by attorney general–Statement of reasons–Returned to incorporators
§ 58-5-11 Amendment of articles of incorporation–Submission and filing
§ 58-5-12 Bond required of mutual insurer before soliciting applications for insurance–Filing by incorporators–Amount, conditions
§ 58-5-13 Deposit by incorporators of mutual insurer in lieu of bond–Amount
§ 58-5-14 Duration of bond or deposit by mutual insurer
§ 58-5-15 Commencement of solicitation by mutual insurer
§ 58-5-16 Temporary insurance producer’s licenses for solicitation of applications for mutual insurance–Issuance by director
§ 58-5-17 Applications for mutual insurance–Signature by applicant, coverage
§ 58-5-18 Applications for mutual insurance–Contents
§ 58-5-19 Trust deposit of premiums or fees collected by mutual insurer on qualifying applications
§ 58-5-20 Transaction of business without certificate of authority as misdemeanor
§ 58-5-21 Insurance applications and surplus required for original certificate of authority to domestic mutual insurer
§ 58-5-22 Expendable surplus funds required of domestic mutual insurer
§ 58-5-23 Determination by director as to weight to be given to insurance plans
§ 58-5-24 Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority–Return of trust deposit
§ 58-5-25 Issuance of certificate of authority to domestic mutual insurer–Funds in trust deposit become funds of insurer–Delivery of policies–Effective date of policies
§ 58-5-26 Authorization of domestic mutual insurer to transact additional kinds of insurance
§ 58-5-27 Membership of policyholders in domestic mutual insurer–Reinsurance contract excepted
§ 58-5-28 Eligibility to membership in domestic, foreign, or alien mutual insurer
§ 58-5-29 Contingent liability of members of mutual insurer–Exception
§ 58-5-30 Contingent liability of member of mutual insurer not terminated by termination of policy
§ 58-5-31 Unrealized contingent liability of members of mutual not an asset of insurer
§ 58-5-32 Levy of assessment by mutual insurer for contingent liability
§ 58-5-33 Amount of assessment by mutual insurer
§ 58-5-34 Computation of assessment levied by mutual insurer
§ 58-5-35 Offsets not allowed against assessment by mutual insurer
§ 58-5-36 Lien of mutual insurer for levy of assessment for contingent liability
§ 58-5-37 Extinguishment of contingent liability–Issuance of nonassessable policies–Revocation of authority
§ 58-5-38 Extinguishment of contingent liability must apply to all members and policies
§ 58-5-39 Bylaws of domestic mutual insurer–Adoption, modification, and revocation
§ 58-5-40 Meetings of members of domestic mutual insurer–Time, notice, quorum, and conduct
§ 58-5-41 Voting rights of members of domestic mutual insurer
§ 58-5-42 Directors of domestic mutual insurer–Number, qualifications, election, terms of office, and powers
§ 58-5-43 Officers of domestic mutual insurer–Number, designation, election, and terms of office–Powers and duties
§ 58-5-44 Funds of domestic mutual insurer–Deposit, custody, disbursement, and accounting
§ 58-5-45 Management of domestic mutual insurer
§ 58-5-46 Certified copy of bylaws and amendments of domestic mutual insurer filed with director–Disapproval by director, grounds
§ 58-5-47 Bylaws of domestic stock insurer–Adoption, modification, and revocation
§ 58-5-48 Bylaws of domestic stock insurer subject to approval of director
§ 58-5-49 Equity securities of domestic stock insurer–Rules and regulations as to solicitation of proxies, consents, and authorities–Adoption and promulgation
§ 58-5-50 Annual meetings of stockholders or members–Election of directors–Reports of officers of insurer as to affairs–Transaction of other business–Notice of meeting
§ 58-5-51 Special meetings of stockholders or members–Calling by board of directors–Notice
§ 58-5-52 Special meetings of stockholders or members called by secretary on request of directors, stockholders, or members–Failure of secretary to issue call
§ 58-5-53 Stockholder or member compelling board of directors to call annual meeting
§ 58-5-54 Place for holding meetings of stockholders or members–Waiver
§ 58-5-55 Meetings of stockholders or members–Organization for transaction of business, quorum required
§ 58-5-56 Amendment of articles of incorporation at meeting of stockholders or members–Notice of meeting
§ 58-5-57 Reduction of capital of stock insurer–Disapproval by director, grounds
§ 58-5-58 Directors of domestic insurer–Number–Management of affairs of insurer
§ 58-5-59 Election of directors of domestic insurer–Qualifications
§ 58-5-60 Directors of domestic insurer–Terms of office
§ 58-5-61 Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited–Misdemeanor
§ 58-5-62 Guarantee by insurer of any financial obligation of its officers, directors, stockholders, or members prohibited
§ 58-5-63 Policy holding not a prohibited pecuniary interest
§ 58-5-64 Stock ownership not a prohibited pecuniary interest
§ 58-5-65 Other permitted pecuniary interest of director, officer, or employee of insurer
§ 58-5-66 Compensation of officers and employees of domestic insurer
§ 58-5-67 Pensions to officers and directors of domestic insurers
§ 58-5-68 “Equity security” defined
§ 58-5-69 Statement of ownership of insurance company filed with director–Change of ownership, time for statement
§ 58-5-70 Short sales by insider as misdemeanor–Delivery of securities sold, when required
§ 58-5-71 Profits from insider security transactions accruing to company
§ 58-5-72 Suit to recover insider profits accruing to company
§ 58-5-73 Exemption from insider trading restrictions
§ 58-5-74 Registered and closely held securities exempt from insider trading restrictions
§ 58-5-75 Brokers and market specialists exempt from insider trading restrictions
§ 58-5-76 Arbitrage transactions exempt from insider trading restrictions
§ 58-5-77 Rules and regulations on insider trading
§ 58-5-78 Nonliability for insider trading acts in good faith in conformity with rule or regulation
§ 58-5-79 Management of domestic insurers during national emergency–Continuity, means for facilitating
§ 58-5-80 Bylaws to cover management during national emergency
§ 58-5-81 Quorum of directors during national emergency–Filling vacancies in board
§ 58-5-82 Vice-presidents acting as directors during national emergency–Insufficient number of vice-presidents, appointment of directors by insurance director
§ 58-5-83 Succession to office during national emergency
§ 58-5-84 Principal place of business during national emergency
§ 58-5-85 Domestic insurers–Management and exclusive agency contracts, filing with and approval by director–Violation as misdemeanor
§ 58-5-86 Domestic insurer–Management and exclusive agency contracts, disapproval by director, grounds
§ 58-5-87 Domestic insurer–Management and exclusive agency contracts, time for disapproval by director–Disapproval in writing, statement of grounds
§ 58-5-93 Location of home office and principal place of business of domestic insurers–Records maintained
§ 58-5-94 Assets of domestic insurer to be maintained in state–Exceptions
§ 58-5-95 Director’s consent required for removal of records or assets from state–Unauthorized removal or concealment as felony
§ 58-5-96 Delinquency proceedings by director for removal or attempted removal of records or assets of domestic insurer
§ 58-5-97 Branch offices established by domestic insurer–Transmission of funds outside state–Deposits under custodial arrangements
§ 58-5-98 Prior maintenance by domestic insurer of branch or regional place of business or home office outside state not invalidated
§ 58-5-99 “Reciprocating state” defined
§ 58-5-100 Solicitation by domestic insurer in reciprocating state in which it has no license prohibited
§ 58-5-101 Advertising through publications and broadcasts originating outside reciprocating state not prohibited
§ 58-5-102 Insurance in reciprocating state under contracts issued in state in which licensed not prohibited–Policies issued as an unauthorized insurer permitted under laws of reciprocating state not prohibited
§ 58-5-103 Suspension or revocation of certificate of authority for violation by domestic insurer
§ 58-5-104 Participating policies–Issuance authorized by articles of domestic insurer–Nondiscrimination between policyholders
§ 58-5-105 Continued issuance of participating policies without authorization in articles
§ 58-5-106 Dividends on participating policies not contingent on renewal premiums
§ 58-5-107 Participating policyholder as member
§ 58-5-108 Borrowed surplus of domestic stock or mutual insurer–Agreement to repay, interest
§ 58-5-109 Approval of loan and agreement by director–Disapproval of proposed loan or agreement, grounds
§ 58-5-110 Legal liabilities of insurer on borrowed funds–Disclosure in financial statement
§ 58-5-111 Repayment of loan by domestic insurer
§ 58-5-112 Provisions as to borrowed surplus inapplicable to loans in ordinary course of business or secured by pledge or mortgage
§ 58-5-113 Illegal dividends–Revocation or suspension of certificate of authority
§ 58-5-114 Impairment of capital or surplus of domestic stock or mutual insurer–Determination of amount of deficiency by director–Notice to insurer
§ 58-5-115 Curing impairment of capital or surplus
§ 58-5-116 Assessment of stockholders to cure impairment of capital or surplus–Enforcement
§ 58-5-117 Levy of assessment by mutual insurer to cure deficiency
§ 58-5-118 Officers and directors permitting new business during impairment of capital or surplus–Liability for losses
§ 58-5-119 Failure to cure deficiency, insurer deemed insolvent–Delinquency proceedings
§ 58-5-120 Bulk reinsurance by domestic stock insurer–Agreement, filing with and approval by director
§ 58-5-121 Approval by director of bulk reinsurance agreement–Disapproval
§ 58-5-122 Compensation for promoting bulk reinsurance prohibited
§ 58-5-123 Bulk reinsurance by mutual insurer–Agreement, filing with and approval by director
§ 58-5-124 Members of domestic mutual insurer voting on bulk insurance, requirement by director–Calling of meeting, notice–Limited rights of members of life insurer to vote
§ 58-5-125 Bulk reinsurance by domestic mutual insurer in stock insurer–Payments to members
§ 58-5-126 Approval by director of bulk reinsurance by mutual insurer–Disapproval–Notice
§ 58-5-127 Compensation for promoting bulk reinsurance by mutual insurer
§ 58-5-128 Merger or consolidation of stock insurers
§ 58-5-129 Stock acquisition plan deemed merger–Approval required
§ 58-5-130 Compensation for promoting merger or consolidation of stock insurers
§ 58-5-131 Filing and hearing on consolidation or merger plan–Grounds for disapproval
§ 58-5-132 Participation by other states in hearing on merger or consolidation
§ 58-5-133 Disapproval of merger or consolidation–Notice to insurer
§ 58-5-134 Merger or consolidation of mutual insurers–Procedure
§ 58-5-135 Members of mutual insurer voting on merger or consolidation–Procedure–Limited right of members of life insurer
§ 58-5-136 Provisions applicable to mutual mergers and consolidations
§ 58-5-138 Conversion of mutual to stock insurer restricted
§ 58-5-138.1 Compensation of officer, insurance producer, or employee of converting mutual insurer prohibited
§ 58-5-139 Liquidation of domestic mutual insurer–Distribution of remaining assets to members
§ 58-5-140 Distributive share of each member on liquidation of mutual insurer–Classification of policies
§ 58-5-143 Disclosure of certain material transactions required–Filing a report
§ 58-5-144 Confidentiality of disclosure report
§ 58-5-145 Exception from disclosure requirement–“Material acquisition” defined
§ 58-5-146 Types of asset acquisitions subject to chapter
§ 58-5-147 Types of asset dispositions subject to chapter
§ 58-5-148 Information required in report of material acquisition or disposition of assets
§ 58-5-149 Determining whether to report acquisitions on a nonconsolidated or consolidated basis
§ 58-5-150 Materiality of nonrenewals, cancellations or revisions
§ 58-5-151 Reporting material nonrenewal, cancellation or revision
§ 58-5-152 Required information in reporting material nonrenewal, cancellation, or revision
§ 58-5-153 Determining whether to report material nonrenewals, cancellations, or revisions on a nonconsolidated or consolidated basis
§ 58-5-154 “Qualified education loan insurer” defined
§ 58-5-155 Qualified education loan insurer subject to Title 58–Exceptions
§ 58-5-156 Investment of funds by qualified education loan insurer–Limitations–Permitted rating categories
§ 58-5-157 Investment of funds in securities
§ 58-5-158 Subsidiary investment to be counted as admitted asset
§ 58-5-159 Applicability of federal Bankruptcy Code
§ 58-5-160 Additional exemptions or exemption authority
§ 58-5-162 Corporate governance disclosure–Requirements and limitations
§ 58-5-163 Submission of disclosure–Requirement
§ 58-5-164 Information provided with disclosure–Appropriate corporate level
§ 58-5-165 Duplicate information not required–Documentation
§ 58-5-166 Content and maintenance–Promulgation of Rules
§ 58-5-167 Disclosure documents and other information–Confidential and privileged–Exempt from public record–Permitted uses
§ 58-5-168 Disclosure documents and other materials–Testimony prohibited
§ 58-5-169 Disclosure documents and other materials–Information sharing and receiving
§ 58-5-170 Disclosure review–Expert assistance
§ 58-5-171 Disclosure information–Access by National Association of Insurance Commissioners–Requirements
§ 58-5-161 . Definitions for §§ 58-5-161

Terms Used In South Dakota Codified Laws > Title 58 > Chapter 5 - Organization and General Powers of Insurers

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Case law: The law as laid down in cases that have been decided in the decisions of the courts.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
  • Subpoena: A command to a witness to appear and give testimony.
  • Testify: Answer questions in court.
  • Trustee: A person or institution holding and administering property in trust.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2