§ 62-5-1 Methods of securing payment of compensation
§ 62-5-2 Obtaining workers’ compensation insurance
§ 62-5-3 Reciprocal or interinsurance contracts providing indemnity for loss under workers’compensation law
§ 62-5-5 Self-insurance by employer–Annual proof of solvency and financial ability–Application fee–Deposit of fees–Certificate of exemption
§ 62-5-6 Exemption of political subdivisions from security provisions
§ 62-5-7 Failure to secure payment as election not to operate under title
§ 62-5-8 Commission for placing insurance limited
§ 62-5-9 Issuance of policy to employer–Certification to department
§ 62-5-10 Surety for performance required for self-insurers–Irrevocable trust
§ 62-5-11 Requirements for acceptance of irrevocable letter of credit–Definitions
§ 62-5-12 Deposit of surety bonds, letters of credit, etc
§ 62-5-13 Deposit of certificate of deposit or government securities
§ 62-5-14 Deposit and withdrawal of cash
§ 62-5-15 Perfected security interest in deposit–Release of security interest
§ 62-5-16 Claims administration contracts
§ 62-5-18 Reduction of premium where employer selects a policy with a deductible
§ 62-5-19 Deductible does not affect reporting requirements
§ 62-5-20 Insurer to pay entire loss–Employer to reimburse deductible amount
§ 62-5-21 Provision of medical services and health care
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Terms Used In South Dakota Codified Laws > Title 62 > Chapter 5 - Insurance and Security for Payments

  • 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.
  • 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.
  • 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.
  • 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
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
  • Statute: A law passed by a legislature.
  • 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