reglab/housing_qa huggingface dataset:
SD Codified L § 58-5-118 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-118 - Officers and directors permitting new business during impairment of capital or surplus--Liability for losses.

58-5-118. Officers and directors permitting new business during impairment of capital or surplus--Liability for losses.The officers and each director of an insurer who, after knowing that the insurer's capital is impaired, if a stock insurer, or surplus, if a mutual insurer, as provided in §58-5-114, permits or assents in the writing of new business by the insurer in this state after the expiration of the period allowed by the director under §58-5-114 within which to cure the deficiency, shall, together with their respective estates, be severally and jointly liable for the amount of losses which may be incurred by the insured under any such new insurance. Source: SL 1966, ch 111, ch 16, §37.
SD Codified L § 58-5-119 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-119 - Failure to cure deficiency, insurer deemed insolvent--Delinquency proceedings.

58-5-119. Failure to cure deficiency, insurer deemed insolvent--Delinquency proceedings.If the deficiency is not cured as required by §58-5-114, the insurer shall be deemed insolvent and the director shall institute delinquency proceedings as provided in this title. Source: SL 1966, ch 111, ch 16, §35 (3).
SD Codified L § 58-5-120 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-120 - Bulk reinsurance by domestic stock insurer--Agreement, filing with and approval by director.

58-5-120. Bulk reinsurance by domestic stock insurer--Agreement, filing with and approval by director.A domestic stock insurer may reinsure all or substantially all of its insurance in force, or of a major class thereof, with another insurer by an agreement of bulk reinsurance; provided however no such agreement shall become effective unless filed with the director of the Division of Insurance and approved by him in writing after a hearing thereon. Source: SL 1966, ch 111, ch 16, §40 (1).
SD Codified L § 58-5-121 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-121 - Approval by director of bulk reinsurance agreement--Disapproval.

58-5-121. Approval by director of bulk reinsurance agreement--Disapproval.The director shall approve such agreement within a reasonable time after such filing unless he finds that it is inequitable to the stockholders or would substantially reduce the protection or service to the policyholders of such domestic insurer. If the director does not approve, he shall so notify the insurer in writing specifying his reasons therefor. Source: SL 1966, ch 111, ch 16, §40 (2).
SD Codified L § 58-5-122 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-122 - Compensation for promoting bulk reinsurance prohibited.

58-5-122. Compensation for promoting bulk reinsurance prohibited.No director, officer, insurance producer, or employee of any insurer party to such reinsurance, nor any other person, may receive any fee, commission, or other valuable consideration whatsoever for in any manner aiding, promoting, or assisting therein except as set forth in the reinsurance agreement. Source: SL 1966, ch 111, ch 16, §40 (3); SL 2001, ch 286, §71.
SD Codified L § 58-5-123 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-123 - Bulk reinsurance by mutual insurer--Agreement, filing with and approval by director.

58-5-123. Bulk reinsurance by mutual insurer--Agreement, filing with and approval by director.A domestic mutual insurer may reinsure all or substantially all of its insurance in force, or a major class thereof, with another insurer, by an agreement of bulk reinsurance, provided however no such agreement shall become effective unless filed with the director of the Division of Insurance and approved by him in writing after a hearing thereon. Source: SL 1966, ch 111, ch 16, §41 (1).
SD Codified L § 58-5-124 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 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.

58-5-124. 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.The director may require that plan and agreement for reinsurance be approved by a vote of not less than two-thirds of each domestic mutual insurer's members voting thereon at meetings of members called for the purpose, pursuant to such reasonable notice and procedure as the director may determine. If a life insurer, right to vote may be limited to members whose policies are other than term or group policies, and have been in effect for more than one year. Source: SL 1966, ch 111, ch 16, §41 (3).
SD Codified L § 58-5-125 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-125 - Bulk reinsurance by domestic mutual insurer in stock insurer--Payments to members.

58-5-125. Bulk reinsurance by domestic mutual insurer in stock insurer--Payments to members.If for reinsurance in a stock insurer of all or substantially all of the insurance in force of a mutual insurer, the agreement must provide for payment in cash to each member of the insurer entitled thereto of his equity, if any, in the business reinsured as determined under a fair formula approved by the director, as based upon the reserves, assets (whether or not "admitted" assets) and surplus, if any, of the mutual insurer to be taken over by the stock insurer. Source: SL 1966, ch 111, ch 16, §41 (4).
SD Codified L § 58-5-126 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-126 - Approval by director of bulk reinsurance by mutual insurer--Disapproval--Notice.

58-5-126. Approval by director of bulk reinsurance by mutual insurer--Disapproval--Notice.The director of the Division of Insurance shall approve any agreement pursuant to §58-5-123 within a reasonable time after filing if he finds it to be fair and equitable to each domestic insurer involved, and that such reinsurance would not substantially reduce the protection or service to its policyholders. If the director does not approve, he shall notify each insurer involved in writing specifying his reasons therefor. Source: SL 1966, ch 111, ch 16, §41 (2).
SD Codified L § 58-5-127 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-127 - Compensation for promoting bulk reinsurance by mutual insurer.

58-5-127. Compensation for promoting bulk reinsurance by mutual insurer.No director, officer, insurance producer, or employee of any insurer party to such reinsurance, nor any other person, may receive any fee, commission, or other valuable consideration whatsoever for in any manner aiding, promoting, or assisting therein except as set forth in the reinsurance agreement. Source: SL 1966, ch 111, ch 16, §41 (5); SL 2001, ch 286, §72.
SD Codified L § 58-5-128 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-128 - Merger or consolidation of stock insurers.

58-5-128. Merger or consolidation of stock insurers.A domestic stock insurer may merge or consolidate with other domestic or foreign insurers authorized to transact insurance in this state, by complying with the applicable statutes of this state that govern the merger or consolidation of corporations formed for profit but subject to the provisions of §§58-5-129 to 58-5-133, inclusive. Source: SL 1966, ch 111, ch 16, §38 (1); SL 1982, ch 352, §1; SL 1983, ch 371, §1.
SD Codified L § 58-5-129 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-129 - Stock acquisition plan deemed merger--Approval required.

58-5-129. Stock acquisition plan deemed merger--Approval required.Any plan by which a stock insurer proposes to acquire a substantial or controlling stock interest in another stock insurer through an exchange of stock is deemed to be a plan of merger which requires the approval of the director of the Division of Insurance in accordance with provisions of §§58-5-131 to 58-5-133, inclusive. Source: SL 1966, ch 111, ch 16, §38 (6).
SD Codified L § 58-5-130 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-130 - Compensation for promoting merger or consolidation of stock insurers.

58-5-130. Compensation for promoting merger or consolidation of stock insurers.No director, officer, insurance producer, or employee of any insurer party to such merger or consolidation may receive any fee, commission, compensation, or other valuable consideration whatsoever for aiding, promoting, or assisting therein except as set forth in such plan and agreement. Source: SL 1966, ch 111, ch 16, §38 (3); SL 2001, ch 286, §73.
SD Codified L § 58-5-131 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-131 - Filing and hearing on consolidation or merger plan--Grounds for disapproval.

58-5-131. Filing and hearing on consolidation or merger plan--Grounds for disapproval.No such merger or consolidation shall go into effect until the plan and agreement therefor is filed with the director and approved by him after a hearing thereon. Such plan and agreement shall be approved by the director within a reasonable time unless he finds such plan or agreement:(1)Is contrary to law; or(2)Is inequitable to the policyholders of any domestic insurer involved; or(3)Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer. Source: SL 1966, ch 111, ch 16, §38 (2).
SD Codified L § 58-5-132 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-132 - Participation by other states in hearing on merger or consolidation.

58-5-132. Participation by other states in hearing on merger or consolidation.If any domestic insurer involved in the proposed merger or consolidation is authorized to transact insurance in other states, the director may request the insurance supervisory officials of such other states to participate in the hearing provided for under §58-5-131. Source: SL 1966, ch 111, ch 16, §38 (5).
SD Codified L § 58-5-133 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-133 - Disapproval of merger or consolidation--Notice to insurer.

58-5-133. Disapproval of merger or consolidation--Notice to insurer.If the director does not approve any such plan and agreement, he shall notify the insurer in writing, specifying his reasons therefor. Source: SL 1966, ch 111, ch 16, §38 (4).
SD Codified L § 58-5-134 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-134 - Merger or consolidation of mutual insurers--Procedure.

58-5-134. Merger or consolidation of mutual insurers--Procedure.A domestic mutual insurer may merge or consolidate with another insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit, subject to the provisions of §§58-5-135 and 58-5-136. Source: SL 1966, ch 111, ch 16, §39 (2); SL 1982, ch 352, §2; SL 1983, ch 371, §2.
SD Codified L § 58-5-135 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-135 - Members of mutual insurer voting on merger or consolidation--Procedure--Limited right of members of life insurer.

58-5-135. Members of mutual insurer voting on merger or consolidation--Procedure--Limited right of members of life insurer.The plan and agreement for merger or consolidation shall be submitted to and approved by at least two-thirds of the members of each mutual insurer involved voting thereon at meetings called for the purpose pursuant to such reasonable notice and procedure as has been approved by the director of the Division of Insurance. If a life insurer, right to vote may be limited to members whose policies are other than term and group policies, and have been in effect for more than one year. Source: SL 1966, ch 111, ch 16, §39 (3).
SD Codified L § 58-5-136 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-136 - Provisions applicable to mutual mergers and consolidations.

58-5-136. Provisions applicable to mutual mergers and consolidations.Sections 58-5-130 to 58-5-133, inclusive, shall also apply to mergers and consolidations of mutuals. Source: SL 1966, ch 111, ch 16, §39 (4).
SD Codified L § 58-5-138 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-138 - Conversion of mutual to stock insurer restricted.

58-5-138. Conversion of mutual to stock insurer restricted.No domestic mutual insurer in this state may reorganize or convert into a corporation with capital stock unless the reorganization or conversion plan provides each member of the mutual insurer with cash or other valuable consideration for the fair value of the member's equity in the company as determined under a formula approved by the director of the Division of Insurance and the secretary of labor and regulation. Source: SL 1966, ch 111, ch 16, §4; SL 1984, ch 325, §1; SL 2018, ch 278, §1.
SD Codified L § 58-5-138.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-138.1 - Compensation of officer, insurance producer, or employee of converting mutual insurer prohibited.

58-5-138.1. Compensation of officer, insurance producer, or employee of converting mutual insurer prohibited.No director, officer, insurance producer, or employee of any mutual insurer party to a reorganization or conversion to a corporation with capital stock may receive any fee, commission, compensation, or other valuable consideration for that participation except as set forth in the reorganization or conversion plan. Source: SL 1984, ch 325, §2; SL 2001, ch 286, §74.
SD Codified L § 58-5-139 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-139 - Liquidation of domestic mutual insurer--Distribution of remaining assets to members.

58-5-139. Liquidation of domestic mutual insurer--Distribution of remaining assets to members.Upon any liquidation of a domestic mutual insurer, its assets remaining after liquidation of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration, shall be distributed to existing persons who were its members at any time within thirty-six months next preceding the date such liquidation was authorized or ordered, or date of last termination of the insurer's certificate of authority, whichever date is the earlier. Source: SL 1966, ch 111, ch 16, §42 (1).
SD Codified L § 58-5-140 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-140 - Distributive share of each member on liquidation of mutual insurer--Classification of policies.

58-5-140. Distributive share of each member on liquidation of mutual insurer--Classification of policies.The distributive share of each such member shall be in the proportion that the aggregate premiums earned by the insurer on the policies of the member during the combined periods of his membership bear to the aggregate of all premiums so earned on the policies of all such members. The insurer may, and if a life insurer shall, make a reasonable classification of its policies so held by such member and a formula based upon such classification, for determining the equitable distributive share of each such member. Such classification and formula shall be subject to the approval of the director of the Division of Insurance. Source: SL 1966, ch 111, ch 16, §42 (2).
SD Codified L § 58-5-143 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-143 - Disclosure of certain material transactions required--Filing a report.

58-5-143. Disclosure of certain material transactions required--Filing a report.Every insurer domiciled in this state shall file a report with the director disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance programs unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance programs have been submitted to the director for review, approval, or information purposes pursuant to other provisions of the insurance code, laws, regulations, or other requirements. The report is due within fifteen days after the end of the calendar month in which any of the foregoing transactions occur. One complete copy of the report, including any exhibits or other attachments filed as part thereof, shall be filed with:(1)The insurance regulatory agency of the insurer's state of domicile; and(2)The National Association of Insurance Commissioners. Source: SL 1995, ch 275, §1.
SD Codified L § 58-5-144 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-144 - Confidentiality of disclosure report.

58-5-144. Confidentiality of disclosure report.Any report obtained by or disclosed to the director pursuant to §§58-5-143 to 58-5-153, inclusive, shall be given confidential treatment and may not be subject to subpoena and may not be made public by the director, the National Association of Insurance Commissioners, or any other person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains unless the director, after giving the insurer who would be affected thereby, notice and an opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by the publication of the report, in which event the director may publish all or any part of the report in such manner as the director considers appropriate. Source: SL 1995, ch 275, §1A.
SD Codified L § 58-5-145 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-145 - Exception from disclosure requirement--"Material acquisition" defined.

58-5-145. Exception from disclosure requirement--"Material acquisition" defined.No acquisitions or dispositions of assets need be reported pursuant to §58-5-143 if the acquisitions or dispositions are not material. For purposes of this chapter, a material acquisition, or the aggregate of any series of acquisitions during any thirty-day period, or disposition, or the aggregate of any series of dispositions during any thirty-day period, is any acquisition or disposition that is nonrecurring and not in the ordinary course of business and involves more than five percent of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance regulatory agency of the insurer's state of domicile. Source: SL 1995, ch 275, §2; SL 2000, ch 236, §1.
SD Codified L § 58-5-146 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-146 - Types of asset acquisitions subject to chapter.

58-5-146. Types of asset acquisitions subject to chapter.Asset acquisitions subject to this chapter include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials related thereto. Source: SL 1995, ch 275, §3.
SD Codified L § 58-5-147 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-147 - Types of asset dispositions subject to chapter.

58-5-147. Types of asset dispositions subject to chapter.Asset dispositions subject to this chapter include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition. Source: SL 1995, ch 275, §4.
SD Codified L § 58-5-148 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-148 - Information required in report of material acquisition or disposition of assets.

58-5-148. Information required in report of material acquisition or disposition of assets.The following information shall be disclosed in any report of a material acquisition or disposition of assets:(1)Date of the transaction;(2)Manner of acquisition or disposition;(3)Description of the assets involved;(4)Nature and amount of the consideration given or received;(5)Purpose of, or reason for, the transaction;(6)Manner by which the amount of consideration was determined;(7)Gain or loss recognized or realized as a result of the transaction; and(8)Name of any person from whom the assets were acquired or to whom the assets were disposed. Source: SL 1995, ch 275, §5.
SD Codified L § 58-5-149 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-149 - Determining whether to report acquisitions on a nonconsolidated or consolidated basis.

58-5-149. Determining whether to report acquisitions on a nonconsolidated or consolidated basis.Insurers shall report acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes an intercompany pooling agreement or arrangement or a one hundred percent reinsurance agreement whereunder the ceding company has ceded substantially one hundred percent of its direct and assumed business to a pool. An insurer is deemed to have ceded "substantially one hundred percent" of its direct and assumed business to a pool if the insurer has less than one million dollars of total direct plus assumed written premiums during a calendar year that are not subject to the pooling agreement or arrangement and the net income of the business not subject to the pooling agreement or arrangement represents less than five percent of the insurer's capital and surplus. If a group of insurers reports on a consolidated basis, the report shall identify the individual insurers that are members of the group. Source: SL 1995, ch 275, §6.