reglab/housing_qa huggingface dataset:
SD Codified L § 58-14-33 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-33 - Additional provisions of contract.

58-14-33. Additional provisions of contract.In addition to standards set forth in §58-14-29, the contract shall provide:(1)That the reinsurer and insurer shall have access and the right to copy and audit all accounts and records maintained by the agent or broker related to its business in a form usable by the insurer and reinsurer;(2)That the contract cannot be assigned in whole or in part by the agent or broker;(3)That the agent or broker shall comply with the written underwriting and rating standards established by the insurer for the acceptance, rejection or cession of all risks;(4)That the rates, terms, and purposes of commissions, charges, and other fees which the agent or broker may levy against the reinsurer;(5)Whether the agent has the authority to settle claims;(6)If the contract provides for a sharing of interim profits by the agent, that interim profits for property business may not be paid until one year after the end of each underwriting period. Interim profits for casualty business may not be paid for five years after the end of each underwriting period or a later period set by the director for specified lines of casualty insurance. No interim profits may be paid for until the adequacy of reserves on remaining claims has been verified pursuant to §58-14-36;(7)That the agent or broker shall annually provide the insurer or reinsurer with a statement of its financial condition prepared by an independent certified accountant;(8)That the reinsurer shall at least semi-annually conduct an on-site review of the underwriting and claims processing operations of the agent;(9)That the agent shall disclose to the reinsurer any relationship it has with any insurer prior to ceding or assuming any business with the insurer pursuant to the contract; and(10)That within the scope of its actual or apparent authority, the acts of the agent or broker shall be deemed to be the acts of the reinsurer or insurer on whose behalf it is acting. Source: SL 1992, ch 345, §10.
SD Codified L § 58-14-34 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-34 - Handling of reinsurer.

58-14-34. Handling of reinsurer.If the contract permits the agent or broker to settle claims on behalf of the reinsurer, the contract shall state the claims shall be handled as follows:(1)All claims shall be reported to the reinsurer in a timely manner;(2)A copy of the claim file shall be sent to the reinsurer at its request or as soon as it becomes known that the claim:(a)Involves a coverage dispute;(b)May exceed the agent's claims settlement authority or any amount set in that authority;(c)Is open for more than six months; or(d)Is closed by payment of the lesser of an amount set by the company.The director has the authority to initially and at least annually review the amount for settling claims or payment of claims and direct the amount be changed.(3)All claim files shall be the joint property of the reinsurer and agent. However, upon an order of liquidation of the reinsurer, files shall become the sole property of the reinsurer or its estate; the agent shall have reasonable access to and the right to copy the files on a timely basis; and(4)Any settlement authority granted to the agent may be terminated for cause upon the reinsurer's written notice to the agent or upon the termination of the contract. The reinsurer may suspend the settlement authority during the pendency of the dispute regarding the cause of termination. Source: SL 1992, ch 345, §11.
SD Codified L § 58-14-35 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-35 - Restrictions on agent.

58-14-35. Restrictions on agent.The agent may not:(1)Cede retrocessions on behalf of the reinsurer. However, the agent or broker may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines shall include a list of reinsurers with which automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules;(2)Commit the reinsurer to participate in reinsurance syndicates;(3)Employing another agent or broker who is not lawfully licensed to transact the type of reinsurance for which he is appointed;(4)Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder's surplus as of December thirty-first of the last complete calendar year;(5)Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report shall be promptly forwarded to the reinsurer;(6)Appoint a sub-agent; or(7)Jointly employ an individual who is employed by the reinsurer unless the agent is under common control with the reinsurer subject to chapter 58-5A. Source: SL 1992, ch 345, §12.
SD Codified L § 58-14-36 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-36 - Loss reserves--Actuary's opinion--Employee of agent or broker not to be appointed to reinsurer's board of directors.

58-14-36. Loss reserves--Actuary's opinion--Employee of agent or broker not to be appointed to reinsurer's board of directors.If an agent or broker establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the agent. This opinion shall be in addition to any other required loss reserve certification. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who may not be affiliated with an agent or broker. No reinsurer may appoint to its board of directors, any officer, director, employee, controlling shareholder, or sub-producer of its agent or broker; however, this prohibition does not apply to relationships governed by chapter 58-5A or, if applicable, chapter 58-30. Source: SL 1992, ch 345, §13.
SD Codified L § 58-14-37 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-37 - Examination of agent or broker--Cost.

58-14-37. Examination of agent or broker--Cost.Any person doing business as an agent or broker under §§58-14-24 to 58-14-42, inclusive, is subject to examination by the director. The director shall have access to all books, bank accounts and records of the person in a form usable to the director. Any person contracting with a reinsurer may be examined as if it were the reinsurer. The reinsurer may be required to pay the cost of examination pursuant to §58-3-15. Source: SL 1992, ch 345, §14.
SD Codified L § 58-14-38 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-38 - Penalty for violation.

58-14-38. Penalty for violation.Any agent or broker, insurer or reinsurer found by the director, after a hearing conducted in accordance with chapter 1-26, to be in violation of any provision of §§58-14-24 to 58-14-42, inclusive, shall:(1)For each separate violation, pay a penalty in an amount not exceeding five thousand dollars;(2)Be subject to revocation or suspension of its license; and(3)If a violation was committed by the agent or broker, the agent or broker shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation. Source: SL 1992, ch 345, §15.
SD Codified L § 58-14-39 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-39 - Rights of third party.

58-14-39. Rights of third party.Nothing contained in §§58-14-24 to 58-14-42, inclusive, limits or restricts the rights of policyholders, claimants, creditors, or other third parties or confer any rights to those persons. Source: SL 1992, ch 345, §16.
SD Codified L § 58-14-40 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-40 - Adoption of rules.

58-14-40. Adoption of rules.The director may adopt rules pursuant to chapter 1-26 for the implementation and administration of the provisions of §§58-14-24 to 58-14-42, inclusive. Source: SL 1992, ch 345, §17.
SD Codified L § 58-14-41 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-41 - Compliance with and application of §§ 58-14-24 to 58-14-42.

58-14-41. Compliance with and application of §§58-14-24 to 58-14-42.No insurer or reinsurer may continue to do business with an agent or broker negotiating, selling, placing or soliciting reinsurance after July 1, 1993, unless the agent or broker is in compliance with §§58-14-24 to 58-14-42, inclusive. Sections 58-14-24 to 58-14-42, inclusive, apply to all persons doing insurance business notwithstanding any provision in this title which exempts them from other insurance laws except insurers licensed pursuant to chapter 58-35 which do not have more than one million dollars in direct written premiums and more than one thousand policyholders in any calendar year. Source: SL 1992, ch 345, §18.
SD Codified L § 58-14-42 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-42 - Qualified United States financial institution.

58-14-42. Qualified United States financial institution.For the purposes of §§58-14-24 to 58-14-42, inclusive, a qualified United States financial institution is an institution that:(1)Is organized or licensed under the laws of the United States or any state;(2)Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and(3)Has been determined by either the director or the securities valuation office of the National Association of Insurance Commissioners to meet the standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit may be acceptable to the director. Source: SL 1992, ch 345, §19.
SD Codified L § 58-14-43 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-43 - Restrictions on brokers connected to a firm or association.

58-14-43. Restrictions on brokers connected to a firm or association.No person may act as a broker in this state if the broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation:(1)In this state, unless the broker is a licensed producer in this state; or(2)In another state, unless the broker is a licensed producer in this state or another state having a law substantially similar to this law or the broker is licensed in this state as a nonresident reinsurance intermediary. Source: SL 1994, ch 379, §3.
SD Codified L § 58-14-44 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 14 - Reinsurance|Section 58-14-44 - Restrictions on who may act as agent.

58-14-44. Restrictions on who may act as agent.No person, firm, association, or corporation may act as an agent:(1)For a reinsurer domiciled in this state, unless the agent is a licensed producer in this state;(2)In this state, if the agent maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation in this state, unless the agent is a licensed producer in this state;(3)In another state for a nondomestic insurer, unless the agent is a licensed producer in this state or another state having a law substantially similar to this law or the person is licensed in this state as a nonresident reinsurance intermediary. Source: SL 1994, ch 379, §4.
SD Codified L § 58-15-1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-1 - Application of chapter.

58-15-1. Application of chapter.This chapter applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance, and group annuities. Source: SL 1966, ch 111, ch 23, §1.
SD Codified L § 58-15-2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-2 - "Industrial life insurance" defined.

58-15-2. Industrial life insurance defined.For the purpose of this title "industrial life insurance" is that form of life insurance written under policies of face amount of one thousand dollars or less bearing the words "industrial policy" imprinted on the face thereof as part of the descriptive matter, and under which premiums are payable monthly or more often. Source: SL 1966, ch 111, ch 23, §2.
SD Codified L § 58-15-3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-3 - Investment of trust funds in life insurance and annuities.

58-15-3. Investment of trust funds in life insurance and annuities.Personal representatives, conservators, and trustees may invest the funds of their trusts, in the absence of any provision pertaining to investments contained in the instrument under which they are acting, in insurance policies and annuities of life insurers authorized to do business in South Dakota and, with the approval of the court, may retain and pay premiums on annuities, life insurance policies and health insurance policies benefitting the beneficiary of the trust or the ward or their dependents. Source: SL 1966, ch 111, ch 23, §34; SL 1993, ch 213, §259; SL 1995, ch 167, §188.
SD Codified L § 58-15-4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-4 - Standard provisions required in policy of life insurance, exceptions.

58-15-4. Standard provisions required in policy of life insurance, exceptions.No policy of life insurance, other than group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains in substance all of the applicable provisions required by §§58-15-7 to 58-15-29, inclusive. Source: SL 1966, ch 111, ch 23, §3 (1).
SD Codified L § 58-15-5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-5 - Standard provisions inapplicable to annuity contract or health or accident benefits.

58-15-5. Standard provisions inapplicable to annuity contract or health or accident benefits.Section 58-15-4 shall not apply to annuity contracts nor to any provision of a life insurance policy, or contract supplemental thereto, relating to health benefits or to additional benefits in the event of death by accident or accidental means. Source: SL 1966, ch 111, ch 23, §3 (1).
SD Codified L § 58-15-6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-6 - Standard provisions inapplicable to single premium or term policies.

58-15-6. Standard provisions inapplicable to single premium or term policies.Any provisions or portions of §§58-15-7 to 58-15-29, inclusive, not applicable to single premium or term policies shall to that extent not be incorporated therein. Source: SL 1966, ch 111, ch 23, §3 (2).
SD Codified L § 58-15-7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-7 - Description of policy in title.

58-15-7. Description of policy in title.There shall be a title on the policy, briefly describing the same. Source: SL 1966, ch 111, ch 23, §16.
SD Codified L § 58-15-8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-8 - Entire contract contained in policy and application--Statement of applicant not deemed a warranty.

58-15-8. Entire contract contained in policy and application--Statement of applicant not deemed a warranty.There shall be a provision that the policy, or the policy and the application therefor if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained in such an application shall, in the absence of fraud, be deemed representations and not warranties. Source: SL 1966, ch 111, ch 23, §6.
SD Codified L § 58-15-8.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-8.1 - Notice of right of cancellation after receipt of policy--"Free look" provision.

58-15-8.1. Notice of right of cancellation after receipt of policy--"Free look" provision.Every individual life insurance policy issued for delivery in South Dakota on or after July 1, 1982, by an insurance company or fraternal benefit society, shall have a notice printed on or attached to the face page of the policy, stating in substance that the person issued the policy is permitted to return the policy, with a written request for cancellation within ten days of its actual receipt by the purchaser, and to have the premium paid refunded if, after examination of the policy, the purchaser is not satisfied with it for any reason. If a policyholder or purchaser, pursuant to the notice, returns the policy to the company or fraternal benefit society at its home or branch office or to the insurance producer through whom it was purchased, it is void from the beginning and the parties are in the same position as if no policy had been issued. Source: SL 1978, ch 361, §1; SL 1982, ch 359; SL 2001, ch 286, §106.
SD Codified L § 58-15-8.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-8.2 - Issuance of policies by insurance company or fraternal benefit society--Delivery receipts--Certificates of mailing--Term of retention.

58-15-8.2. Issuance of policies by insurance company or fraternal benefit society--Delivery receipts--Certificates of mailing--Term of retention.An insurance company or fraternal benefit society shall issue policies in this state for which an examination period is required in accordance with one of the following methods:(1)If the policy is delivered by an insurance producer, a receipt shall be signed by the policyowner acknowledging delivery of the policy. The receipt shall include the policy number and the date of the delivery;(2)If the policy is delivered by mail, it shall be sent by registered or certified mail, return receipt requested, or a certificate of mailing shall be obtained showing the date the policy was mailed to the policyowner. For policy issuances verified by a certificate of mailing, it is presumed that the policy is received by the policyowner ten days from the date of mailing.The receipts and the certificates of mailing described in this section shall be retained by the insurer for five years. If a producer obtains the delivery receipt, the producer shall forward the signed delivery receipt to the insurer. Source: SL 1982, ch 28, §18; SL 1987, ch 374, §1; SL 2001, ch 286, §107; SL 2002, ch 232, §1.
SD Codified L § 58-15-9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-9 - Effect of misstatement in policy regarding age.

58-15-9. Effect of misstatement in policy regarding age.There shall be a provision that if the age of the insured, or of any other person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages. Source: SL 1966, ch 111, ch 23, §7.
SD Codified L § 58-15-10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-10 - Incontestability provision required--Exceptions.

58-15-10. Incontestability provision required--Exceptions.There shall be a provision that the policy, exclusive of provisions relating to health benefits or to additional benefits in the event of death by accident or accidental means, is incontestable, except for nonpayment of premiums or fraud on the part of the applicant or insured, after it has been in force during the lifetime of the insured for a period of two years from its date of issue. Source: SL 1966, ch 111, ch 23, §5; SL 2010, ch 236, §2.
SD Codified L § 58-15-11 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-11 - Exclusions and restrictions unaffected by incontestability clause.

58-15-11. Exclusions and restrictions unaffected by incontestability clause.A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict coverage, whether or not such restrictions or exclusions are excepted in such clause. Source: SL 1966, ch 111, ch 23, §17.
SD Codified L § 58-15-12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-12 - Payment of premiums provision.

58-15-12. Payment of premiums provision.There shall be a provision relative to the payment of premiums. Source: SL 1966, ch 111, ch 23, §13.
SD Codified L § 58-15-13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-13 - Grace period in policy.

58-15-13. Grace period in policy.There shall be a provision that a grace period of thirty days, or of four weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force; but if a claim arises under the policy during such period of grace the amount of any premium due or overdue may be deducted from the policy proceeds. Source: SL 1966, ch 111, ch 23, §4.
SD Codified L § 58-15-14 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-14 - Automatic premium loan--Provision optional with insurer.

58-15-14. Automatic premium loan--Provision optional with insurer.The policy, at the insurer's option, may provide for automatic premium loan and may provide that such provisions do not become operative unless so elected by the party entitled to elect. Source: SL 1966, ch 111, ch 23, §9.
SD Codified L § 58-15-15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15 - Insurance policy loan--Security--Maximum amount--Private placement policies.

58-15-15. Insurance policy loan--Security--Maximum amount--Private placement policies.There shall be a provision that after three full years' premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer shall advance, on proper assignment or pledge of the policy and on the sole security thereof, an amount not to exceed the loan value of the policy. However, in the case of a private placement policy, the obligation of the insurer to advance the loan value of the policy, or any portion of the loan value, is subject to the liquidity of separate account assets comprising such loan value, and the insurer shall advance the loan value of the policy, or any portion of the loan value, as and when the separate account assets from which the loan is to be made, can be, by their respective terms, converted to cash. Source: SL 1966, ch 111, ch 23, §9; SL 1974, ch 313, §1; SL 2006, ch 252, §2; SL 2009, ch 259, §2.