reglab/housing_qa huggingface dataset:
SD Codified L § 58-37A-12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-12 - Nonprofit organization created by society.

58-37A-12. Nonprofit organization created by society.A society may create, maintain, and operate, or may establish organizations to operate, not for profit institutions to further the purposes permitted by §58-37A-5. The institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held or leased by the society for this purpose shall be reported in the annual statement required by §58-37A-26.It is a Class 2 misdemeanor for a society to own or operate a funeral home or an undertaking establishment. Source: SL 1990, ch 410, §12.
SD Codified L § 58-37A-13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-13 - Reinsurance agreement--Ceding risks.

58-37A-13. Reinsurance agreement--Ceding risks.A domestic society may, by a reinsurance agreement, cede any individual risk to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state, or if not authorized, one which is approved by the director, but no society may reinsure substantially all of its insurance in force without the written permission of the director. It may take credit for the reserves on the ceded risks to the extent reinsured, but no credit may be allowed as an admitted asset or as a deduction from liability, to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective after January 1, 1991, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contract or contracts reinsured without diminution because of the insolvency of the ceding society.Notwithstanding this limitation, a society may reinsure the risks of another society in a consolidation or merger approved by the director under §58-37A-14. Source: SL 1990, ch 410, §13.
SD Codified L § 58-37A-15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-15 - Conversion into life insurance company--Plan--Approval.

58-37A-15. Conversion into life insurance company--Plan--Approval.Any fraternal benefit society incorporated under the laws of the state may reorganize and convert itself into a mutual life insurance company or into a stock life insurance company by compliance with all the requirements of the insurance laws of this state for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors setting forth the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting is necessary for the approval of the plan. No conversion may take effect unless approved by the director who may approve the plan if the director finds that the proposed change conforms to the requirements of law and is not prejudicial to the certificate holders of the society. Source: SL 1990, ch 410, §15.
SD Codified L § 58-37A-16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-16 - Contractual benefits allowed.

58-37A-16. Contractual benefits allowed.A society may provide the following contractual benefits in any form:(1)Death benefits;(2)Endowment benefits;(3)Annuity benefits;(4)Temporary or permanent disability benefits;(5)Hospital, medical, or nursing benefits;(6)Monument or tombstone benefits to the memory of deceased members; and(7)Any other benefits as authorized for life and health insurers and which are not inconsistent with this chapter.A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult. Source: SL 1990, ch 410, §16.
SD Codified L § 58-37A-17 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-17 - Beneficiary designations--Funeral benefits.

58-37A-17. Beneficiary designations--Funeral benefits.The owner of a benefit contract may change the beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society may, through its laws or rules, limit the scope of beneficiary designations and shall provide that no revocable beneficiary may obtain any vested interest in the proceeds of any certificate until the certificate has become due and payable in conformity with the provisions of the benefit contract. A society shall honor the request of the owner of a benefit contract to assign the contract to, or designate an irrevocable beneficiary of, a trust which provides for the payment of funeral or burial related expenses and is established by the insured, the insurer, or owner of the benefit contract, unless the request does not conform to the laws or rules of the society. In no event may the certificate proceeds paid to such a trust exceed the actual funeral or burial related expenses incurred.A society may provide for the payment of funeral benefits to the extent of the portion of any payment under a certificate as might reasonably appear to be due to any person equitably entitled to it by reason of having incurred expense occasioned by the burial of the member. A society shall honor the request of the owner of a benefit contract to collaterally assign the contract to, or make an irrevocable beneficiary designation of, a funeral home solely for the payment of funeral or burial related expenses, unless the request does not conform to the laws or rules of the society.If, at the death of any person insured under a benefit contract, there is no lawful beneficiary to whom the proceeds are payable, the amount of the benefit, except to the extent that funeral benefits may be paid as provided in this chapter, is payable to the estate of the deceased insured the same as other property not exempt. However, if the owner of the certificate is other than the insured, the proceeds are payable to the owner. Source: SL 1990, ch 410, §17; SL 2005, ch 278, §1; SL 2010, ch 245, §1.
SD Codified L § 58-37A-18 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-18 - Money or other benefits not attachable for individual debts.

58-37A-18. Money or other benefits not attachable for individual debts.No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by any society, is liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of a member or beneficiary, or any other person who may have a right thereunder, either before or after payment by the society. Source: SL 1990, ch 410, §18.
SD Codified L § 58-37A-20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-20 - Basis for computing value of nonforfeiture benefits.

58-37A-20. Basis for computing value of nonforfeiture benefits.For certificates issued before one year after January 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the provisions of law applicable immediately before January 1, 1991.For certificates issued on or after one year from January 1, 1991, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted may not be less than the corresponding amount based on the interest rate and mortality tables authorized by the laws of this state for the calculation of these benefits by life and health insurers issuing policies containing like benefits based upon such interest rate and mortality tables. Source: SL 1990, ch 410, §20.
SD Codified L § 58-37A-21 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-21 - Authorized investments.

58-37A-21. Authorized investments.A society shall invest its funds only in the investments that are authorized by the laws of this state for the investment of assets of life insurers and subject to the same limitations. Any foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state, district, territory, country, or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds. Source: SL 1990, ch 410, §21.
SD Codified L § 58-37A-22 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-22 - Permissible use of assets and special funds--Establishing separate accounts and issuing contracts.

58-37A-22. Permissible use of assets and special funds--Establishing separate accounts and issuing contracts.All assets shall be held, invested, and disbursed for the use and benefit of the society and no member or beneficiary has individual rights in the assets or is entitled to any apportionment on the surrender of any part of the assets, except as provided in the benefit contract.A society may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the laws of the society.A society may, pursuant to resolution of its supreme governing body, establish and operate separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life and health insurers establishing the accounts and issuing the contracts. To the extent the society considers it necessary in order to comply with any applicable federal or state laws, or any rules issued under those federal or state laws, the society may adopt special procedures for the conduct of the business and affairs of a separate account, may, for persons having beneficial interests in a separate account, provide special voting and other rights, including special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account, and may issue contracts on a variable basis to which the provisions of the second and third paragraphs in §58-37A-19 do not apply. Source: SL 1990, ch 410, §22.
SD Codified L § 58-37A-23 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-23 - Exemption from other insurance laws.

58-37A-23. Exemption from other insurance laws.Except as provided in this chapter, societies are exempt from all other provisions of the insurance laws of this state unless they are expressly designated in the law, or unless it is specifically made applicable by this chapter. Source: SL 1990, ch 410, §23.
SD Codified L § 58-37A-24 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-24 - Exemption from certain taxes.

58-37A-24. Exemption from certain taxes.Every society organized or licensed under this chapter is a charitable and benevolent institution for the purposes of this chapter, and all of its funds are exempt from all and every state, county, district, municipal, and school tax, other than sales taxes, use taxes, and taxes on real estate and office equipment. Source: SL 1990, ch 410, §24.
SD Codified L § 58-37A-25 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-25 - Standards of valuation for certificates--Maintenance of excess reserves.

58-37A-25. Standards of valuation for certificates--Maintenance of excess reserves.Any standards of valuation for certificates issued before one year after January 1, 1991, shall be those provided by the laws applicable immediately before January 1, 1991.The minimum standards of valuation for certificates issued on or after one year from January 1, 1991, shall be based on the following:(1)For certificates of life insurance--the commissioner's standard ordinary mortality tables applicable to life and health insurers in this state; and(2)For annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits and for noncancelable accident and health benefits--the tables that are authorized for use by life and health insurers in this state.All of the above shall be under valuation methods and standards including interest assumptions in accordance with the laws of this state applicable to life and health insurers issuing policies containing like benefits.The director may accept other standards for valuation if the director finds that the reserves produced by the other standards will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard prescribed in this section. The director may vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in this state.Any society, with the consent of the insurance supervisory official of the state of domicile of the society and under such conditions, if any, which the director may impose, may establish and maintain reserves on its certificates in excess of the reserves required under this section, but no contractual rights of any benefit member may be affected by maintaining excess reserves. Source: SL 1990, ch 410, §25.
SD Codified L § 58-37A-26 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-26 - Annual statement of affairs--Valuation of certificates--Filing requirements.

58-37A-26. Annual statement of affairs--Valuation of certificates--Filing requirements.Every society transacting business in this state shall annually, on or before the first day of March, unless for cause shown the time has been extended by the director, file with the director a true statement of its financial condition, transactions and affairs for the preceding calendar year. A fraternal benefit society receiving premiums, as defined in subdivision 10-44-1(5), in an amount of two hundred thousand dollars or more shall pay a five hundred dollar annual statement filing fee to the state. A fraternal benefit society receiving premiums, as defined in subdivision 10-44-1(5), in an amount less than two hundred thousand dollars, shall pay a one hundred dollar annual statement filing fee to the state. The statement shall be in general form and content as approved by the national association of insurance commissioners for fraternal benefit societies and as supplemented by additional information required by the director.As a part of the annual statement, each society shall, on or before the first day of March, file with the director a valuation of its certificates in force on December thirty-first last preceding. However, the director may for cause shown, extend the time for filing the valuation for not more than two calendar months. The valuation shall be done in accordance with the standards specified in §58-37A-25. The valuation and underlying data shall be certified by a qualified actuary or, at the expense of the society, verified by the actuary of the insurance regulatory agency of the state of domicile of the society.A society neglecting to file the annual statement in the form and within the time provided by this section shall forfeit one hundred dollars for each day during which the neglect continues, and, upon notice by the director to that effect, its authority to do business in this state shall cease while the default continues. Source: SL 1990, ch 410, §26.
SD Codified L § 58-37A-27 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-27 - License to transact business--Annual expiration and renewal--License fee--Copy of license as evidence.

58-37A-27. License to transact business--Annual expiration and renewal--License fee--Copy of license as evidence.Societies which are now authorized to transact business in this state, and all societies hereafter licensed, may continue their business until May 1, 1991. The authority of these societies and all societies hereafter licensed, may thereafter be renewed annually, but in all cases to terminate on the first day of the succeeding May. However, a license issued shall continue in effect until the new license is issued or specifically refused. A fraternal benefit society making application for a certificate of authority or original license to transact business in this state shall pay a five hundred dollar license fee to the state. A fraternal benefit society receiving premiums, as defined in subdivision 10-44-1(5), in an amount less than two hundred thousand dollars shall pay a one hundred dollar annual renewal license fee to the state. A fraternal benefit society receiving premiums, as defined in subdivision 10-44-1(5), in an amount of two hundred thousand dollars or more shall pay a five hundred dollar annual renewal license fee to the state. A certified copy or duplicate of the license is prima facie evidence that the licensee is a fraternal benefit society within the meaning of this chapter. Source: SL 1990, ch 410, §27.
SD Codified L § 58-37A-28 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-28 - Examination of domestic, foreign, and alien societies--Requirements--Responsibility for expenses--Report of examination.

58-37A-28. Examination of domestic, foreign, and alien societies--Requirements--Responsibility for expenses--Report of examination.The director, or any person appointed by the director, may examine any domestic, foreign, or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign, or alien insurers. Requirements of notice and an opportunity to respond before findings are made public as provided in the laws regulating insurers are also applicable to the examination of societies.The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the director.A summary of the report of the director and the recommendations or statements of the director that accompany the report, shall be read at the first meeting of the board of directors or corresponding body of the society following their receipt, and if directed by the director, shall also be read at the first meeting of the supreme legislative or governing body of the society following their receipt. A copy of the report, recommendations, and statements of the director shall be furnished by the society to each member of the board of directors or other governing body. Source: SL 1990, ch 410, §28.
SD Codified L § 58-37A-29 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-29 - Foreign or alien society--Qualifications and procedure for admission to transact business in state.

58-37A-29. Foreign or alien society--Qualifications and procedure for admission to transact business in state.It is a Class 2 misdemeanor for any foreign or alien society to transact business in this state without a license issued by the director. Any foreign or alien society desiring admission to this state shall have the qualifications required of domestic societies organized under this chapter. Any foreign or alien society may be licensed to transact business in this state upon filing with the director:(1)A duly certified copy of its articles of incorporation;(2)A copy of its bylaws, certified by its secretary or corresponding officer;(3)A power of attorney to the director as prescribed in §58-37A-35;(4)A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the director, verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the director;(5)Certification from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business;(6)Copies of its certificate forms; and(7)Any other information as the director considers necessary;and upon a showing that its assets are invested in accordance with the provisions of this chapter. Source: SL 1990, ch 410, §29.
SD Codified L § 58-37A-33 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-33 - Insurance producers--When license is required.

58-37A-33. Insurance producers--When license is required.Any insurance producer of a society shall be licensed in accordance with the provisions of chapter 58-30 regulating the licensing, revocation, suspension, or termination of license of resident and nonresident insurance producers. Source: SL 1990, ch 410, §33; SL 2001, ch 286, §218.
SD Codified L § 58-37A-34 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 37A - Fraternal Benefit Societies|Section 58-37A-34 - Applicability of unfair trade prohibitions--Determination of membership requirements and to whom benefits offered.

58-37A-34. Applicability of unfair trade prohibitions--Determination of membership requirements and to whom benefits offered.Any society and insurance producer authorized to do business in this state is subject to the provisions of chapter 58-33 relating to unfair trade practices. However, nothing in these provisions may be construed as applying to or affecting the right of any society to determine its eligibility requirements for membership or be construed as applying to or affecting the offering of benefits exclusively to members or persons eligible for membership in the society by a subsidiary corporation or affiliated organization of the society. Source: SL 1990, ch 410, §34; SL 2001, ch 286, §219.