reglab/housing_qa huggingface dataset:
SD Codified L § 58-44-9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-9 - Consequences of noncompliance with chapter--Civil action by director.

58-44-9. Consequences of noncompliance with chapter--Civil action by director.If the director believes that the controlling broker or any other person has not complied with this chapter, or any regulation or order, the director may order the controlling broker to cease placing business with the controlled insurer or any other conduct in violation of this chapter, or both pursuant to §58-4-7. In addition, if it is found that because of noncompliance that the controlled insurer or any policyholder has suffered any loss or damage, the director may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief. Source: SL 1992, ch 358, §9.
SD Codified L § 58-44-10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-10 - Civil action in behalf of insurer for violation while under order for liquidation or rehabilitation.

58-44-10. Civil action in behalf of insurer for violation while under order for liquidation or rehabilitation.If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to chapter 58-29B, and the receiver appointed under that order believes that the controlling broker or any other person has not complied with this chapter, or any regulation or order, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer. Source: SL 1992, ch 358, §10.
SD Codified L § 58-44-11 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-11 - Rights of director to impose penalties.

58-44-11. Rights of director to impose penalties.Nothing contained in this section affects the right of the director to impose any other penalties provided for in this title. Source: SL 1992, ch 358, §11.
SD Codified L § 58-44-12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-12 - Rights of third parties.

58-44-12. Rights of third parties.Nothing contained in this section alters or affects the rights of policyholders, claimants, creditors, or other third parties. Source: SL 1992, ch 358, §12.
SD Codified L § 58-44-13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-13 - Time limit for compliance.

58-44-13. Time limit for compliance.Controlled insurers and controlling brokers who are not in compliance with §§58-44-3 to 58-44-7, inclusive, on July 1, 1992, shall have sixty days to come into compliance and shall comply with §58-44-8 beginning with all policies written or renewed on or after September 30, 1992. Source: SL 1992, ch 358, §13.
SD Codified L § 58-44-14 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-14 - Disapproval of contract between controlling broker and controlled insurer.

58-44-14. Disapproval of contract between controlling broker and controlled insurer.The director may disapprove the contract in §58-44-5 pursuant to §§58-5-85 and 58-5-86 if it would adversely affect the insurer or would violate any law. Source: SL 1992, ch 358, §14.
SD Codified L § 58-44-15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-15 - Promulgation of rules.

58-44-15. Promulgation of rules.The director may promulgate rules, pursuant to chapter 1-26, for accreditation; requirements for insurers, agents, or brokers, whether controlled or not; contracts between the parties; bank accounts; standards of disapproval of the contracts between the parties; reporting requirements; limitation of business between the parties; and reinsurance agreements and negotiations. Source: SL 1992, ch 358, §15.
SD Codified L § 58-44-16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 44 - Broker Controlled Property And Casualty Insurance|Section 58-44-16 - Exception to application of chapter.

58-44-16. Exception to application of chapter.This chapter applies to all persons doing insurance business notwithstanding any provision in this title which exempts them from other insurance laws except any insurer licensed pursuant to chapter 58-35 which does 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 358, §16.
SD Codified L § 58-46-3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-3 - Requirements for doing business.

58-46-3. Requirements for doing business.No captive insurance company may do any insurance business in this state unless:(1)It first obtains from the director a certificate of authority authorizing it to do insurance business in this state;(2)Its governing board holds at least one meeting each year in this state in which a quorum is physically present;(3)It maintains its principal place of business in this state and keeps at this place complete records of its assets, transactions, and affairs, in accordance with the methods and systems which are customary or suitable as to the kinds of insurance transacted. In lieu thereof or if required by the director, in the director's discretion, the captive insurance company shall appoint a captive manager approved by the director. The captive manager shall maintain the complete records required in this section. The captive manager shall make available all information to the director upon request; and(4)It, and if applicable its captive manager, appoints a resident agent to accept service of process and to otherwise act on its behalf in this state. If the registered agent cannot, with reasonable diligence, be found at the registered office of the captive insurance company or captive manager, the director shall be an agent of the captive insurance company upon whom any process, notice, or demand may be served. Source: SL 1996, ch 287, §3; SL 2009, ch 272, §3; SL 2013, ch 257, §2.
SD Codified L § 58-46-3.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-3.1 - Group, sponsored, or special purpose captive insurance company limit of exposure to loss.

58-46-3.1. Group, sponsored, or special purpose captive insurance company limit of exposure to loss.A group, sponsored, or special purpose captive insurance company shall limit its exposure to loss on any one risk or hazard to an amount deemed acceptable by the director. The amount shall be determined based on whether the risk or hazard is reinsured through an insurance company that is licensed or accredited in this state, or other safeguards to the group, sponsored, or special purpose captive insurance company's financial solvency and stability are adequate. Source: SL 2013, ch 257, §3.
SD Codified L § 58-46-4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-4 - Filing requirements.

58-46-4. Filing requirements.Before receiving a certificate of authority, a captive insurance company shall file with the director a certified copy of its governing documents, a statement under oath of an officer, manager, trustee, or other appropriately authorized representative, satisfactory to the director showing its financial condition, and any other statements or documents required by the director. Source: SL 1996, ch 287, §4; SL 2014, ch 245, §1.
SD Codified L § 58-46-5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-5 - Additional filing requirements.

58-46-5. Additional filing requirements.In addition to the information required by §58-46-4, each applicant captive insurance company shall file with the director evidence of the following:(1)The amount and liquidity of its assets relative to the risks to be assumed;(2)The adequacy of the expertise, experience, and character of the management;(3)The overall soundness of its plan of operation;(4)The adequacy of the loss prevention programs of its parent and affiliated entities; and(5)Such other factors deemed relevant by the director in ascertaining whether the proposed captive insurance company will be able to meet its policy obligations. Source: SL 1996, ch 287, §5; SL 2013, ch 257, §4.
SD Codified L § 58-46-6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-6 - Examination, investigation, and processing of application_Fees.

58-46-6. Examination, investigation, and processing of application--Fees.Each captive insurance company shall pay to the director a nonrefundable fee of two thousand dollars for examining, investigating, and processing its application for certificate of authority. Two or more captive insurance companies under common ownership or control shall pay this fee for each application submitted to the director for a certificate of authority. A sponsored captive insurance company shall pay an additional one thousand dollars for each protected cell application. However, no additional fee is required for the first protected cell application submitted by a sponsored captive insurance company. The director may retain legal, financial, and examination services from outside the department. The reasonable cost of the services may be charged against the applicant with notice to the applicant. The provisions of chapter 58-3 apply to examinations, investigations, and processing conducted under the authority of this chapter. Source: SL 1996, ch 287, §6; SL 2013, ch 257, §5; SL 2016, ch 234, §1.
SD Codified L § 58-46-7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-7 - Issuance of certificate of authority.

58-46-7. Issuance of certificate of authority.If the director is satisfied that the documents and statements that the captive insurance company has filed comply with the provisions of this chapter, the director shall issue a certificate of authority authorizing it to do insurance business in this state. Source: SL 1996, ch 287, §7; SL 2013, ch 257, §6.
SD Codified L § 58-46-8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-8 - Capital and surplus requirements.

58-46-8. Capital and surplus requirements.No captive insurance company, other than a trust captive insurance company, may be issued a certificate of authority unless it possesses and maintains unimpaired paid-in capital and surplus of two hundred fifty thousand dollars. A sponsored captive may include the capital and surplus of its protected cells in calculating its capital and surplus. No trust captive insurance company may be issued a certificate of authority unless it possesses and maintains unimpaired paid-in capital and surplus of one hundred thousand dollars or a greater amount of which shall be determined at the discretion of the director.The initial capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the State of South Dakota or a member bank of the Federal Reserve System and approved by the director. The director may prescribe additional capital and surplus for any captive insurance company based upon the type, volume, and nature of insurance business transacted. Source: SL 1996, ch 287, §8; SL 2009, ch 272, §4; SL 2013, ch 257, §7.
SD Codified L § 58-46-9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-9 - Dividends and distributions.

58-46-9. Dividends and distributions.No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus, in excess of the limitations set forth in §58-5A-35, without the prior approval of the director. Source: SL 1996, ch 287, §9; SL 2009, ch 272, §5; SL 2013, ch 257, §8.
SD Codified L § 58-46-10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-10 - Forms of incorporation.

58-46-10. Forms of incorporation.A pure or agency captive insurance company may be incorporated as a stock corporation, a nonstock corporation, a nonprofit corporation, or may be formed as a limited liability company, business trust under chapter 47-14A, or other form of legal entity as approved by the director.A group captive insurance company may be incorporated as a stock corporation or as a nonstock corporation, may be formed as a limited liability company, a business trust, or may be organized as a reciprocal insurer, or other form of legal entity as approved by the director.A special purpose captive insurance company may be incorporated as a stock corporation or as a nonstock corporation, may be formed as a limited liability company, business trust or trust, or may be such other form of legal entity as approved by the director.A trust captive insurance company may be incorporated as a stock corporation or as a nonstock corporation, or may be formed as a limited liability company, or business trust, or other form of legal entity as approved by the director.A sponsored captive insurance company may be incorporated as a stock corporation or as a nonstock corporation, or may be formed as a limited liability company, or business trust, or other form of legal entity as approved by the director. Source: SL 1996, ch 287, §10; SL 2009, ch 272, §6; SL 2013, ch 257, §9; SL 2015, ch 257, §2.
SD Codified L § 58-46-11 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-11 - Organizers.

58-46-11. Organizers.A captive insurance company shall have at least three organizers of whom at least one shall be a resident of this state. Source: SL 1996, ch 287, §11; SL 2013, ch 257, §10.
SD Codified L § 58-46-12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-12 - Governing board.

58-46-12. Governing board.At least one of the members of the governing board of a captive insurance company incorporated in this state shall be a resident of this state. Source: SL 1996, ch 287, §12; SL 2013, ch 257, §11.
SD Codified L § 58-46-13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-13 - Privileges--Applicable law.

58-46-13. Privileges--Applicable law.Any captive insurance company formed under the provisions of this chapter has the privileges and is subject to the provisions of title 47 or title 55, as applicable to the entity under which it is formed and is otherwise relevant, as well as the applicable provisions contained in this chapter. In the event of conflict between the provisions of this chapter and those of title 47 or title 55, the provisions of this chapter control. Source: SL 1996, ch 287, §13; SL 2013, ch 257, §12; SL 2014, ch 245, §2.
SD Codified L § 58-46-14 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-14 - Acquisitions, mergers and consolidation procedures.

58-46-14. Acquisitions, mergers and consolidation procedures.The provisions of chapters 58-5 and 58-5A pertaining to acquisitions, mergers, and consolidations apply in determining the procedures to be followed by captive insurance companies in carrying out any of the transactions described by those chapters. However, the director may waive or modify the requirements for public notice and hearing in accordance with rules which the director may adopt pursuant to chapter 1-26, addressing categories of transactions. If a notice of public hearing is required and no one requests a hearing, the director may cancel the hearing. Source: SL 1996, ch 287, §14.
SD Codified L § 58-46-15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-15 - Financial condition reporting--Independent audit.

58-46-15. Financial condition reporting--Independent audit.Each group or sponsored captive insurance company shall submit annually to the director a report of its financial condition pursuant to §58-6-75, no later than six months after the close of its financial year. The report shall be audited by an independent certified public accountant pursuant to chapter 58-43. Each group or sponsored captive insurance company shall file with its annual report of financial condition an actuarial opinion pursuant to §58-26-13.1. If requested by the director, the group or sponsored captive insurance company shall submit quarterly reports of its financial condition pursuant to §58-6-75.A pure, agency, or trust captive insurance company shall submit annually no later than six months after the close of its financial year to the director a report of its financial condition using statutory accounting principles certified under oath by two of its officers. A pure, agency, or trust captive insurance company shall provide a report of its financial condition audited by an independent certified public accountant every five years pursuant to chapter 58-43 if it has annual direct premiums written of less than two million five hundred thousand dollars. If a pure, agency, or trust captive insurance company has two million five hundred thousand dollars or more of annual direct premiums written, it shall provide a report of its financial condition audited by an independent certified public accountant every three years pursuant to chapter 58-43. Following its first year of operation, and in connection with its audited statement of financial condition (or more often if requested by the director), each pure, agency, or trust captive insurance company shall file an actuarial opinion pursuant to §58-26-13.1.No later than six months after the close of its financial year, a special purpose captive insurance company shall submit to the director a report of its financial condition pursuant to §58-6-75. The report shall be audited by an independent certified public accountant pursuant to chapter 58-43. Following its first year of operation, and every three years thereafter, a special purpose captive insurance company shall file with its annual report of financial condition an actuarial opinion pursuant to §58-26-13.1. If requested by the director, the special purpose captive insurance company shall submit quarterly reports of its financial condition pursuant to §58-6-75.Upon request to and approval by the director, a captive insurance company may use generally accepted accounting principles in lieu of statutory accounting principles in its certification of its financial condition and may use consolidated, nonconsolidated, or a similar type of reporting, as approved by the director. Source: SL 1996, ch 287, §15; SL 2009, ch 272, §7; SL 2013, ch 257, §13; SL 2015, ch 257, §3.
SD Codified L § 58-46-16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-16 - Alternative reporting date.

58-46-16. Alternative reporting date.A pure, agency, or trust captive insurance company may make written application for filing the report required by §58-46-15 on a fiscal year-end that is consistent with the parent company's fiscal year. If an alternative reporting date is granted, the annual report is due six months after its fiscal year-end. Source: SL 1996, ch 287, §16; SL 2009, ch 272, §8; SL 2013, ch 257, §14; SL 2015, ch 257, §4.
SD Codified L § 58-46-17 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-17 - Review of company financial condition--Compliance.

58-46-17. Review of company financial condition--Compliance.At least once in five years and whenever the director determines it to be prudent, the director shall examine each captive insurance company to ascertain its financial condition and whether it has complied with the provisions of this chapter. Chapter 58-3 applies to any examination conducted under this section. Source: SL 1996, ch 287, §17.
SD Codified L § 58-46-18 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-18 - Suspension or revocation of certificate of authority by director.

58-46-18. Suspension or revocation of certificate of authority by director.The certificate of authority of a captive insurance company to do insurance business in this state may be suspended or revoked by the director for any of the following reasons:(1)Insolvency or impairment of capital or surplus;(2)Failure to meet the requirements of §58-46-8;(3)Refusal or failure to submit an annual report, as required by §58-46-15, or any other report or statement required by law or by lawful order of the director;(4)Failure to comply with the provisions of its own organizational documents or bylaws;(5)Failure to submit to examination or any legal obligation relative thereto, as required by §58-46-17;(6)Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders;(7)Failure otherwise to comply with the laws of this state.If the director finds, upon examination, hearing, or other evidence, that any captive insurance company has violated any of these provisions, its certificate of authority may be suspended or revoked if it is deemed to be in the best interest of the public and the policyholders of such captive insurance company, notwithstanding any other provisions of this chapter. Source: SL 1996, ch 287, §18; SL 2013, ch 257, §15.
SD Codified L § 58-46-19 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-19 - Allowable investments--Restrictions.

58-46-19. Allowable investments--Restrictions.No pure, agency, or trust captive insurance company is subject to any restrictions on allowable investments. However, the director may prohibit or limit any investment that threatens the solvency or liquidity of any such company.Unless the director has provided written approval of a different requirement or limitation, group, sponsored and special purpose captive insurance companies shall comply with the investment requirements and limitations applicable to other insurance companies pursuant to chapter 58-27. Source: SL 1996, ch 287, §19; SL 2009, ch 272, §9; SL 2013, ch 257, §16; SL 2015, ch 257, §5.
SD Codified L § 58-46-20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 46 - Captive Insurance Companies|Section 58-46-20 - Loan to parent or affiliated entity.

58-46-20. Loan to parent or affiliated entity.A pure, agency, or trust captive insurance company may make a loan to its parent or affiliated entities. No loan to its parent or affiliated entities may be made without prior written approval of the director. A group, sponsored, or special purpose captive insurance company may make a loan to an affiliated entity if prior written approval by the director has been provided. The approval shall be evidenced by a note in a form approved by the director. Source: SL 1996, ch 287, §20; SL 2009, ch 272, §10; SL 2013, ch 257, §17; SL 2015, ch 257, §6.