reglab/housing_qa huggingface dataset:
SD Codified L § 58-5-23 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-23 - Determination by director as to weight to be given to insurance plans.

58-5-23. Determination by director as to weight to be given to insurance plans.The director shall by regulation determine what weight, if any, shall be given group plans, blanket plans, family plans, term insurance, owner's interest in real property, maximum and minimum bodily injury and property damage limits, and reinsurance in the light of national and state industry experience and protection of the public welfare in interpreting the schedule in §58-5-21. Source: SL 1966, ch 111, ch 16, §9.
SD Codified L § 58-5-24 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-24 - Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority--Return of trust deposit.

58-5-24. Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority--Return of trust deposit.If the proposed domestic insurer fails to secure its certificate of authority within one year from the date of its certificate of incorporation, its corporate powers shall cease, and the director shall cause to be returned to the persons entitled thereto all sums held in trust under §58-5-19. Source: SL 1966, ch 111, ch 16, §13.
SD Codified L § 58-5-25 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-25 - Issuance of certificate of authority to domestic mutual insurer--Funds in trust deposit become funds of insurer--Delivery of policies--Effective date of policies.

58-5-25. Issuance of certificate of authority to domestic mutual insurer--Funds in trust deposit become funds of insurer--Delivery of policies--Effective date of policies.Upon issuance of a certificate of authority for the kind of insurance for which such applications were solicited, all funds held in trust under §58-5-19 shall become the funds of the insurer, and the insurer shall deliver its policies for which premiums had been paid. The insurance shall be effective as of the date of the certificate of authority or thereafter as provided by the respective policies. Source: SL 1966, ch 111, ch 16, §12 (2).
SD Codified L § 58-5-26 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-26 - Authorization of domestic mutual insurer to transact additional kinds of insurance.

58-5-26. Authorization of domestic mutual insurer to transact additional kinds of insurance.A domestic mutual insurer, after being authorized to transact one or more kinds of insurance, may be authorized to transact such additional kinds of insurance as are permitted under §58-5-21, while in compliance with this title and while maintaining unimpaired surplus funds in conformity with the requirements of §§58-5-21 and 58-5-22. Source: SL 1966, ch 111, ch 16, §14.
SD Codified L § 58-5-27 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-27 - Membership of policyholders in domestic mutual insurer--Reinsurance contract excepted.

58-5-27. Membership of policyholders in domestic mutual insurer--Reinsurance contract excepted.Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of such membership, and the policy shall so specify. Source: SL 1966, ch 111, ch 16, §15 (1).
SD Codified L § 58-5-28 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-28 - Eligibility to membership in domestic, foreign, or alien mutual insurer.

58-5-28. Eligibility to membership in domestic, foreign, or alien mutual insurer.Any person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, estate, trustee, or fiduciary may be a member of a domestic, foreign, or alien mutual insurer. Any officer, stockholder, trustee, or legal representative of any such corporation, board, association, or estate may be recognized as acting on its behalf for the purpose of such membership, and shall not be personally liable upon any contract of insurance for acting in such representative capacity. Source: SL 1966, ch 111, ch 16, §15 (2).
SD Codified L § 58-5-29 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-29 - Contingent liability of members of mutual insurer--Exception.

58-5-29. Contingent liability of members of mutual insurer--Exception.Every member of a domestic mutual insurer shall, except as otherwise provided with respect to nonassessable policies, have only a prorata contingent liability for the discharge of its obligations, which contingent liability shall be expressed in the policy and be in such maximum amount as is specified in the insurer's articles of incorporation. Source: SL 1966, ch 111, ch 16, §29 (1).
SD Codified L § 58-5-30 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-30 - Contingent liability of member of mutual insurer not terminated by termination of policy.

58-5-30. Contingent liability of member of mutual insurer not terminated by termination of policy.Termination of the policy of any member of a domestic mutual insurer shall not relieve him of contingent liability for his prorata share, if any, of the obligations of the insurer which accrued while the policy was in force. Source: SL 1966, ch 111, ch 16, §29 (2).
SD Codified L § 58-5-31 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-31 - Unrealized contingent liability of members of mutual not an asset of insurer.

58-5-31. Unrealized contingent liability of members of mutual not an asset of insurer.Any unrealized contingent liability of members shall not constitute an asset of the insurer in any determination of its financial condition. Source: SL 1966, ch 111, ch 16, §29 (3).
SD Codified L § 58-5-32 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-32 - Levy of assessment by mutual insurer for contingent liability.

58-5-32. Levy of assessment by mutual insurer for contingent liability.If at any time the minimum basic surplus required of a domestic mutual insurer by §§58-5-21 and 58-5-22 becomes impaired and the deficiency is not cured from other sources, its directors shall forthwith levy an assessment upon only its members who held policies providing for contingent liability at any time within the twelve months preceding the date that notice of such assessment was mailed to the members' last known post office addresses, and such members shall be liable thereafter to the insurer for the amount so assessed. Source: SL 1966, ch 111, ch 16, §30 (1).
SD Codified L § 58-5-33 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-33 - Amount of assessment by mutual insurer.

58-5-33. Amount of assessment by mutual insurer.The assessment under §58-5-32 shall be in an amount to cure such deficiency and to provide a reasonable amount of working funds which shall not exceed five percent of the insurer's liabilities as of the date such deficiency was determined. Source: SL 1966, ch 111, ch 16, §30 (2).
SD Codified L § 58-5-34 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-34 - Computation of assessment levied by mutual insurer.

58-5-34. Computation of assessment levied by mutual insurer.In levying such assessment, the computation shall be upon the basis of the premiums earned on such policy during the period to which the assessment relates. Source: SL 1966, ch 111, ch 16, §30 (3).
SD Codified L § 58-5-35 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-35 - Offsets not allowed against assessment by mutual insurer.

58-5-35. Offsets not allowed against assessment by mutual insurer.No member of a domestic mutual insurer shall have an offset against any assessment for which he is liable, on account of any claim for unearned premium or loss payable. Source: SL 1966, ch 111, ch 16, §30 (4).
SD Codified L § 58-5-36 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-36 - Lien of mutual insurer for levy of assessment for contingent liability.

58-5-36. Lien of mutual insurer for levy of assessment for contingent liability.If approved by the director of insurance as being in the best interests of the insurer and its members an assessment pursuant to §58-5-32 after notice under that section may be secured by placing a lien upon the cash surrender value and accumulated dividends of any life insurance policy held by the insurer to the credit of such member. Source: SL 1966, ch 111, ch 16, §30 (5).
SD Codified L § 58-5-37 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-37 - Extinguishment of contingent liability--Issuance of nonassessable policies--Revocation of authority.

58-5-37. Extinguishment of contingent liability--Issuance of nonassessable policies--Revocation of authority.After a domestic mutual insurer has established the surplus prescribed in §§58-5-21 and 58-5-22, and has authority to issue nonassessable policies, it may, with the director's approval, extinguish the contingent liability resulting from assessment of its members and thereafter issue nonassessable policies; provided that the director shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority, or if the insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked. During the absence of such authority the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder, nor renew any policy which is renewable at the option of the insurer without endorsing the same to provide for such contingent liability. Source: SL 1966, ch 111, ch 16, §31 (1).
SD Codified L § 58-5-38 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-38 - Extinguishment of contingent liability must apply to all members and policies.

58-5-38. Extinguishment of contingent liability must apply to all members and policies.The director shall not approve the extinguishment of contingent liability pursuant to §58-5-37 unless it applies to all members and all policies of insurance of such insurer. Source: SL 1966, ch 111, ch 16, §31 (2).
SD Codified L § 58-5-39 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-39 - Bylaws of domestic mutual insurer--Adoption, modification, and revocation.

58-5-39. Bylaws of domestic mutual insurer--Adoption, modification, and revocation.The initial board of directors of a domestic mutual insurer shall adopt bylaws, subject to the approval of the insurer's members at the next succeeding meeting by a two-thirds vote of those present in person or by proxy. The members shall have power by a two-thirds vote of those present in person or by proxy to make, modify, and revoke bylaws. Source: SL 1966, ch 111, ch 16, §16 (1).
SD Codified L § 58-5-40 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-40 - Meetings of members of domestic mutual insurer--Time, notice, quorum, and conduct.

58-5-40. Meetings of members of domestic mutual insurer--Time, notice, quorum, and conduct.The bylaws of a domestic mutual insurer shall provide the time, notice, quorum, and conduct of annual and special meetings of members. In no event shall a quorum at any meeting of members be less than five percent of the total membership. Source: SL 1966, ch 111, ch 16, §16 (2) (c), (3); SL 1968, ch 135; SL 1973, ch 297.
SD Codified L § 58-5-41 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-41 - Voting rights of members of domestic mutual insurer.

58-5-41. Voting rights of members of domestic mutual insurer.The bylaws of a domestic mutual insurer shall provide that each member is entitled to one vote upon each matter coming to a vote at meetings of members and that a member shall have the right to vote in person or by his written proxy. Such proxy shall be for a reasonable specified period of time subject to revocation by a member at any time by written notice to the secretary of the company. Source: SL 1966, ch 111, ch 16, §16 (2) (a).
SD Codified L § 58-5-42 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-42 - Directors of domestic mutual insurer--Number, qualifications, election, terms of office, and powers.

58-5-42. Directors of domestic mutual insurer--Number, qualifications, election, terms of office, and powers.The bylaws of a domestic mutual insurer shall provide for election of directors by the members, and the number, qualifications, terms of office, and powers of directors. Source: SL 1966, ch 111, ch 16, §16 (2) (b).
SD Codified L § 58-5-43 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-43 - Officers of domestic mutual insurer--Number, designation, election, and terms of office--Powers and duties.

58-5-43. Officers of domestic mutual insurer--Number, designation, election, and terms of office--Powers and duties.The bylaws of a domestic mutual insurer shall provide the number, designation, election, terms, and powers and duties of the respective corporate officers. Source: SL 1966, ch 111, ch 16, §16 (2) (d).
SD Codified L § 58-5-44 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-44 - Funds of domestic mutual insurer--Deposit, custody, disbursement, and accounting.

58-5-44. Funds of domestic mutual insurer--Deposit, custody, disbursement, and accounting.The bylaws of a domestic mutual insurer shall provide for deposit, custody, disbursement, and accounting of corporate funds. Source: SL 1966, ch 111, ch 16, §16 (2) (e).
SD Codified L § 58-5-45 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-45 - Management of domestic mutual insurer.

58-5-45. Management of domestic mutual insurer.The bylaws of a domestic mutual insurer shall include other provisions necessary for the management of its affairs. Source: SL 1966, ch 111, ch 16, §16 (2) (f).
SD Codified L § 58-5-46 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-46 - Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds.

58-5-46. Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds.A domestic mutual insurer shall promptly file with the director of the Division of Insurance a certified copy of its bylaws and all amendments thereto. The director at the time of filing or within thirty days thereafter shall disapprove any bylaw provision deemed by him to be unlawful, unreasonable, inadequate, unfair, or detrimental to the proper interests or protection of the insurer's members or any class thereof. Source: SL 1966, ch 111, ch 16, §16 (4).
SD Codified L § 58-5-47 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-47 - Bylaws of domestic stock insurer--Adoption, modification, and revocation.

58-5-47. Bylaws of domestic stock insurer--Adoption, modification, and revocation.Before commencing business, the initial board of directors of a domestic stock insurer shall adopt bylaws which shall be subject to the approval by a two-thirds vote of the stockholders present in person or by proxy at the next succeeding stockholders' meeting. Stockholders shall have the power to make, modify, or revoke bylaws by a two-thirds vote of those stockholders present in person or by proxy at a stockholders' meeting. Source: SL 1966, ch 111, ch 16, §17 (1).
SD Codified L § 58-5-48 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-48 - Bylaws of domestic stock insurer subject to approval of director.

58-5-48. Bylaws of domestic stock insurer subject to approval of director.The bylaws of a domestic stock insurer shall be subject to the approval of the director as provided in §58-5-46. Source: SL 1966, ch 111, ch 16, §17 (2).
SD Codified L § 58-5-49 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-49 - Equity securities of domestic stock insurer--Rules and regulations as to solicitation of proxies, consents, and authorities--Adoption and promulgation.

58-5-49. Equity securities of domestic stock insurer--Rules and regulations as to solicitation of proxies, consents, and authorities--Adoption and promulgation.The director shall have authority to make rules and regulations as to solicitation by mail, or otherwise, of proxies, consents, or authorizations, in respect of any equity securities of a domestic stock insurer, with requirements designed to assure timely, accurate, and reasonably adequate information to those solicited as to the identity of those for whom the solicitation is made, purposes for which the proxies, consents, or authorizations may be used, pertinent information as to the fiscal situation of such insurer, and generally, such factual material as is conducive to helpful and informed participation in corporate affairs on the part of those solicited, and which will tend to eliminate or curtail any abuses in the use of such proxies, consents, or authorizations and such rules and regulations to be so adopted and promulgated by the director with due regard to statutes, rules and regulations in force in other jurisdictions of the United States relative to such solicitation, this to the end of reasonable uniformity to the extent feasible in regulation of the insurance industry in this respect. Source: SL 1966, ch 111, ch 16, §20.
SD Codified L § 58-5-50 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-50 - Annual meetings of stockholders or members--Election of directors--Reports of officers of insurer as to affairs--Transaction of other business--Notice of meeting.

58-5-50. Annual meetings of stockholders or members--Election of directors--Reports of officers of insurer as to affairs--Transaction of other business--Notice of meeting.Each insurer shall hold an annual meeting of its stockholders or members, to fill vacancies existing or occurring in the board of directors, receive and consider reports of the insurer's officers as to its affairs, and transact such other business as may properly be brought before it. Notice shall be given of such meeting in the manner provided in the bylaws. Source: SL 1966, ch 111, ch 16, §18 (3).
SD Codified L § 58-5-51 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-51 - Special meetings of stockholders or members--Calling by board of directors--Notice.

58-5-51. Special meetings of stockholders or members--Calling by board of directors--Notice.Except as otherwise provided in §58-5-56, special meetings of the stockholders or members may be called at any time for any purpose by the board of directors, upon not less than ten days' notice or as provided in the bylaws. The notice shall state the purpose of the meeting, and no business shall be transacted at such meeting other than that given in the notice. Source: SL 1966, ch 111, ch 16, §18 (4).
SD Codified L § 58-5-52 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-52 - Special meetings of stockholders or members called by secretary on request of directors, stockholders, or members--Failure of secretary to issue call.

58-5-52. Special meetings of stockholders or members called by secretary on request of directors, stockholders, or members--Failure of secretary to issue call.At any time, upon written request of not less than one-third of the directors, or of any stockholders or members holding in the aggregate one-fifth of the voting power of all stockholders or members, it shall be the duty of the secretary to call a special meeting of stockholders or members to be held at such time as the secretary may fix, not less than ten nor more than sixty days after the receipt of the request. If the secretary fails to issue such call, the directors, stockholders, or members making the request may do so. Source: SL 1966, ch 111, ch 16, §18 (5).
SD Codified L § 58-5-53 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-53 - Stockholder or member compelling board of directors to call annual meeting.

58-5-53. Stockholder or member compelling board of directors to call annual meeting.If more than fifteen months elapse without an annual stockholders' or members' meeting, any stockholder or member may compel the board of directors to call such a meeting. Source: SL 1966, ch 111, ch 16, §18 (5).
SD Codified L § 58-5-54 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 05 - Organization And General Powers Of Insurers|Section 58-5-54 - Place for holding meetings of stockholders or members--Waiver.

58-5-54. Place for holding meetings of stockholders or members--Waiver.Meetings of stockholders or members of a domestic insurer shall be held in the municipality of its home office or principal office or place of business in this state. However, the director may waive the provisions of this section if a wholly owned subsidiary or a company is located in a small municipality without sufficient facilities to accommodate such a meeting and such subsidiary or company can demonstrate, to the director's satisfaction, a need for such waiver. The director may also waive the provisions of this section if one percent or less of the outstanding shares of stock entitled to vote are owned by South Dakota residents. Source: SL 1966, ch 111, ch 16, §18(1); SL 1988, ch 388; SL 1990, ch 391.