reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-18 - Prevention of confusing similarity of names by director.

58-6-18. Prevention of confusing similarity of names by director.
In case of conflict of names hereafter between two insurers, or a conflict otherwise prohibited under §§58-6-14 to 58-6-17, inclusive, the director may require, as a condition to the issuance of an original certificate of authority to an applicant insurer, the insurer to use in this state such supplementation or modification of its name or such business name as may reasonably be necessary to avoid the conflict. No such name, supplementation, or modification shall contain the principal identifying factor of the name of any other insurer already authorized to transact insurance in this state.
Source:
SL 1966, ch 111, ch 3, §8 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-19 - Combination of insuring power of one insurer--Exception.

58-6-19. Combination of insuring power of one insurer--Exception.
An insurer which otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in this title except as provided by §§58-6-20 to 58-6-22, inclusive.
Source:
SL 1966, ch 111, ch 3, §9.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-20 - Life insurer--Kinds of business authorized, exception.

58-6-20. Life insurer--Kinds of business authorized, exception.
An insurer authorized to engage in the business of life insurance may also grant annuities, but shall not be authorized to engage in any other kind of insurance business except health; except, that the director shall, if the insurer otherwise qualifies therefor, continue so to authorize any life insurer which immediately prior to July 1, 1966, was lawfully authorized to transact in this state a kind or kinds of insurance in addition to life and health insurance and annuity business.
Source:
SL 1966, ch 111, ch 3, §9 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-21 - Reciprocal insurer--Transaction of life or title insurance prohibited.

58-6-21. Reciprocal insurer--Transaction of life or title insurance prohibited.
A reciprocal insurer may not transact life or title insurance.
Source:
SL 1966, ch 111, ch 3, §9 (2); SL 1996, ch 290.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-22 - Title insurer--Transaction of other insurance prohibited.

58-6-22. Title insurer--Transaction of other insurance prohibited.
A title insurer shall not transact any other kind of insurance.
Source:
SL 1966, ch 111, ch 3, §9 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-23 - Paid-in capital and surplus requirements for certificate of authority.

58-6-23. Paid-in capital and surplus requirements for certificate of authority.
To qualify for authority to transact any one kind of insurance or combination of kinds of insurance as shown below, a foreign insurer, or a domestic stock insurer applying for its original certificate of authority in this state, or any insurer reapplying for a certificate of authority in this state after having withdrawn from this state for any cause, shall possess and thereafter maintain unimpaired basic paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual insurer or foreign reciprocal insurer, and shall possess when first so authorized additional funds in surplus as follows:
Kind or Kinds of
Insurance
Basic Capital
or Basic Surplus
Additional
Surplus
Life
Domestic stock insurers
$200,000
$300,000
Foreign insurers
300,000
350,000
Health
Domestic stock insurers
200,000
300,000
Foreign insurers
300,000
350,000
Life and Health
Domestic stock insurers
400,000
400,000
Foreign insurers
400,000
525,000
Property
200,000
300,000
Casualty
Without Workers' Compensation
200,000
300,000
With Workers' Compensation
300,000
350,000
Marine and Transportation
200,000
300,000
Surety
200,000
300,000
Title
200,000
300,000
Multiple lines
400,000
400,000
Source:
SL 1966, ch 111, ch 3, §10 (1); SL 1967, ch 129, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-24 - Determination of capital and surplus requirements for certificate of authority.

58-6-24. Determination of capital and surplus requirements for certificate of authority.
Capital and surplus requirements of §58-6-23 are based upon all kinds of insurance transacted by the insurer in any and all areas in which it operates or proposes to operate, whether or not only a portion of such kinds are to be transacted in this state.
Source:
SL 1966, ch 111, ch 3, §10 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-25 - Additional types of insurance--Request for authority to transact within three years after issuance of initial certificate--Basic surplus or additional surplus required.

58-6-25. Additional types of insurance--Request for authority to transact within three years after issuance of initial certificate--Basic surplus or additional surplus required.
If within three years after date of its initial certificate of authority in this state such an insurer requests authority to transact an additional kind or kinds of insurance, it shall not be so authorized unless it then possesses basic surplus or additional surplus in such an amount as would be required under §58-6-23 for an original certificate of authority covering all the kinds of insurance the insurer then proposes to transact.
Source:
SL 1966, ch 111, ch 3, §10 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-26 - Surplus to qualify to transact one or more kinds of insurance by domestic mutual and reciprocal insurers--Laws governing.

58-6-26. Surplus to qualify to transact one or more kinds of insurance by domestic mutual and reciprocal insurers--Laws governing.
As to surplus required for qualification to transact one or more kinds of insurance and thereafter to be maintained, domestic mutual insurers formed after June 30, 1966, are governed by chapters 58-5 and 58-35 and domestic reciprocal insurers formed after June 30, 1966, are governed by chapter 58-34.
Source:
SL 1966, ch 111, ch 3, §10 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-27 - Continuation of authority of insurer holding prior certificate--Maintenance of capital stock or surplus requirements.

58-6-27. Continuation of authority of insurer holding prior certificate--Maintenance of capital stock or surplus requirements.
A domestic or foreign insurer holding a valid certificate of authority to transact insurance in this state immediately prior to July 1, 1966, may continue to transact the same kinds of insurance as permitted by such certificate of authority by maintaining thereafter unimpaired not less than the same amount of paid-in capital stock, if a stock insurer, or not less than the same amount of surplus, if a mutual or reciprocal insurer, as required under the laws of this state for such authority in force immediately prior to July 1, 1966, and as if such laws had continued in force. Once a stock company has accumulated the capital and surplus to exceed the minimum capital and surplus for the line authorized pursuant to §58-6-23, then §58-6-23 shall apply. Once a mutual company has accumulated the capital and surplus to exceed the minimum capital and surplus for the line authorized pursuant to §58-5-21, then §58-5-21 shall apply.
Source:
SL 1966, ch 111, ch 3, §11(1); SL 1988, ch 390.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-28 - Additional kinds of insurance authorized for insurer holding prior certificate--Capital and surplus requirements.

58-6-28. Additional kinds of insurance authorized for insurer holding prior certificate--Capital and surplus requirements.
An insurer described by §58-6-27 shall not hereafter be granted authority to transact any other or additional kind of insurance unless it then fully complies with the requirements as to capital and surplus, as applied to all the kinds of insurance it then proposes to transact, as provided under §§58-6-23 to 58-6-26, inclusive, as to new domestic insurers.
Source:
SL 1966, ch 111, ch 3, §11 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-29 - Annuities--Granting by life insurer without additional capital or surplus.

58-6-29. Annuities--Granting by life insurer without additional capital or surplus.
A life insurer may also grant annuities without additional capital or additional surplus.
Source:
SL 1966, ch 111, ch 3, §12 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-30 - Health insurer issuing insurance against congenital defects without additional capital or surplus.

58-6-30. Health insurer issuing insurance against congenital defects without additional capital or surplus.
A health insurer may also issue insurance against congenital defects without additional capital or additional surplus.
Source:
SL 1966, ch 111, ch 3, §12 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-31 - Casualty insurer transacting health insurance without additional capital or surplus.

58-6-31. Casualty insurer transacting health insurance without additional capital or surplus.
A casualty insurer may also be authorized to transact health insurance without additional capital or additional surplus.
Source:
SL 1966, ch 111, ch 3, §12 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-32 - Property insurer including additional kinds of insurance without additional capital or surplus.

58-6-32. Property insurer including additional kinds of insurance without additional capital or surplus.
A property insurer may without additional capital or additional surplus include such amount and kind of insurance against legal liability for injury, damage, or loss to the person or property of others, and for medical, hospital, and surgical expense related to such injury, as the director deems to be reasonably incidental to insurance of real property against fire and other perils under policies covering farm properties, or residential properties designed for occupancy by not more than four families, with or without incidental office, professional, private school, or studio occupancy by an insured, whether or not the premium or rate charged for certain perils so covered is specified in the policy. No insurer authorized as to property insurance only may pursuant to this section retain risk as to any one subject of insurance as to hazards, other than property insurance hazards, in an amount exceeding ten percent of its surplus to policyholders.
Source:
SL 1966, ch 111, ch 3, §12 (4); SL 2018, ch 278, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-33 - Deposit by all insurers--Exceptions.

58-6-33. Deposit by all insurers--Exceptions.
Sections 58-6-34 and 58-6-35 shall apply as to all insurers other than title insurers, existing mutual casualty insurers writing a single line of insurance, and mutual assessment life insurance.
Source:
SL 1966, ch 111, ch 3, §13 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-34 - Deposits through director--Purpose--Amounts required--Deposits in other states in lieu of deposit with director.

58-6-34. Deposits through director--Purpose--Amounts required--Deposits in other states in lieu of deposit with director.
The director may not authorize any insurer to transact insurance in this state unless it makes and thereafter maintains in trust through the director for the protection of all its policyholders in the United States, a deposit of cash or securities eligible for deposit under the provisions of this title relating to deposits and administration of deposits in an amount of two hundred thousand dollars or more, except that:
(1)As to foreign insurers, in lieu of the deposit, the director shall accept the certificate in proper form of the public official having supervision over insurers in any other state to the effect that a like deposit or part thereof by the insurer is being maintained in public custody or control pursuant to law in the state in trust for the protection of the insurer's policyholders in the United States.
(2)As to alien insurers, in lieu of the deposit, the director may accept evidence that the insurer maintains within the United States by way of trust deposits with public depositories, or in trust institutions approved by the director, assets available for discharge of its United States insurance obligations. The assets shall be an amount not less than the outstanding liabilities of the insurer arising out of its insurance transactions in the United States together with a surplus equal to the greater of the following sums, the deposit required by this title to be made by a foreign insurer transacting like kinds of insurance, or three hundred thousand dollars.
Source:
SL 1966, ch 111, ch 3, §13 (2); SL 1994, ch 374.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-35 - Deposits of foreign or alien insurers in another state--Quality of cash or securities.

58-6-35. Deposits of foreign or alien insurers in another state--Quality of cash or securities.
Deposits of foreign insurers or deposits of alien insurers under subdivision 58-6-34(2) in another state shall be in cash or securities of a quality comparable to those eligible for deposit in this state by domestic insurers.
Source:
SL 1966, ch 111, ch 3, §13 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-36 - Deposit of title insurer--Amount required.

58-6-36. Deposit of title insurer--Amount required.
No title insurer shall be authorized to transact business in this state unless it deposits and maintains on deposit in this state through the director, cash or securities eligible for deposit as set forth in the chapter hereof relating to deposits and administration of deposits, in the amount of one hundred thousand dollars; except, that the deposit of a domestic title insurer which was lawfully transacting such business in this state under laws in force immediately prior to July 1, 1966, shall be in an amount determined as follows:
(1)Twenty-five thousand dollars, plus
(2)Twenty-five hundred dollars for each five thousand or terminal fraction thereof of population in excess of one hundred thousand of aggregate population of those counties of South Dakota in which the insurer transacts business, if the insurer transacts business in more than one county of South Dakota;
but in no event shall a deposit in excess of one hundred thousand dollars be so required. For the purpose of this provision, population shall be based upon the most recent official federal census.
Source:
SL 1966, ch 111, ch 3, §14 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-37 - Deposit of title insurer as guaranty fund--Purpose.

58-6-37. Deposit of title insurer as guaranty fund--Purpose.
The deposit shall be known as a "guaranty fund," and shall be held as security for the faithful performance by the insurer of all its undertakings and liabilities under its title policies or other guarantees of title to property, but shall not be subject to any other liabilities of the insurer.
Source:
SL 1966, ch 111, ch 3, §14 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-38 - Application for initial certificate of authority--Documents accompanying.

58-6-38. Application for initial certificate of authority--Documents accompanying.
Every insurer applying for an initial certificate of authority shall file the following documents with the director:
(1)A certified copy of its articles of incorporation with all amendments;
(2)A certified copy of its bylaws with all amendments;
(3)A copy of its annual statement as of December thirty-first last preceding;
(4)A copy of report of last examination, if any, made of the insurer, certified by the insurance supervisory official of the state of domicile of a foreign insurer or the state of entry into the United States of an alien insurer;
(5)If a foreign or alien insurer, a certificate of the public official having supervision of insurance in the state or country of domicile, or state of entry into the United States, of such insurer, showing that it is authorized to transact the kinds of insurance proposed to be transacted in South Dakota;
(6)If an alien insurer, a copy of the appointment and authority of its United States manager;
(7)A certificate of deposit pursuant to §§58-6-34 and 58-6-35; and
(8)Such other information and documents as the director deems necessary for the protection of policyholders or to assure compliance with this title.
Source:
SL 1966, ch 111, ch 3, §15.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-39 - Service of process through director.

58-6-39. Service of process through director.
Each insurer applying for authority to engage in the insurance business in this state shall appoint the director, and his successors in office, as its attorney to receive service of legal process issued against it in South Dakota. The appointment shall be made on a form designated and furnished by the director. The appointment shall be irrevocable, shall bind the insurer and any successor in interest to the assets or liabilities of the insurer, and shall remain in effect as long as there is in force in South Dakota any contract made by the insurer or obligations arising therefrom.
Source:
SL 1966, ch 111, ch 3, §26.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-40 - Time for approval or disapproval of original certificate--Extension--Failure to disapprove deemed approval.

58-6-40. Time for approval or disapproval of original certificate--Extension--Failure to disapprove deemed approval.
Upon the filing and completion of an application for an original certificate of authority, the director shall have sixty days in which to approve the application by issuing an appropriate certificate of authority or to disapprove the application by issuing an order setting forth the grounds for such disapproval. The director may extend such sixty-day period for an additional sixty days by notifying the applicant in writing of such extension. If the application is not approved or disapproved within the time period as set forth above, but in no event to exceed one hundred twenty days, the application shall be deemed to be approved and the director shall thereupon issue the appropriate certificate of authority. The waiting period shall commence as of the date all information and documents required by the director are received.
Source:
SL 1966, ch 111, ch 3, §16 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-41 - Kinds of insurance specified in certificate--Limitations within class.

58-6-41. Kinds of insurance specified in certificate--Limitations within class.
The certificate, if issued, shall specify the kinds of insurance the insurer is authorized to transact in South Dakota. At the insurer's request, the director may issue a certificate of authority limited to particular types of insurance or insurance coverages within the scope of a kind of insurance as defined in this title.
Source:
SL 1966, ch 111, ch 3, §16 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-42 - Annual reissuance of certificate not required--Annual renewal fee--Expiration of certificate.

58-6-42. Annual reissuance of certificate not required--Annual renewal fee--Expiration of certificate.
The certificate of authority issued by the director to an insurer shall not require annual reissuance but shall remain in force as long as the insurer pays the annual renewal fee provided in §58-2-29 on or before the thirtieth day of April of each year and as long as the insurer continues to meet the other requirements of this title, unless the license is otherwise revoked, suspended, or withdrawn.
Source:
SL 1966, ch 111, ch 3, §17; SL 1967, ch 129, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-43 - Foreign insurer exempt from foreign corporation laws.

58-6-43. Foreign insurer exempt from foreign corporation laws.
A foreign insurer authorized to transact insurance in this state and fully complying with this title shall be exempt from complying with other provisions of the South Dakota Code concerning foreign corporations.
Source:
SL 1966, ch 111, ch 3, §24.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-44 - Refusal to renew or suspension or revocation of certificate, grounds.

58-6-44. Refusal to renew or suspension or revocation of certificate, grounds.
The director shall refuse to renew, or shall suspend or revoke, an insurer's certificate of authority:
(1)If such action is required by any provision of this title; or
(2)If a foreign insurer, it no longer meets the requirements for the authority, on account of deficiency of assets or otherwise; or if a domestic insurer, it has failed to cure an impairment of capital or surplus within the time allowed therefor by the director under this title; or
(3)If the insurer knowingly exceeds its charter powers or powers granted under its certificate of authority; or
(4)If the insurer's certificate of authority to transact insurance therein is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
Source:
SL 1966, ch 111, ch 3, §18 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-45 - Hearing required on refusal to issue, suspension or revocation of certificate.

58-6-45. Hearing required on refusal to issue, suspension or revocation of certificate.
Except in cases of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in subdivision 58-6-44(4), the director shall so refuse, suspend, or revoke the certificate of authority only after a hearing granted to the insurer thereon, unless the insurer waives such hearing in writing.
Source:
SL 1966, ch 111, ch 3, §18 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-46 - Grounds for refusal to renew, suspension, or revocation of certificate.

58-6-46. Grounds for refusal to renew, suspension, or revocation of certificate.
The director may refuse to renew or may suspend or revoke an insurer's certificate of authority if the director finds after a hearing thereon that the insurer has violated or failed to comply with any lawful order of the director, any laws of this state relevant to the business of insurance, or any provision of this title other than those for which suspension or revocation is mandatory.
Source:
SL 1966, ch 111, ch 3, §19 (1); SL 2013, ch 246, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-47 - Suspension or revocation of certificate after hearing, grounds.

58-6-47. Suspension or revocation of certificate after hearing, grounds.
The director shall suspend or revoke an insurer's certificate of authority on any of the following grounds if he finds after a hearing thereon that the insurer:
(1)Is in unsound condition, or in such condition or using such methods and practices in the conduct of its business, as to render its further transaction of business in this state hazardous or injurious to its policyholders or to the public;
(2)Has failed, after written request therefor by the director, to remove or discharge an officer or director who has been convicted of any crime involving fraud, dishonesty, or moral turpitude;
(3)With such frequency as to indicate its general business practice in this state, has without just cause refused to pay claims arising under coverages provided by its policies, whether the claim is in favor of an insured or is in favor of a third person with respect to the liability of an insured to such third person, or, with like frequency, without just cause compels insureds or claimants to accept less than the amount due them or to employ attorneys or to bring suit against the insurer or such an insured to obtain full payment or settlement of such claims;
(4)Is affiliated with and under the same general management, or interlocking directorate, or ownership as another insurer which transacts direct insurance in this state without having a certificate of authority therefor, except as permitted under this title.
(5)Refuses to be examined, or if its directors, officers, employees, or representatives refuse to submit to examination relative to its affairs, or to produce its accounts, records, and files for examination by the director when required, or refuse to perform any legal obligation relative to the examination;
(6)Has failed to pay any final judgment rendered against it in this state upon any policy, bond, recognizance, or undertaking issued or guaranteed by it, within thirty days after the judgment became final, or within thirty days after time for taking an appeal has expired, or within thirty days after dismissal of an appeal before final determination, whichever date is the later.
Source:
SL 1966, ch 111, ch 3, §19 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-48 - Suspension of certificate on commencement of delinquency proceedings.

58-6-48. Suspension of certificate on commencement of delinquency proceedings.
The director may without advance notice or a hearing thereon, immediately suspend the certificate of authority of any insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings, have been commenced in any state by the public insurance supervisory official of such state.
Source:
SL 1966, ch 111, ch 3, §19 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-49 - Order of suspension, revocation, or refusal to renew certificate--Replacement of policies.

58-6-49. Order of suspension, revocation, or refusal to renew certificate--Replacement of policies.
Each suspension or revocation of, or refusal to renew, an insurer's certificate of authority shall be by the director's order given to the insurer as provided by §58-4-17. If the director finds that the public health, safety, and welfare of insureds is imperiled due to being covered under a policy of insurance by an insurer or carrier whose certificate of authority has been revoked, and all appeals of the revocation have been exhausted the director may also order that the insurer or carrier replace all policies with equivalent policies issued by an authorized insurer in this state or otherwise provide for the transfer of all such risk through an arrangement approved by the director.
Source:
SL 1966, ch 111, ch 3, §20 (1); SL 2013, ch 246, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-50 - Notice to insurance producers of suspension, revocation, or refusal to renew certificate--Insurance Producers' authority.

58-6-50. Notice to insurance producers of suspension, revocation, or refusal to renew certificate--Insurance Producers' authority.
Upon suspending or revoking or refusing to renew the insurer's certificate of authority, the director shall forthwith give, by registered or certified mail, notice thereof to the insurer's insurance producers in this state of record in the department, and shall likewise suspend or revoke the authority of the insurance producers to represent the insurer.
Source:
SL 1966, ch 111, ch 3, §20 (2); SL 1982, ch 28, §18; SL 2001, ch 286, §77.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-51 - Publication of notice of suspension, revocation, or refusal to renew certificate of authority.

58-6-51. Publication of notice of suspension, revocation, or refusal to renew certificate of authority.
The director may also publish notice of such suspension, revocation, or refusal in one or more newspapers of general circulation in this state.
Source:
SL 1966, ch 111, ch 3, §20 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-52 - Duration of suspension of certificate of authority--Rescission or shortening.

58-6-52. Duration of suspension of certificate of authority--Rescission or shortening.
Suspension of an insurer's certificate of authority shall be for such period as the director specifies in the order of suspension, but not to exceed one year. During the suspension the director may rescind or shorten the suspension by his further order.
Source:
SL 1966, ch 111, ch 3, §21 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-53 - Rights and obligations of insurer during suspension.

58-6-53. Rights and obligations of insurer during suspension.
During the suspension period the insurer shall not solicit or write any new business in this state, but shall file its annual statement, pay fees, licenses, and taxes as required under this title, and may service its business already in force in this state, as if the certificate of authority had continued in full force.
Source:
SL 1966, ch 111, ch 3, §21 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-54 - Reinstatement of certificate of authority which has not terminated where cause for suspension no longer exists.

58-6-54. Reinstatement of certificate of authority which has not terminated where cause for suspension no longer exists.
After an insurer has been suspended and if the insurer's certificate of authority has not terminated, the insurer's certificate of authority shall be reinstated if the insurer can demonstrate to the satisfaction of the director that cause for suspension no longer exists.
Source:
SL 1966, ch 111, ch 3, §21(3); SL 1988, ch 391.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-55 - Reinstatement of authority of insurance producers--Notice to insurer and insurance producers.

58-6-55. Reinstatement of authority of insurance producers--Notice to insurer and insurance producers.
Upon reinstatement of the insurer's certificate of authority, the authority of its insurance producers in this state to represent the insurer shall likewise reinstate. The director shall promptly notify by registered or certified mail the insurer and its insurance producers in this state, of record in the division, of such reinstatement. If pursuant to §58-6-51 the director has published notice of the suspension, the director shall in like manner publish notice of the reinstatement.
Source:
SL 1966, ch 111, ch 3, §21 (4); SL 1982, ch 28, §18; SL 2001, ch 286, §78.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-56 - Suspension, revocation, or refusal to renew certificate because of deficiency of assets or impairment of capital or surplus--Cessation of business in state.

58-6-56. Suspension, revocation, or refusal to renew certificate because of deficiency of assets or impairment of capital or surplus--Cessation of business in state.
Upon suspension, revocation, or refusal to renew the certificate of authority of an insurer on account of deficiency of assets, if a foreign insurer, or failure to cure an impairment of the capital of a domestic stock insurer, or surplus of a reciprocal or domestic mutual insurer, as provided under subdivision 58-6-44(2), every officer and director of the insurer must, either separately or jointly with one or more of the others and within four days after notice of such suspension, revocation, or refusal was given to the insurer by the director, notify by registered or certified mail every person authorized by the insurer, as of immediately prior to such suspension, revocation, or refusal, to write business for the insurer in South Dakota, immediately to cease such writing; and each such person so notified shall immediately cease to write any further business for the insurer in South Dakota.
Source:
SL 1966, ch 111, ch 3, §22 (1); SL 1982, ch 28, §18.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-57 - Failure to notify or continuation of business after notice as felony.

58-6-57. Failure to notify or continuation of business after notice as felony.
Each individual made responsible for the notification under §58-6-56, who fails so to notify, and every person so authorized who, after being so notified or otherwise being informed as to such impairment or suspension, revocation, or refusal, solicits or writes further business for the insurer, is guilty of a Class 4 felony.
Source:
SL 1966, ch 111, ch 3, §22 (2); SL 1978, ch 359, §5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-58 - Impairment of assets, capital, or surplus--Suspension, revocation, or refusal to renew certificate of authority--Rehabilitator or receiver of insurer not required to notify agents.

58-6-58. Impairment of assets, capital, or surplus--Suspension, revocation, or refusal to renew certificate of authority--Rehabilitator or receiver of insurer not required to notify agents.
Sections 58-6-56 and 58-6-57 do not apply to any person who has been appointed as and is acting as rehabilitator or receiver of the insurer in judicial proceedings in a court of the United States or of the State of South Dakota.
Source:
SL 1966, ch 111, ch 3, §22 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-59 - Liability of officers and directors of impaired insurers.

58-6-59. Liability of officers and directors of impaired insurers.
The liability of the officers and directors of impaired insurers shall be determined in accordance with the provisions of §58-5-118.
Source:
SL 1966, ch 111, ch 3, §23.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-60 - Notice to insurer and insurance producers of refusal, suspension, or revocation of certificate.

58-6-60. Notice to insurer and insurance producers of refusal, suspension, or revocation of certificate.
Upon refusal, suspension, or revocation of an insurer's certificate of authority, the director shall forthwith give notice thereof by registered or certified mail to the insurer and to its insurance producers in this state of record in the director's office.
Source:
SL 1966, ch 111, ch 3, §25 (1); SL 1982, ch 28, §18; SL 2001, ch 286, §79.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-61 - Suspension or revocation of authority of insurance producers--Notice by director.

58-6-61. Suspension or revocation of authority of insurance producers--Notice by director.
Such refusal, suspension, or revocation shall likewise automatically suspend or revoke, as the case may be, the authority of all such insurance producers to act as insurance producers of the insurer in this state, and the director shall so state in the notice to insurance producers provided for in §58-6-60.
Source:
SL 1966, ch 111, ch 3, §25 (2); SL 2001, ch 286, §80.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-68 - Insurers subject to taxation--Filing of returns and reports--Exemption of qualified pension, annuity, or profit-sharing plans.

58-6-68. Insurers subject to taxation--Filing of returns and reports--Exemption of qualified pension, annuity, or profit-sharing plans.
Insurers shall be subject to taxation according to the provisions of Title 10 and shall file such tax returns and reports as may be directed by the director, provided, however, that no tax shall be due or payable as to premiums or considerations received from policies or contracts issued in connection with a pension, annuity, or profit-sharing plan exempt or qualified under section 401, 403(b), 404, 408, 457, or 501(a) of the United States Internal Revenue Code with respect to the tax payable in 1973 and annually thereafter.
Source:
SL 1966, ch 111, ch 3, §28 (1); SL 1972, ch 260, §1; SL 1975, ch 306; SL 1989, ch 422.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-69 - Report and payment of tax by surplus line brokers.

58-6-69. Report and payment of tax by surplus line brokers.
Surplus line brokers shall report and pay the taxes upon surplus line policies written pursuant to chapter 58-32.
Source:
SL 1966, ch 111, ch 3, §28 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-70 - Retaliatory tax provisions--Exception.

58-6-70. Retaliatory tax provisions--Exception.
If any other state or foreign country imposes any taxes, licenses, and other fees, in the aggregate, or fines, penalties, deposit requirements, or other material obligations, prohibitions, or restrictions upon South Dakota insurers, or upon the insurance producers or representatives of such insurers, which are, pursuant to the laws of that other state or country, in excess of those directly imposed upon similar insurers, or upon the insurance producers or representatives of such insurers, of that other state or country under the statutes of this state, then, so long as the laws of that other state or country continue in force or are so applied, the director of the Division of Insurance shall impose the same taxes, licenses, and other fees, in the aggregate, or fines, penalties, deposit requirements, or other material obligations, prohibitions, or restrictions of whatever kind upon the insurers, or upon the insurance producers or representatives of the insurers, of the other state or country doing business or seeking to do business in South Dakota. Any tax, license, or other fee or obligation imposed on South Dakota insurers or their insurance producers or representatives by any first or second class municipality, county, or other political subdivision or agency of the other state or country is considered to be imposed by such state or country within the meaning of this section. The time and period of payment of the retaliatory tax is the same, in all cases, as that of the gross premiums tax provided for in §10-44-2. No interest charges or credits may be made or allowed for the use or loss of the use of funds due to any difference in the time or period of payment used in this state and the time or period used in a foreign state or country.
This provision does not apply to that portion of a life insurance policy's annual premiums exceeding one hundred thousand dollars and to that portion of the annual consideration on an annuity contract exceeding five hundred thousand dollars.
Source:
SL 1966, ch 111, ch 3, §29 (1); SL 1982, ch 354; SL 1992, ch 60, §2; SL 2001, ch 54, §2; SL 2001, ch 286, §85; SL 2008, ch 260, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-71 - Exemption from retaliatory tax provisions.

58-6-71. Exemption from retaliatory tax provisions.
Section 58-6-70 shall not apply as to personal income taxes, nor as to ad valorem taxes on real or personal property, nor as to special purpose obligations or assessments imposed by another state in connection with particular kinds of insurance other than property insurance; except that deductions, from premium taxes or other taxes otherwise payable, allowed on account of real estate or personal property taxes paid shall be taken into consideration by the director in determining the propriety and extent of retaliatory action under §58-6-70.
Source:
SL 1966, ch 111, ch 3, §29 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-72 - Domicile of alien insurer for retaliatory tax purposes.

58-6-72. Domicile of alien insurer for retaliatory tax purposes.
For the purposes of §58-6-70 and subject to the provisions of §58-6-73, the domicile of an alien insurer, shall be that state in which is located its principal place of business in the United States.
Source:
SL 1966, ch 111, ch 3, §29 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-73 - Domicile of Canadian insurer for retaliatory tax purposes.

58-6-73. Domicile of Canadian insurer for retaliatory tax purposes.
In case of an insurer formed under the laws of Canada or a province thereof, its domicile for the purposes of §58-6-70 shall be deemed to be that province in which its head office is situated.
Source:
SL 1966, ch 111, ch 3, §29 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-74 - Dissolution or retirement of insurer during year--Filing of reports and collection of taxes not defeated.

58-6-74. Dissolution or retirement of insurer during year--Filing of reports and collection of taxes not defeated.
In the event any insurer shall dissolve or retire from this state, either voluntarily or involuntarily, during any calendar year, such dissolution or voluntary or involuntary retirement from this state shall not defeat the filing of reports and the assessment and collection of the taxes imposed by this title with respect to the premiums written or deposits held during that part of such calendar year prior to such dissolution or retirement from this state. In any such case the report herein required to be filed shall be filed within thirty days after such dissolution or retirement from this state. In the case of an insurer taken over for liquidation or rehabilitation the report shall be filed within six months thereafter.
Source:
SL 1966, ch 111, ch 32, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-75 - Annual and quarterly statement of financial condition of insurer--Filing with director--Form and contents--Timeliness of filing.

58-6-75. Annual and quarterly statement of financial condition of insurer--Filing with director--Form and contents--Timeliness of filing.
Each domestic insurer and those domestic insurers subject to chapters 58-34, 58-37A, 58-38, 58-39, 58-40, and 58-41, and foreign insurers if required by the director, shall annually on or before March first, and quarterly on or before May fifteenth, August fifteenth, and November fifteenth, unless the time is extended by the director for good cause shown, file with the director a true statement of its financial condition, transactions, and affairs as of the December thirty-first preceding for an annual statement and as of March thirty-first, June thirtieth, and September thirtieth, for a quarterly statement. Any statement is to be in a form and content as is approved or adopted for current use by the National Association of Insurance Commissioners or its successor organization, for use as to the type of insurer and kinds of insurance to be reported upon. The director may require any additional information considered necessary to be supplied with the annual or quarterly statement. The statement of an alien insurer, if required by the director, shall be filed annually on or before September first and shall relate only to its transactions and affairs in the United States unless the director requires otherwise. Any annual and quarterly statement and amendments and addenda to any annual and quarterly statement and any interim statement or amendments thereto shall also be filed with the National Association of Insurance Commissioners. Any statement filed with the National Association of Insurance Commissioners shall also be submitted on diskette.
Any statement shall be prepared in accordance with the Annual Statement Instructions Manual and the Accounting Practices and Procedures Manual prescribed by the National Association of Insurance Commissioners as adopted by rule by the director pursuant to chapter 1-26. The director may also, by rule promulgated pursuant to chapter 1-26, establish additional practices and procedures the director considers necessary.
Unless the time for filing has been extended, an insurer shall pay a penalty of one hundred dollars per day for every day the statement is late, not to exceed twenty-five thousand dollars.
For purposes of this section only a statement with a postmark date of the due date or earlier is considered timely filed.
Source:
SL 1966, ch 111, ch 3, §27; SL 1992, ch 342, §1; SL 1993, ch 97, §4; SL 1993, ch 357, §3; SL 1994, ch 375, §1; SL 1995, ch 276; SL 2001, ch 271, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-76 - Summary of statement of financial condition of insurer--Publication by director.

58-6-76. Summary of statement of financial condition of insurer--Publication by director.
The director of the Division of Insurance shall cause a summary, condensed from the annual statement of each company to be published three times, at the expense of the company, at legal rates, in a legal newspaper printed and published in each judicial circuit of the state in which the insurance company has a licensed insurance producer. Condensed statements for publication shall be made on blanks furnished by the director, which shall be uniform as to the information conveyed to the public and which, set in nonpareil type, together with the annual certificate of authority of the company, constitute a printed statement uniformly ten inches in length. A printer's affidavit, in duplicate, shall be filed with the director in all cases. The affidavit shall state that the insurance company has paid the newspaper the authorized rate for publishing legal notices, that the full amount named inures to the sole benefit of the publisher or publishers thereof, that no agreement or understanding for the division thereof was made with any person, and that no part thereof was agreed to be paid to any person. Every affidavit of publication shall state in plain terms that the full amount authorized herein was charged and collected for the publication.
Source:
SL 1966, ch 111, ch 3, §27; SL 1982, ch 355; SL 2001, ch 286, §86.