reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-80.2 - International active insurance group--Group-wide supervisor determination.

58-5A-80.2  .  International active insurance group--Group-wide supervisor determination.
In cooperation with other state, federal, and international regulatory agencies, the director shall identify a single group-wide supervisor for an internationally active insurance group. The director may determine that the director is the appropriate group-wide supervisor for an internationally active insurance group that conducts substantial insurance operations concentrated in this state. The director may acknowledge that an insurance regulatory official from another jurisdiction is the appropriate group-wide supervisor for the internationally active insurance group. When making a determination or acknowledgment under this section, the director shall consider the following factors:
(1) The place of domicile of the insurers within the internationally active insurance group that hold the largest share of the group’s written premiums, assets, or liabilities;
(2) The place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group;
(3) The location of the executive offices or largest operational offices of the internationally active insurance group;
(4) Whether another regulatory official is acting or is seeking to act as the group-wide supervisor under a regulatory system that the director determines is:
(a) Substantially similar to the system of regulation provided under the laws of this state; or
(b) Otherwise sufficient in terms of providing for group-wide supervision, enterprise risk analysis, and cooperation with other regulatory officials; and
(5) Whether another regulatory official acting or seeking to act as the group-wide supervisor provides the director with reasonably reciprocal recognition and cooperation.
The insurance regulatory official identified under this section as the group-wide supervisor may determine that it is appropriate to acknowledge another supervisor to serve as the group-wide supervisor. The acknowledgment of the group-wide supervisor shall be made after consideration of the factors listed above and made in cooperation with and subject to the acknowledgment of other regulatory officials involved with supervision of members of the internationally active insurance group, and in consultation with the internationally active insurance group.
Source:  SL 2020, ch 213, § 3.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-80.3 - Internationally active insurance group--Group-wide supervisor acknowledgment.

58-5A-80.3  .  Internationally active insurance group--Group-wide supervisor acknowledgment.
Notwithstanding any other provision in §§  58-5A-80.1   to 58-5A-80.9, inclusive, if another regulatory official is acting as the group-wide supervisor of an internationally active insurance group, the director shall acknowledge that regulatory official as the group-wide supervisor. The director shall make a determination or acknowledgment as to the appropriate group-wide supervisor pursuant to §  58-5A-80.2   if a material change in the internationally active insurance group results in any of the following:
(1) The internationally active insurance group's insurers domiciled in this state hold the largest share of the group's premiums, assets or liabilities; or
(2) This state becomes the place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group.
Source:  SL 2020, ch 213, § 4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-80.4 - Group-wide supervisor--Information for determination.

58-5A-80.4  .  Group-wide supervisor--Information for determination.
The director, as provided in §  58-5A-37  , may collect any information necessary to determine if the director may act as the group-wide supervisor of an internationally active insurance group or if the director may acknowledge another regulatory official to act as the group-wide supervisor. Prior to issuing a determination that an internationally active insurance group is subject to group-wide supervision by the director, the director shall notify the insurer registered under this chapter and the ultimate controlling person within the internationally active insurance group. The internationally active insurance group shall have at least thirty days to provide the director with additional information pertinent to the pending determination. The director shall publish the identity of any internationally active insurance group that the director has determined is subject to group-wide supervision by the director on the division's website.
Source:  SL 2020, ch 213, § 5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-80.5 - Group-wide supervisor--Director supervision--Permitted activities.

58-5A-80.5  .  Group-wide supervisor--Director supervision--Permitted activities.
If the director is the group-wide supervisor for an internationally active insurance group, the director may engage in any of the following group-wide supervision activities:
(1) Assess the enterprise risks within the internationally active insurance group to ensure that:
(a) The material financial condition and liquidity risks to the members of the internationally active insurance group that are engaged in the business of insurance are identified by management; and
(b) Reasonable and effective mitigation measures are in place;
(2) Request, from any member of an internationally active insurance group subject to the director's supervision, information necessary and appropriate to assess enterprise risk, including information about the members of the internationally active insurance group regarding:
(a) Governance, risk assessment and management;
(b) Capital adequacy; and
(c) Material intercompany transactions;
(3) Coordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of the internationally active insurance group that are engaged in the business of insurance;
(4) Communicate with other state, federal, and international regulatory agencies for members within the internationally active insurance group and share relevant information subject to the confidentiality provisions of §  58-5A-41  , through supervisory colleges as set forth in §  58-5A-78  ;
(5) Enter into an agreement with or obtain documentation from any insurer registered under this chapter, any member of the internationally active insurance group, and any other state, federal and international regulatory agency for members of the internationally active insurance group, providing the basis for or otherwise clarifying the director's role as group-wide supervisor, including provisions for resolving disputes with other regulatory officials. The agreement or documentation may not serve as evidence in any proceeding that any insurer or person within an insurance holding company system not domiciled or incorporated in this state is doing business in this state or is otherwise subject to jurisdiction in this state; and
(6) Other group-wide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the director.
Source:  SL 2020, ch 213, § 6.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-80.6 - Group-wide supervisor--Director cooperation.

58-5A-80.6  .  Group-wide supervisor--Director cooperation.
If the director acknowledges that another regulatory official from a jurisdiction that is not accredited by the NAIC is the group-wide supervisor, the director may reasonably cooperate, through supervisory colleges, with group-wide supervision undertaken by the group-wide supervisor, if:
(1) The director's cooperation is in compliance with the laws of this state; and
(2) The regulatory official acknowledged as the group-wide supervisor also recognizes and cooperates with the director's activities as a group-wide supervisor for other internationally active insurance groups, where applicable. If the recognition and cooperation is not reasonably reciprocal, the director may refuse recognition and cooperation.
Source:  SL 2020, ch 213, § 7.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-80.7 - Information sharing.

58-5A-80.7  .  Information sharing.
The director may enter into any agreement with or obtain documentation from any insurer registered under this chapter, any affiliate of the insurer, and any other state, federal, and international regulatory agency for members of the internationally active insurance group, that provide the basis for or otherwise clarify a regulatory official's role as group-wide supervisor.
Source:  SL 2020, ch 213, § 8.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-80.8 - Promulgation of rules.

58-5A-80.8  .  Promulgation of rules.
The director may promulgate rules, pursuant to chapter   1-26  , establishing requirements, standards, criteria, and limitations for group-wide supervisors.
Source:  SL 2020, ch 213, § 9.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-80.9 - Reasonable expenses.

58-5A-80.9  .  Reasonable expenses.
A registered insurer subject to the provisions of §§  58-5A-80.1   to   58-5A-80.8  , inclusive, is liable for and shall pay the reasonable expenses of the director's participation in the administration of §§  58-5A-80.1   to   58-5A-80.8  , inclusive, including the engagement of attorneys, actuaries, and any other professionals and all reasonable travel expenses.
Source:  SL 2020, ch 213, § 10.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-81 - Maintenance of risk management framework.

58-5A-81. Maintenance of risk management framework.
An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group, of which the insurer is a member, maintains a risk management framework applicable to the operations of the insurer.
Source:
SL 2017, ch 210, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-82 - Regular conduct of ORSA.

58-5A-82. Regular conduct of ORSA.
Subject to the provisions of §§58-5A-85 to 58-5A-88, inclusive, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA shall be conducted at least annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
Source:
SL 2017, ch 210, §3.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-83 - Submission of ORSA summary report or comparable reports to division.

58-5A-83. Submission of ORSA summary report or comparable reports to division.
The ORSA summary report, or any combination of reports that together contain the information described in the ORSA guidance manual, shall be submitted to the division upon the director's request. The director may request the ORSA summary report no more than annually. If the insurer is a member of an insurance group, then the insurer shall submit the report or reports required by §§58-5A-81 to 58-5A-93, inclusive, if the director is the lead state director of the insurance group.
An insurer may comply with this section by providing the most recent and substantially similar reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA guidance manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.
Source:
SL 2017, ch 210, §4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-84 - ORSA summary report requirements.

58-5A-84. ORSA summary report requirements.
ORSA summary reports shall:
(1)Include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of their belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof;
(2)Be prepared consistent with the ORSA guidance manual. Documentation and supporting information shall be maintained and made available upon examination or upon request of the director; and
(3)Be reviewed by the division, and any additional requests for information shall be made using similar procedures currently used in the analysis and examination of multi-state or global insurers and insurance groups.
Source:
SL 2017, ch 210, §5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-85 - Exemption from requirements.

58-5A-85. Exemption from requirements.
An insurer shall be exempt from the requirements of §§58-5A-81 to 58-5A-93, inclusive, if:
(1)The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than five hundred million dollars; and
(2)The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than one billion dollars.
Source:
SL 2017, ch 210, §6.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-86 - Requirements where insurer or insurer's group does not qualify for exemption.

58-5A-86. Requirements where insurer or insurer's group does not qualify for exemption.
If an insurer qualifies for exemption pursuant to subdivision 58-5A-85(1), but the insurance group of which the insurer is a member does not qualify for exemption pursuant to subdivision 58-5A-85(2), the ORSA summary report that may be required shall include every insurer within the insurance group. This requirement may be satisfied by the submission of more than one ORSA summary report for any combination of insurers provided any combination of reports includes every insurer within the insurance group.
If an insurer does not qualify for exemption pursuant to subdivision 58-5A-85(1), but the insurance group of which it is a member qualifies for exemption pursuant to subdivision 58-5A-85(2), the only ORSA summary report that may be required shall be the report applicable to that insurer.
Source:
SL 2017, ch 210, §7.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-87 - Insurer's application for waiver.

58-5A-87. Insurer's application for waiver.
An insurer that does not qualify for exemption may apply to the director for a waiver from the requirements of §§58-5A-81 to 58-5A-93, inclusive, based upon unique circumstances. In deciding whether to grant the insurer's request for waiver, the director may consider the type and volume of business written, ownership and organizational structure, and any other factor the director considers relevant to the insurer or insurance group of which the insurer is a member. If the insurer is part of an insurance group with insurers domiciled in more than one state, the director shall coordinate with the lead state commissioner and with the other domiciliary commissioners in considering whether to grant the insurer's request for a waiver.
Source:
SL 2017, ch 210, §8.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-88 - One year period to comply with requirements following loss of qualification for exemption.

58-5A-88. One year period to comply with requirements following loss of qualification for exemption.
If an insurer that qualifies for an exemption subsequently no longer qualifies for that exemption due to changes in premium as reflected in the insurer's most recent annual statement or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, the insurer shall have one year following the year the threshold is exceeded to comply with the requirements of §§58-5A-81 to 58-5A-93, inclusive.
Source:
SL 2017, ch 210, §9.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-89 - Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report.

58-5A-89. Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report.
Notwithstanding the exemptions from the requirements of §§58-5A-81 to 58-5A-93, inclusive, the director may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report:
(1)Based on unique circumstances including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests; or
(2)If the insurer has risk-based capital levels requiring company action, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, or otherwise exhibits qualities of a troubled insurer as determined by the director.
Source:
SL 2017, ch 210, §10.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-90 - Confidentiality of information submitted to division.

58-5A-90. Confidentiality of information submitted to division.
Documents, materials, or other information, including the ORSA summary report, in the possession of or control of the division that are obtained by, created by, or disclosed to the director or any other person under §§58-5A-81 to 58-5A-93, inclusive, are recognized by this state as being proprietary and containing trade secrets. All such documents, materials, or other information are confidential by law and privileged, are not subject to chapter 1-27, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action. However, the director is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the director's official duties. The director may not make the documents, materials, or other information public without the prior written consent of the insurer.
Neither the director nor any person who received documents, materials, or other ORSA-related information, through examination or otherwise, while acting under the authority of the director or with whom such documents, materials, or other information are shared pursuant to §§58-5A-81 to 58-5A-93, inclusive, may be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information except in regulatory or legal actions brought as a part of the director's official duties.
Source:
SL 2017, ch 210, §11.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-92 - Sharing of information and documents by director--Confidentiality.

58-5A-92. Sharing of information and documents by director--Confidentiality.
The sharing of information and documents by the director pursuant to §§58-5A-81 to 58-5A-93, inclusive, does not constitute a delegation of regulatory authority or rule making. The director is solely responsible for the administration, execution, and enforcement of the provisions of §§58-5A-81 to 58-5A-93, inclusive. No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade-secret materials, or other ORSA-related information may occur as a result of disclosure of such ORSA-related information or documents to the director under this section or as a result of sharing as authorized in §§58-5A-81 to 58-5A-93, inclusive. Documents, materials, or other information in the possession or control of the NAIC or a third-party consultant pursuant to §§58-5A-81 to 58-5A-93, inclusive, are confidential by law and privileged, are not subject to chapter 1-27, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action.
Source:
SL 2017, ch 210, §13.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05A - Insurance Holding Companies › Section 58-5A-93 - Promulgation of rules regarding ORSA.

58-5A-93. Promulgation of rules regarding ORSA.
The director shall promulgate rules, pursuant to chapter 1-26, to carry out ORSA including:
(1)Adoption of the NAIC ORSA guidance manual;
(2)Definition of terms;
(3)Fees; and
(4)Timing, form, and content of reports.
Source:
SL 2017, ch 210, §14.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05B - Mutual Medical Malpractice Insurers › Section 58-5B-1 - Definition of terms.

58-5B-1. Definition of terms.
Terms as used in this chapter, unless the context otherwise requires, mean:
(1)"Director," the director of insurance or a designee;
(2)"Licensed health care provider," includes a physician and surgeon, osteopath, osteopathic physician and surgeon, or nurse licensed pursuant to the laws of a state, and a hospital licensed pursuant to the laws of a state;
(3)"Medical malpractice insurance," insurance coverage against the legal liability of the insured and against loss, damage, or expense incident to a claim arising out of the death or injury of any person as the result of negligence or malpractice in rendering professional service by any licensed health care provider;
(4)"State" or "states," any or all of the states of Montana, Nebraska, North Dakota, South Dakota, and Wyoming.
Source:
SL 1976, ch 315, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05B - Mutual Medical Malpractice Insurers › Section 58-5B-2 - Malpractice insurance contracts among health care providers.

58-5B-2. Malpractice insurance contracts among health care providers.
Any number of physicians and surgeons, osteopaths, osteopathic physicians and surgeons, and graduate nurses, licensed to practice their profession in any of the states, and hospitals licensed under the laws of any of the states, may enter into contracts with each other for the purpose of protecting themselves by insurance against loss by reason of actions at law on account of their alleged error, mistake, negligence, or carelessness in the treatment and care of patients, including the performance of surgical operations, or in the prescribing and dispensing of drugs and medicines, or for loss by reason of damages in other respects, and to reimburse any member in case of such loss.
Source:
SL 1976, ch 315, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05B - Mutual Medical Malpractice Insurers › Section 58-5B-3 - Incorporation of mutual malpractice insurers--Conflict of laws.

58-5B-3. Incorporation of mutual malpractice insurers--Conflict of laws.
All domestic corporations, organized for the purpose of transacting such insurance business under the provisions of this chapter, shall incorporate under the provisions of chapter 58-5, and be regulated as mutual insurers; provided, the provisions of this chapter shall govern where in conflict with other laws or parts of laws.
Source:
SL 1976, ch 315, §3.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05B - Mutual Medical Malpractice Insurers › Section 58-5B-4 - Number of insurance applications required before certificate issued to mutual insurer.

58-5B-4. Number of insurance applications required before certificate issued to mutual insurer.
No original certificate of authority shall be issued by the director of insurance until two hundred fifty applications have been received from health care providers other than hospitals, or in the case of hospitals, applications from hospitals representing fifty percent of the beds in the state or states to be affected, and until the director of insurance has satisfied himself that such mutual insurer has bona fide applications representing the number of applicants required.
Source:
SL 1976, ch 315, §4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05B - Mutual Medical Malpractice Insurers › Section 58-5B-5 - Admission of foreign insurer to solicit applications and do business in state--Reports--Taxation--Supervision.

58-5B-5. Admission of foreign insurer to solicit applications and do business in state--Reports--Taxation--Supervision.
Any mutual insurer organized under laws substantially similar to this chapter of another state, for the purpose of transacting the kind of business described in this chapter may upon application and without prior operating experience or examination, be admitted to solicit applications, and if the necessary number is obtained, do business in this state if the director finds such admission is in the public interest; and shall thereafter make all reports and be subject to taxation, examination, and supervision by the director of insurance to the same extent and in the same manner as are other foreign insurers.
Source:
SL 1976, ch 315, §5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05C - Mutual Legal Malpractice Insurers › Section 58-5C-1 - Definition of terms.

58-5C-1. Definition of terms.
Terms as used in this chapter, unless the context otherwise requires, mean:
(1)"Director," the director of insurance;
(2)"Legal malpractice insurance," insurance coverage against the legal liability of the insured and against loss, damage, or expense incident to a claim arising out of an error, omission, negligence, or malpractice in the rendering of professional service by any licensed attorney, his agents, or employees.
Source:
SL 1977, ch 405, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05C - Mutual Legal Malpractice Insurers › Section 58-5C-2 - Malpractice insurance contracts among attorneys.

58-5C-2. Malpractice insurance contracts among attorneys.
Any number of attorneys licensed to practice their profession in any of the states, may enter into contracts with each other for the purpose of protecting themselves by insurance against loss by reason of actions at law on account of their alleged error, mistake, negligence, or omission or malpractice in the performance of their profession, or for loss by reason of damages in other respects, and to reimburse any member in case of such loss.
Source:
SL 1977, ch 405, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05C - Mutual Legal Malpractice Insurers › Section 58-5C-3 - Incorporation of mutual malpractice insurers--Conflict of laws.

58-5C-3. Incorporation of mutual malpractice insurers--Conflict of laws.
All domestic corporations, organized for the purpose of transacting such insurance business under the provisions of this chapter, shall incorporate under the provisions of chapter 58-5, and be regulated as mutual insurers; provided, the provisions of this chapter shall govern where in conflict with other laws or parts of laws.
Source:
SL 1977, ch 405, §3.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05C - Mutual Legal Malpractice Insurers › Section 58-5C-4 - Number of insurance applications required before certificate issued to mutual insurer.

58-5C-4. Number of insurance applications required before certificate issued to mutual insurer.
No original certificate of authority may be issued by the director of the Division of Insurance until one hundred applications have been received from licensed attorneys to be affected, and until the director has satisfied himself that such a mutual insurer has bona fide applications representing the number of applicants required.
Source:
SL 1977, ch 405, §4; SL 1979, ch 342.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05C - Mutual Legal Malpractice Insurers › Section 58-5C-5 - Admission of foreign insurer to solicit applications and do business in state--Reports--Taxation--Supervision.

58-5C-5. Admission of foreign insurer to solicit applications and do business in state--Reports--Taxation--Supervision.
Any mutual insurer organized under laws substantially similar to this chapter in another state, for the purpose of transacting the kind of business described in this chapter may upon application and without prior operating experience or examination be admitted to solicit applications, and if the necessary number is obtained, do business in the state if the director finds such admission is in the public interest; and shall thereafter make all reports and be subject to taxation, examination, and supervision by the director of insurance to the same extent and in the same manner as are other foreign insurers.
Source:
SL 1977, ch 405, §5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-1 - Certificate of authority required for transaction of insurance business--Exceptions--Violation as misdemeanor.

58-6-1. Certificate of authority required for transaction of insurance business--Exceptions--Violation as misdemeanor.
No person may act as an insurer and no insurer or its insurance producers, attorneys, subscribers, or representatives may directly transact insurance in this state except as authorized by a subsisting certificate of authority issued to the insurer by the director, except as to such transactions as are expressly otherwise provided for in this title. Any violation of this section is a Class 2 misdemeanor.
Source:
SL 1966, ch 111, ch 3, §1 (1); SL 1978, ch 359, §2; SL 2001, ch 286, §75.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-2 - Solicitation of insurance or transacting business in another state by insurer in this state without certificate of authority prohibited--Misdemeanor.

58-6-2. Solicitation of insurance or transacting business in another state by insurer in this state without certificate of authority prohibited--Misdemeanor.
No insurer shall from offices or by personnel or facilities located in this state solicit insurance applications or otherwise transact insurance in another state or country unless it holds a subsisting certificate of authority issued to it by the director authorizing it to transact the same kinds of insurance in this state. Violation of this section is a Class 2 misdemeanor.
Source:
SL 1966, ch 111, ch 3, §1 (2); SL 1978, ch 359, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-3 - Preemption of field of insurance regulation by state--Licensing by political subdivisions prohibited.

58-6-3. Preemption of field of insurance regulation by state--Licensing by political subdivisions prohibited.
The state hereby preempts the field of regulating insurers and their insurance producers and solicitors; and all political subdivisions of the state are prohibited from requiring of any insurer, insurance producer, or solicitor regulated under this title any authorization, permit, or registration of any kind for conducting transactions lawful under the authority granted by the state under this title.
Source:
SL 1966, ch 111, ch 3, §1 (3); SL 2001, ch 286, §76.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-4 - Activities excepted from certificate of authority requirements.

58-6-4. Activities excepted from certificate of authority requirements.
A certificate of authority shall not be required of an insurer with respect to the following:
(1)Investigation, settlement, or litigation of claims under its policies lawfully written in this state, or liquidation of assets and liabilities of the insurer, other than collection of new premiums, all as resulting from its former authorized operations in this state;
(2)Transactions thereunder subsequent to issuance of a policy covering only subjects of insurance not resident, located or expressly to be performed in this state at time of issuance, and lawfully solicited, written and delivered outside this state;
(3)Transactions pursuant to surplus lines coverages lawfully written under the chapter of this title relating to surplus lines;
(4)Reinsurance, when transacted by an insurer duly authorized by its state of domicile to transact the kind of insurance involved;
(5)The continuation and servicing of life insurance or health insurance policies or annuity contracts remaining in force as to residents of this state if the insurer has withdrawn from the state and is not transacting new insurance therein.
Source:
SL 1966, ch 111, ch 3, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-5 - Foreign insurer--Investments in state without a certificate of authority.

58-6-5. Foreign insurer--Investments in state without a certificate of authority.
A foreign insurer may make investments in this state without a certificate of authority as provided by §58-6-1. Such an insurer shall not be subject to any other provisions of this title.
Source:
SL 1966, ch 111, ch 3, §3.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-6 - Eligibility of insurer for certificate of authority.

58-6-6. Eligibility of insurer for certificate of authority.
To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with this title and with its charter provisions, and must be an incorporated stock insurer, or an incorporated mutual insurer, or a reciprocal insurer, of the same general type as may be formed as a domestic insurer under this title.
Source:
SL 1966, ch 111, ch 3, §4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-7 - Eligibility of insurer for certificate of authority--Necessity for maintenance of required reserves.

58-6-7. Eligibility of insurer for certificate of authority--Necessity for maintenance of required reserves.
No insurer shall be authorized to transact insurance in this state which does not maintain reserves as required by the chapter of this title relating to assets and liabilities, applicable to the kinds of insurance transacted by such insurer, wherever transacted in the United States.
Source:
SL 1966, ch 111, ch 3, §4 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-8 - Denial of authority to engage in business when contrary to public interest--Denial when managed by unqualified personnel--Affiliates.

58-6-8. Denial of authority to engage in business when contrary to public interest--Denial when managed by unqualified personnel--Affiliates.
The director, after a hearing, shall not grant or continue authority to engage in the insurance business in this state of any insurer when contrary to public interest or when the principal management personnel of such insurer is found by him to be untrustworthy or not of good character, or so lacking in insurance company managerial experience as to make the proposed operation hazardous to the insurance-buying public or to its stockholders; or which he has good reason to believe is affiliated directly or indirectly through ownership, control, management, reinsurance transactions, or other insurance or business relations, with any person or persons whose business operations, to the detriment of insurers, stockholders, or creditors, are or have been marked by manipulation of assets, accounts, or reinsurance, or by bad faith.
Source:
SL 1966, ch 111, ch 3, §4 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-9 - Continuance of authorization of prior authorized mutual and stock insurers--Participating policyholders--Quorum--Proxies--Issuance of nonvoting participating policies.

58-6-9. Continuance of authorization of prior authorized mutual and stock insurers--Participating policyholders--Quorum--Proxies--Issuance of nonvoting participating policies.
Any mutual and stock insurer authorized on July 1, 1966, to transact insurance in this state shall be eligible to continue such authorization if otherwise in compliance with this title and its charter provisions. As to any such domestic insurer, each holder of a policy of insurance who is entitled to participate in profits and savings, shall be entitled to participate and vote at all meetings of stockholders and to cast the same number of votes which he was entitled to cast under the articles of incorporation and bylaws of such insurer on July 1, 1966. At all such meetings, to constitute a quorum of such participating policyholders, there shall be present in person or by proxy at least ten percent of the total of such participating policyholders. Solicitation of proxies from such participating policyholders shall be subject to the same regulations and restrictions as apply to a domestic mutual insurer. Except as hereinbefore otherwise provided, such an insurer shall in all respects be subject to all laws regulating stock companies.
Any mutual and stock company authorized and doing business pursuant to this section may issue nonvoting participating policies. The issuance of such nonvoting participating policies may not affect the voting rights of holders of participating policies issued by a mutual and stock company pursuant to the first paragraph of this section.
Source:
SL 1966, ch 111, ch 3, §4 (3); SL 1981, ch 358.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-10 - Governmentally owned insurers prohibited--Exceptions.

58-6-10. Governmentally owned insurers prohibited--Exceptions.
Except for instrumentalities of the United States government, no insurer, the voting control or ownership of which is held in whole or substantial part by any government or governmental agency, or which is operated for or by any such government or agency, may transact insurance in this state, unless, upon verified application by the insurer, the director finds that:
(1)The insurer is not subject to any form of subsidy that would enable it to compete unfairly with domestic insurers;
(2)The insurer is not subject to governmental practices that discriminate on the basis of race, color, creed, or national origin;
(3)The ownership or financial control does not create the presence of any sovereign immunity in the insurer;
(4)The insurer has agreed to waive sovereign immunity as a defense should it exist for any action by or against the director pursuant to the director's regulatory authority under Title 58;
(5)The insurer has agreed that it will exhaust all administrative remedies and will neither commence in, nor remove to, federal court any action by or against the director pursuant to the director's regulatory authority under Title 58;
(6)Appropriate measures and controls exist to avoid security problems resulting from an insurer's access to confidential information and data of its insured; and
(7)The ownership or financial control does not result in substantial or undue influence being asserted over the insurer.
Membership in a mutual insurer, or subscribership in a reciprocal insurer, or ownership of stock of an insurer by the alien property custodian or similar official of the United States, or supervision of an insurer by public insurance supervisory authority does not constitute ownership, control, or operation of the insurer for the purposes of this section. Nothing contained in this section prohibits or affects self insurance by school districts as provided in §13-10-3, or by municipalities as provided in §9-14-30. The failure of any applicant under this section to submit all information requested by the director pursuant to this section and the director's regulatory authority under Title 58 relevant to any finding to be made under this section is sufficient to deny the application.
Source:
SL 1966, ch 111, ch 3, §5; SL 1978, ch 49, §5; SL 1997, ch 284, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-11 - Readmission to state as an authorized insurer--Requirements--Payment of back premium taxes.

58-6-11. Readmission to state as an authorized insurer--Requirements--Payment of back premium taxes.
In addition to other applicable requirements therefor, no insurer, formerly authorized in this state and again seeking admission to this state as an authorized insurer, shall be so authorized unless the insurer, as part of its application for such authority, includes a written statement, duly sworn to by at least two of its executive officers, of all premiums received by the insurer with respect to insurance on subjects of insurance resident, located or to be performed in this state, subsequent to its previous withdrawal for any cause from this state, and pays to the state a premium tax thereon at the same rate and in the same amount as the insurer would have paid on such premiums had it continued to be an authorized insurer in this state during the period between its withdrawal and its reapplication for authority.
Source:
SL 1966, ch 111, ch 3, §6 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-12 - Unauthorized insurers--Application of insurer violating insurance laws for authority to transact insurance in state--Payment of back premium taxes.

58-6-12. Unauthorized insurers--Application of insurer violating insurance laws for authority to transact insurance in state--Payment of back premium taxes.
Any insurer, not before authorized in this state, which, within three years prior to its application for authority to transact insurance in South Dakota, transacted insurance in violation of the laws of South Dakota, may not be granted authority unless it is otherwise fully qualified. In addition, it shall file with the director of the Division of Insurance a written statement, sworn to by two of its executive officers, of all premiums received by it during the three years with respect to insurance on subjects resident, located or to be performed in South Dakota, and shall pay to the director, as an additional fee for the filing of its application for a certificate of authority, an amount of money equal to the premium tax which it would have paid if it had been an authorized insurer in this state throughout that period, plus interest thereon at the Category D rate of interest as established in §54-3-16.
Source:
SL 1966, ch 111, ch 3, §6 (2); SL 1983, ch 28, §66; SL 1984, ch 319, §32.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-13 - Foreign insurance companies--Compliance with requirements for admissions to do business in state--Waiver.

58-6-13. Foreign insurance companies--Compliance with requirements for admissions to do business in state--Waiver.
No foreign insurance company may be admitted to do business in the State of South Dakota until it has fully complied with the following requirements, in addition to such other requirements as may be specifically provided:
(1)Such company shall have had two continuous calendar years of operating experience as of the date of application to do business in this state; and
(2)Shall have been examined within the sixty months next preceding the date of application to do business in this state; and
(3)Shall fully satisfy any retaliatory requirements imposed by the laws and regulations which the applying company's state of incorporation imposes upon South Dakota insurance companies seeking admission to such state.
Subdivisions (1) and (2) do not apply to a company which is a wholly owned subsidiary, or which is the successor in interest, through merger or consolidation, of an insurer which is an authorized insurer in this state or to a company which satisfies the director that it is in fact a continuation of an older organization. The director may waive the provisions of subdivisions (1) and (2) if a special need or circumstance, as determined by the director, can be demonstrated.
Source: SL 1966, ch 111, ch 3, §7; SL 1988, ch 389; SL 2023, ch 164, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-14 - Use of deceptively similar name prohibited.

58-6-14. Use of deceptively similar name prohibited.
No insurer shall be formed or authorized to transact insurance in this state which has or uses a name or principal identifying name factor which is the same as or deceptively similar to that of another insurer earlier so authorized.
Source:
SL 1966, ch 111, ch 3, §8 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-15 - Use of deceptively similar name by life insurer prohibited for ten years.

58-6-15. Use of deceptively similar name by life insurer prohibited for ten years.
No life insurer shall be authorized to transact insurance in this state which has or uses a name deceptively similar to that of another insurer authorized to transact insurance in this state within the preceding ten years if life insurance policies originally issued by such other insurer are still outstanding in this state.
Source:
SL 1966, ch 111, ch 3, §8 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-16 - Use of name deceptively similar to name of foreign insurer prohibited.

58-6-16. Use of name deceptively similar to name of foreign insurer prohibited.
No insurer shall hereafter be formed or newly authorized to transact insurance in this state which has or uses a name the same as or deceptively similar to the name of any foreign insurer doing business elsewhere than in this state if such foreign insurer has within the last preceding twelve months signified its intention to secure incorporation in this state under such name, or do business as a foreign insurer in this state under such name by filing notice of such intention with the director unless the written consent to the use of such name or deceptively similar name has been given by such foreign insurer.
Source:
SL 1966, ch 111, ch 3, §8 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 06 - Authority To Transact Insurance In State › Section 58-6-17 - Name tending to deceive or mislead as to type of organization of insurer prohibited.

58-6-17. Name tending to deceive or mislead as to type of organization of insurer prohibited.
No insurer shall be authorized to transact insurance in this state which has or uses a name which tends to deceive or mislead as to the type of organization of the insurer.
Source:
SL 1966, ch 111, ch 3, §8 (4).