reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-41 - Voting rights of members of domestic mutual insurer.

58-5-41. Voting rights of members of domestic mutual insurer.
The bylaws of a domestic mutual insurer shall provide that each member is entitled to one vote upon each matter coming to a vote at meetings of members and that a member shall have the right to vote in person or by his written proxy. Such proxy shall be for a reasonable specified period of time subject to revocation by a member at any time by written notice to the secretary of the company.
Source:
SL 1966, ch 111, ch 16, §16 (2) (a).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-42 - Directors of domestic mutual insurer--Number, qualifications, election, terms of office, and powers.

58-5-42. Directors of domestic mutual insurer--Number, qualifications, election, terms of office, and powers.
The bylaws of a domestic mutual insurer shall provide for election of directors by the members, and the number, qualifications, terms of office, and powers of directors.
Source:
SL 1966, ch 111, ch 16, §16 (2) (b).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-43 - Officers of domestic mutual insurer--Number, designation, election, and terms of office--Powers and duties.

58-5-43. Officers of domestic mutual insurer--Number, designation, election, and terms of office--Powers and duties.
The bylaws of a domestic mutual insurer shall provide the number, designation, election, terms, and powers and duties of the respective corporate officers.
Source:
SL 1966, ch 111, ch 16, §16 (2) (d).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-44 - Funds of domestic mutual insurer--Deposit, custody, disbursement, and accounting.

58-5-44. Funds of domestic mutual insurer--Deposit, custody, disbursement, and accounting.
The bylaws of a domestic mutual insurer shall provide for deposit, custody, disbursement, and accounting of corporate funds.
Source:
SL 1966, ch 111, ch 16, §16 (2) (e).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-45 - Management of domestic mutual insurer.

58-5-45. Management of domestic mutual insurer.
The bylaws of a domestic mutual insurer shall include other provisions necessary for the management of its affairs.
Source:
SL 1966, ch 111, ch 16, §16 (2) (f).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-46 - Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds.

58-5-46. Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds.
A domestic mutual insurer shall promptly file with the director of the Division of Insurance a certified copy of its bylaws and all amendments thereto. The director at the time of filing or within thirty days thereafter shall disapprove any bylaw provision deemed by him to be unlawful, unreasonable, inadequate, unfair, or detrimental to the proper interests or protection of the insurer's members or any class thereof.
Source:
SL 1966, ch 111, ch 16, §16 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-47 - Bylaws of domestic stock insurer--Adoption, modification, and revocation.

58-5-47. Bylaws of domestic stock insurer--Adoption, modification, and revocation.
Before commencing business, the initial board of directors of a domestic stock insurer shall adopt bylaws which shall be subject to the approval by a two-thirds vote of the stockholders present in person or by proxy at the next succeeding stockholders' meeting. Stockholders shall have the power to make, modify, or revoke bylaws by a two-thirds vote of those stockholders present in person or by proxy at a stockholders' meeting.
Source:
SL 1966, ch 111, ch 16, §17 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-48 - Bylaws of domestic stock insurer subject to approval of director.

58-5-48. Bylaws of domestic stock insurer subject to approval of director.
The bylaws of a domestic stock insurer shall be subject to the approval of the director as provided in §58-5-46.
Source:
SL 1966, ch 111, ch 16, §17 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-49 - Equity securities of domestic stock insurer--Rules and regulations as to solicitation of proxies, consents, and authorities--Adoption and promulgation.

58-5-49. Equity securities of domestic stock insurer--Rules and regulations as to solicitation of proxies, consents, and authorities--Adoption and promulgation.
The director shall have authority to make rules and regulations as to solicitation by mail, or otherwise, of proxies, consents, or authorizations, in respect of any equity securities of a domestic stock insurer, with requirements designed to assure timely, accurate, and reasonably adequate information to those solicited as to the identity of those for whom the solicitation is made, purposes for which the proxies, consents, or authorizations may be used, pertinent information as to the fiscal situation of such insurer, and generally, such factual material as is conducive to helpful and informed participation in corporate affairs on the part of those solicited, and which will tend to eliminate or curtail any abuses in the use of such proxies, consents, or authorizations and such rules and regulations to be so adopted and promulgated by the director with due regard to statutes, rules and regulations in force in other jurisdictions of the United States relative to such solicitation, this to the end of reasonable uniformity to the extent feasible in regulation of the insurance industry in this respect.
Source:
SL 1966, ch 111, ch 16, §20.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-50 - Annual meetings of stockholders or members--Election of directors--Reports of officers of insurer as to affairs--Transaction of other business--Notice of meeting.

58-5-50. Annual meetings of stockholders or members--Election of directors--Reports of officers of insurer as to affairs--Transaction of other business--Notice of meeting.
Each insurer shall hold an annual meeting of its stockholders or members, to fill vacancies existing or occurring in the board of directors, receive and consider reports of the insurer's officers as to its affairs, and transact such other business as may properly be brought before it. Notice shall be given of such meeting in the manner provided in the bylaws.
Source:
SL 1966, ch 111, ch 16, §18 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-51 - Special meetings of stockholders or members--Calling by board of directors--Notice.

58-5-51. Special meetings of stockholders or members--Calling by board of directors--Notice.
Except as otherwise provided in §58-5-56, special meetings of the stockholders or members may be called at any time for any purpose by the board of directors, upon not less than ten days' notice or as provided in the bylaws. The notice shall state the purpose of the meeting, and no business shall be transacted at such meeting other than that given in the notice.
Source:
SL 1966, ch 111, ch 16, §18 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-52 - Special meetings of stockholders or members called by secretary on request of directors, stockholders, or members--Failure of secretary to issue call.

58-5-52. Special meetings of stockholders or members called by secretary on request of directors, stockholders, or members--Failure of secretary to issue call.
At any time, upon written request of not less than one-third of the directors, or of any stockholders or members holding in the aggregate one-fifth of the voting power of all stockholders or members, it shall be the duty of the secretary to call a special meeting of stockholders or members to be held at such time as the secretary may fix, not less than ten nor more than sixty days after the receipt of the request. If the secretary fails to issue such call, the directors, stockholders, or members making the request may do so.
Source:
SL 1966, ch 111, ch 16, §18 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-53 - Stockholder or member compelling board of directors to call annual meeting.

58-5-53. Stockholder or member compelling board of directors to call annual meeting.
If more than fifteen months elapse without an annual stockholders' or members' meeting, any stockholder or member may compel the board of directors to call such a meeting.
Source:
SL 1966, ch 111, ch 16, §18 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-54 - Place for holding meetings of stockholders or members--Waiver.

58-5-54. Place for holding meetings of stockholders or members--Waiver.
Meetings of stockholders or members of a domestic insurer shall be held in the municipality of its home office or principal office or place of business in this state. However, the director may waive the provisions of this section if a wholly owned subsidiary or a company is located in a small municipality without sufficient facilities to accommodate such a meeting and such subsidiary or company can demonstrate, to the director's satisfaction, a need for such waiver. The director may also waive the provisions of this section if one percent or less of the outstanding shares of stock entitled to vote are owned by South Dakota residents.
Source:
SL 1966, ch 111, ch 16, §18(1); SL 1988, ch 388; SL 1990, ch 391.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-55 - Meetings of stockholders or members--Organization for transaction of business, quorum required.

58-5-55. Meetings of stockholders or members--Organization for transaction of business, quorum required.
A stockholders' or members' meeting duly held can be organized for the transaction of business whenever a quorum is present. Unless otherwise provided in the bylaws or articles of incorporation:
(1)The presence, in person or by proxy, of the holders of not less than ten percent of the voting power of all stockholders or of all members shall constitute a quorum;
(2)The stockholders or members present at a duly organized meeting can continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders or members to leave less than a quorum;
(3)If any necessary officer fails to attend such meeting, any stockholder or member present may be elected to act temporarily in lieu of any such absent officer;
(4)In the absence of a quorum, those present may adjourn the meeting to such time as they may determine; and
(5)An annual or special meeting of stockholders or members may be adjourned to another date without a new notice being given.
Source:
SL 1966, ch 111, ch 16, §18 (6).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-56 - Amendment of articles of incorporation at meeting of stockholders or members--Notice of meeting.

58-5-56. Amendment of articles of incorporation at meeting of stockholders or members--Notice of meeting.
No meeting of stockholders or members shall amend the insurer's articles of incorporation unless such amendment to the articles of incorporation is included in the notice of such meeting, which notice must be given by mail at least thirty days prior to such meeting, to those entitled to vote, at their respective addresses appearing upon the corporate records.
Source:
SL 1966, ch 111, ch 16, §18 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-57 - Reduction of capital of stock insurer--Disapproval by director, grounds.

58-5-57. Reduction of capital of stock insurer--Disapproval by director, grounds.
If an amendment of articles of incorporation would reduce the authorized capital stock of a stock insurer below the amount thereof then outstanding, the director shall not approve the amendment if he has reason to believe that the interests of policyholders or creditors of the insurer would be materially prejudiced by such reduction.
Source:
SL 1966, ch 111, ch 16, §8 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-58 - Directors of domestic insurer--Number--Management of affairs of insurer.

58-5-58. Directors of domestic insurer--Number--Management of affairs of insurer.
The affairs of every domestic insurer shall be managed by the number of directors fixed in the insurer's bylaws, which shall not be less than five nor more than twenty-one directors.
Source:
SL 1966, ch 111, ch 16, §21 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-59 - Election of directors of domestic insurer--Qualifications.

58-5-59. Election of directors of domestic insurer--Qualifications.
Each director shall be elected from and by the members or stockholders of a domestic insurer. However, directors of a domestic insurer, which is wholly owned by one or more other corporations or other legal entities, need not be stockholders. A majority of the board of directors of a domestic insurer shall be citizens and actual bona fide residents of this state, but this requirement does not apply if the insurer is a member of an insurance holding company system and is controlled by a person who is not a resident of this state or whose principal place of business is outside this state. The provisions of this section do not apply to any insurer if in excess of one thousand persons are entitled to vote in its election of directors and a majority thereof reside outside of this state or if less than one percent of its shares outstanding are owned by residents of this state.
Source:
SL 1966, ch 111, ch 16, §21 (2); SL 1984, ch 324; SL 1985, ch 386; SL 2001, ch 270, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-60 - Directors of domestic insurer--Terms of office.

58-5-60. Directors of domestic insurer--Terms of office.
The term of a director shall extend until his successor has been elected and has qualified.
Source:
SL 1966, ch 111, ch 16, §21 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-61 - Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor.

58-5-61. Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor.
Any officer or director, or any member of any committee or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer's funds:
(1)Shall not deposit or invest such funds except in the insurer's corporate name;
(2)Shall not borrow the funds of such insurer;
(3)Shall not be pecuniarily interested in any loan, pledge of deposit, security, investments, sale, purchase, exchange, reinsurance, or other similar transaction or property of such insurer except as a stockholder or member;
(4)Shall not take or receive to his own use any fee, brokerage, commission, gift, or other consideration for or on account of any such transaction made by or on behalf of such insurer.
Violation of this section is a Class 2 misdemeanor.
Source:
SL 1966, ch 111, ch 16, §22 (1); SL 1978, ch 359, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-62 - Guarantee by insurer of any financial obligation of its officers, directors, stockholders, or members prohibited.

58-5-62. Guarantee by insurer of any financial obligation of its officers, directors, stockholders, or members prohibited.
No insurer shall guarantee any financial obligation of any of its officers, directors, stockholders, or members.
Source:
SL 1966, ch 111, ch 16, §22 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-63 - Policy holding not a prohibited pecuniary interest.

58-5-63. Policy holding not a prohibited pecuniary interest.
Sections 58-5-61 and 58-5-62 shall not prohibit such a director, officer, stockholder, or member of a committee or employee from becoming a policyholder of the insurer and enjoying the usual rights given to other policyholders.
Source:
SL 1966, ch 111, ch 16, §22 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-64 - Stock ownership not a prohibited pecuniary interest.

58-5-64. Stock ownership not a prohibited pecuniary interest.
Any of the persons referred to in §§58-5-61 to 58-5-63, inclusive, shall not be deemed pecuniarily interested in any transaction with another corporation in which such person has no pecuniary interest other than ownership of stock or other securities issued by such corporation and representing a relatively trivial interest therein.
Source:
SL 1966, ch 111, ch 16, §22 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-65 - Other permitted pecuniary interest of director, officer, or employee of insurer.

58-5-65. Other permitted pecuniary interest of director, officer, or employee of insurer.
The director of the Division of Insurance may, by regulations, define and permit additional exceptions to the prohibition contained in §58-5-61 solely to enable payment of reasonable compensation to a director, officer, or employee of the insurer, or to a corporation or firm in which a director, officer, or employee is interested, for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business and in the usual private professional or business capacity of such director, officer, employee, or such corporation or firm.
Source:
SL 1966, ch 111, ch 16, §22 (5); SL 1974, ch 309.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-66 - Compensation of officers and employees of domestic insurer.

58-5-66. Compensation of officers and employees of domestic insurer.
No officer or employee of a domestic insurer shall be compensated unreasonably and the compensation of any director or officer of such insurer shall not be calculated, directly or indirectly, as a percentage of profits, premiums collected, or insurance written by the insurer without the approval of the director of the Division of Insurance.
Source:
SL 1966, ch 111, ch 16, §23 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-67 - Pensions to officers and directors of domestic insurers.

58-5-67. Pensions to officers and directors of domestic insurers.
No domestic insurer shall grant any pension to any officer or director thereof, or to any member of his family after his death, except that such insurer may in pursuance of the terms of a retirement plan adopted by the board of directors of such insurer and approved by the director of the Division of Insurance provide for any person who is or has been a salaried officer or employee of such insurer, a pension payable at the time of his retirement by reason of age or disability, and also life insurance benefits payable at his death.
Source:
SL 1966, ch 111, ch 16, §23 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-68 - "Equity security" defined.

58-5-68. Equity security defined.
The term "equity security" when used in §§58-5-69 to 58-5-78, inclusive, means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the director of the Division of Insurance shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security.
Source:
SL 1966, ch 111, ch 16, §27 (6).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-69 - Statement of ownership of insurance company filed with director--Change of ownership, time for statement.

58-5-69. Statement of ownership of insurance company filed with director--Change of ownership, time for statement.
Every person who is directly or indirectly the beneficial owner of more than ten percent of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the director of the Division of Insurance within ten days after he becomes such beneficial owner, director, or officer, a statement, in such form as the director may prescribe, of the amount of all equity securities of such company of which he is the beneficial owner. If there has been a change in ownership during any month, such person shall file within ten days after the end of such month in the office of the director a statement, in such form as the director may prescribe, indicating his ownership at the close of the calendar month and such changes in his ownership as have occurred during such calendar month.
Source:
SL 1966, ch 111, ch 16, §27 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-70 - Short sales by insider as misdemeanor--Delivery of securities sold, when required.

58-5-70. Short sales by insider as misdemeanor--Delivery of securities sold, when required.
It shall be a Class 2 misdemeanor for any such beneficial owner, director, or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal:
(1)Does not own the security sold; or
(2)If owning the security, does not deliver it against such sale within twenty days thereafter, or does not within five days after such sale deposit it in the mails or other usual channels of transportation;
but no person shall be deemed to have violated this section if he proves that notwithstanding the exercise of good faith he was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.
Source:
SL 1966, ch 111, ch 16, §27 (3); SL 1978, ch 359, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-71 - Profits from insider security transactions accruing to company.

58-5-71. Profits from insider security transactions accruing to company.
For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such company within any period of less than six months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of such beneficial owner, director, or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months.
Source:
SL 1966, ch 111, ch 16, §27 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-72 - Suit to recover insider profits accruing to company.

58-5-72. Suit to recover insider profits accruing to company.
Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the company, or by the owner of any security of the company in the name and in behalf of the company if the company shall fail or refuse to bring such suit within sixty days after request or shall fail diligently to prosecute the same thereafter; but no such suit shall be brought more than two years after the date such profit was realized.
Source:
SL 1966, ch 111, ch 16, §27 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-73 - Exemption from insider trading restrictions.

58-5-73. Exemption from insider trading restrictions.
Sections 58-5-68 to 58-5-78, inclusive, shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction which the director of the Division of Insurance by rules and regulations may exempt as not comprehended within the purpose of said sections.
Source:
SL 1966, ch 111, ch 16, §27 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-74 - Registered and closely held securities exempt from insider trading restrictions.

58-5-74. Registered and closely held securities exempt from insider trading restrictions.
The provisions of §§58-5-69 to 58-5-73, inclusive, shall not apply to equity securities of a domestic stock insurance company if:
(1)Such securities shall be registered, or shall be required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended, or if
(2)Such domestic stock insurance company shall not have any class of its equity securities held of record by one hundred or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of §§58-5-69 to 58-5-73, inclusive, except for the provisions of this subdivision (2).
Source:
SL 1966, ch 111, ch 16, §27 (7).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-75 - Brokers and market specialists exempt from insider trading restrictions.

58-5-75. Brokers and market specialists exempt from insider trading restrictions.
The provisions of §§58-5-71 to 58-5-73, inclusive, shall not apply to any purchase and sale, or sale and purchase, and the provisions of §58-5-70 shall not apply to any sale of an equity security of a domestic stock insurance company not then or theretofore held by him in an investment account, by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market, otherwise than on an exchange as defined in the Securities Exchange Act of 1934, for such security. The director of the Division of Insurance may, by such rules and regulations as he deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
Source:
SL 1966, ch 111, ch 16, §27 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-76 - Arbitrage transactions exempt from insider trading restrictions.

58-5-76. Arbitrage transactions exempt from insider trading restrictions.
The provisions of §§58-5-69 to 58-5-73, inclusive, shall not apply to foreign or domestic arbitrage transactions unless contrary to such rules and regulations as the insurance director may adopt in order to carry out the purpose of §§58-5-68 to 58-5-78, inclusive.
Source:
SL 1966, ch 111, ch 16, §27 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-77 - Rules and regulations on insider trading.

58-5-77. Rules and regulations on insider trading.
The director of the Division of Insurance shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by §§58-5-68 to 58-5-76, inclusive, and may for such purpose classify domestic stock insurance companies, securities, and other persons or matters within his jurisdiction.
Source:
SL 1966, ch 111, ch 16, §27 (8).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-78 - Nonliability for insider trading acts in good faith in conformity with rule or regulation.

58-5-78. Nonliability for insider trading acts in good faith in conformity with rule or regulation.
No provision of §§58-5-69 to 58-5-73, inclusive, imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the insurance director, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
Source:
SL 1966, ch 111, ch 16, §27 (8).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-79 - Management of domestic insurers during national emergency--Continuity, means for facilitating.

58-5-79. Management of domestic insurers during national emergency--Continuity, means for facilitating.
The specific purpose of §§58-5-80 to 58-5-84, inclusive, is to facilitate the continued operation of all domestic insurers in the event a national emergency makes it impossible or impracticable for an insurer to conduct its business in strict accord with applicable provisions of law, its bylaws, or its charter.
Source:
SL 1966, ch 111, ch 16, §43 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-80 - Bylaws to cover management during national emergency.

58-5-80. Bylaws to cover management during national emergency.
The board of directors of any domestic insurer may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws for the insurer, which shall be operative during such a national emergency and which may, notwithstanding any different provisions of the regular bylaws, or of the applicable statutes, or of the insurer's charter, make any provision that may be reasonably necessary for the operation of the insurer during the period of such emergency.
Source:
SL 1966, ch 111, ch 16, §43 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-81 - Quorum of directors during national emergency--Filling vacancies in board.

58-5-81. Quorum of directors during national emergency--Filling vacancies in board.
In the event that the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of such a national emergency:
(1)Three directors shall constitute a quorum for the transaction of business at all meetings of the board; and
(2)Any vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director.
Source:
SL 1966, ch 111, ch 16, §43 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-82 - Vice-presidents acting as directors during national emergency--Insufficient number of vice-presidents, appointment of directors by insurance director.

58-5-82. Vice-presidents acting as directors during national emergency--Insufficient number of vice-presidents, appointment of directors by insurance director.
If there are no surviving directors, but at least three vice-presidents of the insurer survive, the three vice-presidents with the longest term of service shall be the directors and shall possess all of the powers of the previous board of directors and such powers as are granted herein or by subsequently enacted legislation. By majority vote such emergency board of directors may elect other directors. If there are not at least three surviving vice-presidents, the director of the Division of Insurance or duly designated person exercising the powers of the director shall appoint three persons as directors who shall possess all of the powers of the previous board of directors and such powers as are granted herein or by subsequently enacted legislation, and these persons by majority vote may elect other directors.
Source:
SL 1966, ch 111, ch 16, §43 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-83 - Succession to office during national emergency.

58-5-83. Succession to office during national emergency.
At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of such a national emergency and in the event of the death or incapacity of the president, the secretary or the treasurer of the insurer, such officers, or any of them, shall be succeeded in the office by the person named or described in a succession list adopted by the board of directors. Such list may be on the basis of named persons or position titles, shall establish the order of priority, and may prescribe the conditions under which the powers of the office shall be exercised.
Source:
SL 1966, ch 111, ch 16, §43 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-84 - Principal place of business during national emergency.

58-5-84. Principal place of business during national emergency.
At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of such national emergency the home office or principal place of business of the insurer shall be at such location as is named or described in the resolution. Such resolution may provide for alternate locations and establish an order of preference.
Source:
SL 1966, ch 111, ch 16, §43 (6).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-85 - Domestic insurers--Management and exclusive agency contracts, filing with and approval by director--Violation as misdemeanor.

58-5-85. Domestic insurers--Management and exclusive agency contracts, filing with and approval by director--Violation as misdemeanor.
No domestic insurer shall make or participate in any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors, or to have the controlling or preemptive right to produce substantially all insurance business for the insurer, unless the contract is filed with and approved by the director of the Division of Insurance. Violation of this section is a Class 2 misdemeanor.
Source:
SL 1966, ch 111, ch 16, §23 (1); SL 1978, ch 359, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-86 - Domestic insurer--Management and exclusive agency contracts, disapproval by director, grounds.

58-5-86. Domestic insurer--Management and exclusive agency contracts, disapproval by director, grounds.
The director shall disapprove any such contract if he finds that it:
(1)Subjects the insurer to excessive charges; or
(2)Is to extend for an unreasonable length of time; or
(3)Does not contain fair and adequate standards of performance; or
(4)Contains any provision which the director deems detrimental to the best interests of stockholders or members of the insurer.
Source:
SL 1966, ch 111, ch 16, §23 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-87 - Domestic insurer--Management and exclusive agency contracts, time for disapproval by director--Disapproval in writing, statement of grounds.

58-5-87. Domestic insurer--Management and exclusive agency contracts, time for disapproval by director--Disapproval in writing, statement of grounds.
The contract shall be deemed approved unless disapproved by the director within twenty days after date of filing, subject to such reasonable extension of time as the director may require by notice given within such twenty days. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.
Source:
SL 1966, ch 111, ch 16, §23 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-93 - Location of home office and principal place of business of domestic insurers--Records maintained.

58-5-93. Location of home office and principal place of business of domestic insurers--Records maintained.
Every domestic insurer shall have and maintain its principal place of business and home office in this state and shall keep therein complete records of its assets, transactions, and affairs in accordance with such methods and systems as are customary or suitable as to the kinds of insurance transacted. The provisions of this section requiring that a domestic insurer maintain its principal place of business and home office in this state do not apply to the sale of a wholly owned subsidiary of a domestic insurer whose net worth does not represent more than seven percent of its parent company's assets.
Source:
SL 1966, ch 111, ch 16, §24 (1); SL 1985, ch 387.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-94 - Assets of domestic insurer to be maintained in state--Exceptions.

58-5-94. Assets of domestic insurer to be maintained in state--Exceptions.
Every domestic insurer shall have and maintain its assets in this state, except as to:
(1)Real property and personal property appurtenant thereto lawfully owned by the insurer and located outside this state; and
(2)Such property of the insurer as may be customary, necessary, and convenient to enable and facilitate the operation of its branch offices and "regional home offices" located outside this state as referred to in §58-5-97.
Source:
SL 1966, ch 111, ch 16, §24 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-95 - Director's consent required for removal of records or assets from state--Unauthorized removal or concealment as felony.

58-5-95. Director's consent required for removal of records or assets from state--Unauthorized removal or concealment as felony.
Removal of all or a material part of the records or assets of a domestic insurer from this state except pursuant to a plan of merger or consolidation approved by the director under this title, or for such reasonable purposes and periods of time as may be approved by the director in writing in advance of such removal, or concealment of such records or assets or material part thereof from the director, is prohibited. Any person who removes or attempts to remove such records or assets or such material part thereof from the home office or other place of business or of safekeeping of the insurer in this state with the intent to remove the same from this state, or who conceals or attempts to conceal the same from the director, in violation of this section, is guilty of a Class 5 felony.
Source:
SL 1966, ch 111, ch 16, §24 (3); SL 1978, ch 359, §4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-96 - Delinquency proceedings by director for removal or attempted removal of records or assets of domestic insurer.

58-5-96. Delinquency proceedings by director for removal or attempted removal of records or assets of domestic insurer.
Upon any removal or attempted removal of such records or assets or upon retention of such records or assets or material part thereof outside this state, beyond the period therefor specified in the director's consent under which the records were so removed thereat, or upon concealment of or attempt to conceal records or assets in violation of §58-5-95, the director may institute delinquency proceedings against the insurer pursuant to the provisions of chapter 58-29B.
Source:
SL 1966, ch 111, ch 16, §24 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-97 - Branch offices established by domestic insurer--Transmission of funds outside state--Deposits under custodial arrangements.

58-5-97. Branch offices established by domestic insurer--Transmission of funds outside state--Deposits under custodial arrangements.
Sections 58-5-93 to 58-5-96, inclusive, shall not be deemed to prohibit or prevent an insurer from:
(1)Establishing and maintaining branch offices or "regional home offices" in other states where necessary or convenient to the transaction of its business and keeping therein the detailed records and assets customary and necessary for the servicing of its insurance in the territory served by such an office, as long as such records and assets are made available for examination by the director of the Division of Insurance at his request;
(2)Having, depositing, or transmitting funds and assets of the insurer in or to jurisdictions outside of this state as reasonably and customarily required in the regular course of its business; and
(3)Making deposits under custodial arrangements as provided by §§58-7-18 to 58-7-25, inclusive.
Source:
SL 1966, ch 111, ch 16, §24 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-98 - Prior maintenance by domestic insurer of branch or regional place of business or home office outside state not invalidated.

58-5-98. Prior maintenance by domestic insurer of branch or regional place of business or home office outside state not invalidated.
Nothing in §§58-5-93 to 58-5-96, inclusive, shall invalidate continued maintenance by any domestic insurer of branch or regional places of business or home offices established outside this state prior to July 1, 1959, or business practices in connection therewith established prior to July 1, 1959.
Source:
SL 1966, ch 111, ch 16, §24 (5); SL 1967, ch 134; SL 1982, ch 110, §5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-99 - "Reciprocating state" defined.

58-5-99. Reciprocating state defined.
A "reciprocating" state, as used in §§58-5-100 to 58-5-103, inclusive, is one under the laws of which limitations similar to those contained in said sections are imposed upon and enforced against insurers domiciled in that state.
Source:
SL 1966, ch 111, ch 16, §28 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-100 - Solicitation by domestic insurer in reciprocating state in which it has no license prohibited.

58-5-100. Solicitation by domestic insurer in reciprocating state in which it has no license prohibited.
No domestic insurer or insurance producer thereof may knowingly solicit insurance business in any reciprocating state in which it is not then licensed as an authorized insurer.
Source:
SL 1966, ch 111, ch 16, §28 (1); SL 2001, ch 286, §70.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-101 - Advertising through publications and broadcasts originating outside reciprocating state not prohibited.

58-5-101. Advertising through publications and broadcasts originating outside reciprocating state not prohibited.
Section 58-5-100 shall not prohibit advertising through publication and radio, television, and other broadcasts originating outside such reciprocating state, provided such advertising is not specifically directed to residents of such reciprocating state.
Source:
SL 1966, ch 111, ch 16, §28 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-102 - Insurance in reciprocating state under contracts issued in state in which licensed not prohibited--Policies issued as an unauthorized insurer permitted under laws of reciprocating state not prohibited.

58-5-102. Insurance in reciprocating state under contracts issued in state in which licensed not prohibited--Policies issued as an unauthorized insurer permitted under laws of reciprocating state not prohibited.
Section 58-5-100 shall not prohibit insurance covering persons or risks located in a reciprocating state under contracts solicited and issued in states in which the insurer is then licensed, nor shall it prohibit insurance policies issued by the insurer as an unauthorized insurer if permitted in accordance with the laws of the reciprocating state.
Source:
SL 1966, ch 111, ch 16, §28 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-103 - Suspension or revocation of certificate of authority for violation by domestic insurer.

58-5-103. Suspension or revocation of certificate of authority for violation by domestic insurer.
The director of the Division of Insurance shall, after a hearing, suspend or revoke the certificate of authority of a domestic insurer found by him to have violated §58-5-100.
Source:
SL 1966, ch 111, ch 16, §28 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-104 - Participating policies--Issuance authorized by articles of domestic insurer--Nondiscrimination between policyholders.

58-5-104. Participating policies--Issuance authorized by articles of domestic insurer--Nondiscrimination between policyholders.
If provided in its articles of incorporation, a domestic insurer may issue and classify policies with or without participation in profits, savings, or unabsorbed portions of premiums and determine the right to participate and the extent of participation of any class or classes of policies. Any such classification or determination shall be reasonable, and shall not discriminate between policyholders within the same classification. A life insurer may issue both participating and nonparticipating policies only if the right or absence of right to participate is reasonably related to the premium charged.
Source:
SL 1966, ch 111, ch 16, §32 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 05 - Organization And General Powers Of Insurers › Section 58-5-105 - Continued issuance of participating policies without authorization in articles.

58-5-105. Continued issuance of participating policies without authorization in articles.
Any domestic insurer which, prior to July 1, 1966, had been issuing all or part of its policies on a participating basis without authorization in its articles of incorporation, may continue to issue such policies.
Source:
SL 1966, ch 111, ch 16, §32 (1).