reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-47 - Extinguishment of contingent liability of all subscribers required for authorization of nonassessable policies.

58-34-47. Extinguishment of contingent liability of all subscribers required for authorization of nonassessable policies.
The director shall not authorize a domestic reciprocal insurer so to extinguish the contingent liability of any of its subscribers or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its subscribers and in all such policies for all kinds of insurance transacted by it. Except, that if required by the laws of another state in which the insurer is transacting insurance as an authorized insurer, the insurer may issue policies providing for the contingent liability of such of its subscribers as may acquire such policies in such state, and need not extinguish the contingent liability applicable to policies theretofore in force in such state.
Source:
SL 1966, ch 111, ch 19, §26 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-48 - Impairment of surplus required for nonassessable policies--Revocation of extinguishment authority.

58-34-48. Impairment of surplus required for nonassessable policies--Revocation of extinguishment authority.
Upon impairment of the surplus required by §58-34-46, the director shall forthwith revoke the certificate of authority to extinguish the contingent liability of subscribers. Such revocation shall not render subject to contingent liability any policy then in force and for the remainder of the period for which the premium has theretofore been paid; but after such revocation no policy shall be issued or renewed without providing for contingent assessment liability of the subscriber.
Source:
SL 1966, ch 111, ch 19, §26 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-49 - Savings--Distribution to subscribers.

58-34-49. Savings--Distribution to subscribers.
A reciprocal insurer may from time to time return to its subscribers any unused premiums, savings, or credits accruing to their accounts. Any such distribution shall not unfairly discriminate between classes of risks, or policies, or between subscribers, but this shall not prevent retrospective rating, nor distribution on a retrospective plan nor distribution varying as to classes of subscribers based on the experience of such subscribers.
Source:
SL 1966, ch 111, ch 19, §27.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-50 - Liquidation--Distribution of remaining assets to subscribers.

58-34-50. Liquidation--Distribution of remaining assets to subscribers.
Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in §58-34-34, and the return of any unused premium, savings, or credits then standing on subscribers' accounts, shall be distributed to its subscribers who were such within the twelve months prior to the last termination of its certificate of authority, according to such formula as the director may approve.
Source:
SL 1966, ch 111, ch 19, §28.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-51 - Annual statement of insurer--Filing.

58-34-51. Annual statement of insurer--Filing.
The annual statement of a reciprocal insurer shall be made and filed by its attorney.
Source:
SL 1966, ch 111, ch 19, §17 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-52 - Annual statement--Supplemental information required by director.

58-34-52. Annual statement--Supplemental information required by director.
The annual statement of a reciprocal insurer shall be supplemented by such information as may be required by the director relative to the affairs and transactions of the attorney in so far as they relate to the reciprocal insurer.
Source:
SL 1966, ch 111, ch 19, §17 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-53 - Determination of financial condition--Rules applied by director.

58-34-53. Determination of financial condition--Rules applied by director.
In determining the financial condition of a reciprocal insurer the director shall apply the rules set forth in §§58-34-54 to 58-34-60, inclusive.
Source:
SL 1966, ch 111, ch 19, §18.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-55 - Surplus deposits--Allowance as assets.

58-34-55. Surplus deposits--Allowance as assets.
The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits delinquent for ninety days shall first be charged against such surplus deposit.
Source:
SL 1966, ch 111, ch 19, §18 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-56 - Uncollected assessments not allowed as assets.

58-34-56. Uncollected assessments not allowed as assets.
An assessment levied upon subscribers, and not collected, shall not be allowed as an asset.
Source:
SL 1966, ch 111, ch 19, §18 (5).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-57 - Contingent liability of subscribers not allowed as asset.

58-34-57. Contingent liability of subscribers not allowed as asset.
The contingent liability of subscribers shall not be allowed as an asset.
Source:
SL 1966, ch 111, ch 19, §18 (6).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-58 - Reserves charged as liabilities.

58-34-58. Reserves charged as liabilities.
The director shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis.
Source:
SL 1966, ch 111, ch 19, §18 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-59 - Computation of reserves.

58-34-59. Computation of reserves.
The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for expenses and the compensation of the attorney.
Source:
SL 1966, ch 111, ch 19, §18 (7).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-60 - Surplus deposits of subscribers not a liability.

58-34-60. Surplus deposits of subscribers not a liability.
The surplus deposits of subscribers shall not be charged as a liability.
Source:
SL 1966, ch 111, ch 19, §18 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-61 - Merger or conversion prohibited.

58-34-61. Merger or conversion prohibited.
A domestic reciprocal insurer shall not merge with another reciprocal insurer or be converted to a stock or mutual insurer.
Source:
SL 1966, ch 111, ch 19, §29.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-62 - Impairment of surplus--Deficiency to be made up.

58-34-62. Impairment of surplus--Deficiency to be made up.
If the assets of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall forthwith make up the deficiency or levy an assessment upon the subscribers for the amount needed to make up the deficiency; but subject to the limitation set forth in the power of attorney or policy.
Source:
SL 1966, ch 111, ch 19, §30 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-63 - Failure to make up deficiency--Insurer deemed insolvent.

58-34-63. Failure to make up deficiency--Insurer deemed insolvent.
If the attorney fails to make up the deficiency described in §58-34-62 or to make the assessment within thirty days after the director orders him to do so, or if the deficiency is not fully made up within sixty days after the date the assessment was made, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this title.
Source:
SL 1966, ch 111, ch 19, §30 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 34 - Reciprocal Insurers › Section 58-34-64 - Liquidation of insurer ordered--Levy of assessment against subscribers.

58-34-64. Liquidation of insurer ordered--Levy of assessment against subscribers.
If liquidation of a reciprocal insurer is ordered, an assessment shall be levied upon the subscribers for such an amount, subject to limits as provided by this chapter, as the director determines to be necessary to discharge all liabilities of the insurer, exclusive of any funds contributed by the attorney or other persons, but including the reasonable cost of the liquidation.
Source:
SL 1966, ch 111, ch 19, §30 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-1 - Application of chapter.

58-35-1. Application of chapter.
This chapter applies to:
(1)All domestic mutual hail, fire, and other casualty insurers of farm property and stock and rural buildings formed before July 1, 1966, and immediately prior to said date lawfully transacting business under sections 31.2701 through 31.2812, 31.2918, 31.3001 through 31.3010, and amendments thereto, of the South Dakota Code of 1939; and
(2)All insurers formed after June 30, 1966, under this chapter.
Source:
SL 1966, ch 111, ch 17, §1 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-2 - Farm mutual insurers subject to chapter.

58-35-2. Farm mutual insurers subject to chapter.
All insurers described in §58-35-1 may be referred to as "farm mutual insurers."
Source:
SL 1966, ch 111, ch 17, §1 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-3 - "State mutual insurer" defined.

58-35-3. State mutual insurer defined.
An insurer authorized to insure property throughout the state, but including personal property temporarily removed therefrom, is a "state mutual insurer."
Source:
SL 1966, ch 111, ch 17, §2 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-4 - "County mutual insurer" defined--Continuation of prior business in noncontiguous counties.

58-35-4. County mutual insurer defined--Continuation of prior business in noncontiguous counties permitted--Exceptions.
An insurer authorized to insure only property located in the county of its principal office and in those counties contiguous to the county of its principal office in this state, but including personal property temporarily removed therefrom, is a "county mutual insurer." However, those county farm mutuals insuring property located in noncontiguous counties as of August 25, 1978, may continue to insure property located in those noncontiguous counties served as of August 25, 1978, upon registration prior to January 1, 1980, with the director. The director of the Division of Insurance may permit a county farm mutual which otherwise does not meet the requirements of this section to insure property located in counties which would be considered noncontiguous to its home office subsequent to August 25, 1978, if, after a hearing, he finds that the violation of this section occurs because of a merger or consolidation consummated subsequent to August 25, 1978, as a result of bona fide negotiations begun prior to August 25, 1978, provided that the hearing is held prior to January 1, 1980.
Source:
SL 1966, ch 111, ch 17, §2 (2); SL 1979, ch 341, §22.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-5 - Incorporators--Number and property ownership required for state mutual insurer.

58-35-5. Incorporators--Number and property ownership required for state mutual insurer.
One hundred or more individuals residing in this state, each of whom is at least twenty-one years of age, who collectively own farm property as referred to in §58-35-29 valued at not less than five hundred thousand dollars which they desire to insure, and each of whom owns farm or ranch land situated in this state valued at not less than five thousand dollars, may incorporate as a state mutual insurer.
Source:
SL 1966, ch 111, ch 17, §7 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-6 - Incorporators--Number and property ownership required for county mutual insurer.

58-35-6. Incorporators--Number and property ownership required for county mutual insurer.
Twenty-five or more individuals residing in this state, each of whom is an adult and owns farm or ranch land valued at not less than five thousand dollars located in the county of the principal office of the proposed insurer, or any county contiguous to the county of the principal office and who collectively own, in such counties, farm property referred to in §58-35-29 valued at not less than one hundred twenty-five thousand dollars which they desire to insure, may incorporate as a county mutual insurer.
Source:
SL 1966, ch 111, ch 17, §7 (2); SL 1979, ch 341, §23.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-7 - Declaration of intent to incorporate, filing--Proposed articles of incorporation, execution.

58-35-7. Declaration of intent to incorporate, filing--Proposed articles of incorporation, execution.
The individuals proposing to form a farm mutual insurer as referred to in §58-35-5 or 58-35-6 shall file with the director:
(1)A declaration of their intention to form such a corporation signed by at least one hundred incorporators if a proposed state mutual insurer, or by at least twenty-five incorporators if a proposed county mutual insurer; and
(2)The original and two copies with original signatures of the proposed articles of incorporation signed by three or more of the incorporators and notarized.
Source:
SL 1966, ch 111, ch 17, §8 (1); SL 1993, ch 369, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-8 - Articles of incorporation--Contents.

58-35-8. Articles of incorporation--Contents.
The articles of incorporation required by §58-35-7 shall state:
(1)The name of the corporation, which shall include the words "farm mutual" and if a county mutual insurer the name of the county of its principal place of business;
(2)If a county mutual insurer, the name of the counties in which the corporation intends to do business and the address of its principal business office;
(3)If a state mutual insurer, the location of its principal business office, which must be located in this state;
(4)The purposes for which the corporation is formed;
(5)If it will transact business on a cash premium plan or an assessment plan;
(6)The duration of its existence, which may be perpetual;
(7)The number of its directors, which shall be not less than five nor more than eleven; the names and addresses of the persons constituting the initial board of directors who shall serve until the first annual meeting of the members, and until their successors are elected and qualified; and
(8)The names, residences and addresses of the incorporators and the value of their property desired to be insured.
Source:
SL 1966, ch 111, ch 17, §8 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-9 - Fee for filing articles of incorporation.

58-35-9. Fee for filing articles of incorporation.
At the time of filing the proposed articles of incorporation, the incorporators shall submit a fee of twenty-five dollars payable to the division and the applicable filing fee payable to the secretary of state.
Source:
SL 1966, ch 111, ch 17, §8 (3); SL 1993, ch 369, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-10 - Articles of incorporation--Approval and endorsement by attorney general.

58-35-10. Articles of incorporation--Approval and endorsement by attorney general.
After the director approves the articles of incorporation, he shall submit the proposed articles of incorporation to the attorney general for examination. If the attorney general finds that the articles comply with the provisions of this chapter, and the Constitution and laws of the United States and of this state, he shall endorse his approval thereon and return the proposed articles to the director. The director shall submit the original and two copies to the secretary of state for approval. If the secretary of state finds that the articles of incorporation comply with the corporate laws, he shall endorse his approval thereon, retain the original and return a copy to the incorporators and a copy to the division.
Source:
SL 1966, ch 111, ch 17, §9 (1); SL 1993, ch 369, §3.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-11 - Misleading name of proposed corporation--Rejection by director.

58-35-11. Misleading name of proposed corporation--Rejection by director.
If the director deems the name of the proposed corporation to be so similar to one already appropriated by another company as to be likely to mislead the public, he shall reject the name applied for and shall notify the incorporators thereof.
Source:
SL 1966, ch 111, ch 17, §9 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-13 - Transaction of business without certificate of authority as misdemeanor.

58-35-13. Transaction of business without certificate of authority as misdemeanor.
The corporation shall not transact business as an insurer until it has received a certificate of authority as provided in this chapter. Violation of this section is a Class 2 misdemeanor.
Source:
SL 1966, ch 111, ch 17, §9 (4); SL 1978, ch 359, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-14 - Amendment of articles of incorporation.

58-35-14. Amendment of articles of incorporation.
A farm mutual insurer may, by a two-thirds vote of those present in person or, if authorized by the bylaws, by proxy, at any annual meeting, or at any special meeting of members called for that purpose, amend its articles of incorporation to extend its corporate existence or in any particular within the scope of this chapter, by causing amended articles to be filed in the same form and manner as required for original articles of incorporation. The amended articles of incorporation shall be signed only by the president and secretary of the corporation. Notice of the proposed amendment, or a summary of the changes to be effected thereby, shall be contained in the notice given of such annual or special meeting, and any number of amendments may be submitted to the members, and voted upon by them, at one meeting.
Source:
SL 1966, ch 111, ch 17, §10; SL 1967, ch 129, §4.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-15 - Qualifications of state mutual insurer for certificate of authority.

58-35-15. Qualifications of state mutual insurer for certificate of authority.
When applying for an original certificate of authority, a state mutual insurer must be otherwise qualified therefor under this title, and it must have received acceptable applications from one hundred persons, each for substantial insurance, aggregating at least five hundred thousand dollars; and such applicants must have given to the insurer the obligations referred to in §58-35-41, or paid the premium required, subject to the insurer qualifying to transact insurance.
Source:
SL 1966, ch 111, ch 17, §11 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-16 - Qualifications of county mutual insurer for certificate of authority.

58-35-16. Qualifications of county mutual insurer for certificate of authority.
When applying for an original certificate of authority, a county mutual insurer must be otherwise qualified therefor under this title, and it must have received acceptable applications from twenty-five persons for substantial insurance, aggregating at least one hundred thousand dollars; and such applicants must have given to the insurer the obligations referred to in §58-35-41, or paid the premium required, subject to the insurer qualifying to transact insurance.
Source:
SL 1966, ch 111, ch 17, §11 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-17 - Certificate of authority to insure against hail--Required qualifications to obtain.

58-35-17. Certificate of authority to insure against hail--Required qualifications to obtain.
When applying for an original certificate of authority to insure growing crops against loss by hail, the insurer must be otherwise qualified therefor under this title, and it must have received applications for such insurance from not less than one hundred persons owning in the aggregate not less than five thousand acres of grain; and each such applicant must have given to the insurer the obligations referred to in §58-35-41, or paid the premium required subject to the insurer qualifying to transact insurance.
Source:
SL 1966, ch 111, ch 17, §11 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-18 - Issuance of certificate of authority--Continuation--Termination.

58-35-18. Issuance of certificate of authority--Continuation--Termination.
Upon application, the director shall issue such a certificate of authority to every insurer qualified therefor under this chapter. The certificate of authority shall continue, unless revoked or otherwise terminated.
Source:
SL 1966, ch 111, ch 17, §12 (1); SL 2004, ch 297, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-19 - Fees for certificate of authority.

58-35-19. Fees for certificate of authority.
The insurer shall pay to the director the fees specified in §58-2-29 for each issuance and renewal of its certificate of authority.
Source:
SL 1966, ch 111, ch 17, §12 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-20 - Suspension or revocation of certificate of authority--Grounds.

58-35-20. Suspension or revocation of certificate of authority--Grounds.
A certificate of authority shall be subject to suspension or revocation by the director for violation of or noncompliance with any law of this state.
Source:
SL 1966, ch 111, ch 17, §12 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-21 - Bylaws--Making and approval--Modification.

58-35-21. Bylaws--Making and approval--Modification.
The initial board of directors of a farm mutual insurer shall adopt such bylaws as may be deemed necessary for the management of its affairs. The bylaws shall be subject to the approval of the insurer's members at their next succeeding meeting by a two-thirds vote of those present in person or, if authorized by the bylaws, by proxy. The members shall otherwise have the power to make, modify, and revoke bylaws.
Source:
SL 1966, ch 111, ch 17, §13.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-22 - Contents of bylaws.

58-35-22. Contents of bylaws.
The bylaws of a farm mutual insurer shall provide:
(1)The extent of liability of each member for payment of the expenses and losses of the insurer;
(2)The time when obligations of members for losses and expenses become due;
(3)The terms of office of the directors; at least part of the directors shall be elected at each annual meeting of members, and the term of any director shall not be longer than three years;
(4)The date of the annual meeting of the members. Each member shall be permitted to cast at least one vote, either in person or, if authorized by the bylaws, by proxy, for each director to be elected and upon any other matter;
(5)The method of selecting directors in event of resignation, disability, or death; and
(6)The method of giving notice of annual and special meetings of members.
Source:
SL 1966, ch 111, ch 17, §14 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-23 - Filing of bylaws--Disapproval by director.

58-35-23. Filing of bylaws--Disapproval by director.
The insurer shall promptly file with the director two certified copies of its bylaws and all amendments thereto. The director at the time of filing or at any time thereafter may 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 17, §14 (2); SL 1993, ch 369, §5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-24 - Minimum number of members.

58-35-24. Minimum number of members.
The total membership of the insurer shall at all times be not less than the number of persons required by §58-35-5 or 58-35-6 to incorporate such an insurer.
Source:
SL 1966, ch 111, ch 17, §15.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-25 - Directors--Election--Term of office.

58-35-25. Directors--Election--Term of office.
Directors of a farm mutual insurer shall be elected by its members by ballot for terms not to exceed three years, and shall hold office until their respective successors are elected and qualified.
Source:
SL 1966, ch 111, ch 17, §18 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-26 - Qualification of directors.

58-35-26. Qualification of directors.
No individual shall serve as a director of a farm mutual insurer unless a member of the insurer.
Source:
SL 1966, ch 111, ch 17, §18 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-27 - Officers--Election--Term of office.

58-35-27. Officers--Election--Term of office.
The board of directors of an insurer shall elect from their number a president and vice-president. The board shall also elect a secretary and treasurer or a secretary-treasurer of the insurer. Officers shall hold their offices for one year, and until their successors are elected and qualified.
Source:
SL 1966, ch 111, ch 17, §19.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-28 - Bonds of treasurer and secretary.

58-35-28. Bonds of treasurer and secretary.
The treasurer and secretary of an insurer shall each give bond to the insurer for the faithful performance of his duties, in such amount as is designated by the board of directors. Any such bond shall be issued by an authorized corporate surety.
Source:
SL 1966, ch 111, ch 17, §20.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-29 - Property insurable by farm mutual.

58-35-29. Property insurable by farm mutual.
A farm mutual insurer shall only insure the following described property against loss or damage by fire or other casualty:
(1)Farm dwellings and buildings, including the usual contents therein, livestock, farm machinery, growing crops, and other forms of farm property;
(2)Dwellings designed for occupancy by not over two families, including the usual contents thereof, and private structures;
(3)Churches, schools, and community buildings including the usual contents thereof;
(4)The usual and customary possessions of the occupants of multi-family dwellings; and
(5)Personal property used in a solely-owned business activity conducted on the insured premises, including property held for resale if the insured property is covered by reinsurance.
For purposes of this chapter any policy written by a farm mutual insurer is considered a personal lines policy.
Source:
SL 1966, ch 111, ch 17, §3 (1); SL 1979, ch 341, §24; SL 1992, ch 60, §2; SL 1993, ch 370, §1; SL 2004, ch 297, §3.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-29.1 - Living expenses and fire department service charges incidental to casualty insurance.

58-35-29.1. Living expenses and fire department service charges incidental to casualty insurance.
A farm mutual insurer may, in connection with policies covering property insured under §58-35-29, afford coverage for additional expenses or loss of use resulting from fire or other casualty rendering the insured property unusable, and coverage for an insured's liability, assumed by contract or agreement, for fire department service charges.
Source:
SL 1972, ch 267; SL 1993, ch 370, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-30 - Insurance of property not owned by member or spouse prohibited--Exceptions.

58-35-30. Insurance of property not owned by member or spouse prohibited--Exceptions.
No insurer may insure any property not owned by a member or by his spouse except for the following:
(1)Property described in subdivision 58-35-29(3); and
(2)Personal property in the care, custody, and control of a member or his spouse.
Source:
SL 1966, ch 111, ch 17, §3 (2); SL 1992, ch 356.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-32 - Insurance on churches, schools, and community buildings.

58-35-32. Insurance on churches, schools, and community buildings.
No contract of insurance covering any church, school, or community building referred to in §58-35-29 shall be invalid because any director or officer of the insurer was or is a trustee, director, agent, custodian, or manager or in any way in control, supervision, or management of any or all of the property so insured.
Source:
SL 1966, ch 111, ch 17, §29.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-32.1 - Liability insurance issued by state insurers--Medical and disability benefits--Snowmobiles.

58-35-32.1. Liability insurance issued by state insurers--Medical and disability benefits--Snowmobiles.
A state mutual insurer may issue policies of insurance insuring against legal liability for the death, injury, or disability of any human being, or for damage to property, excluding liability, loss, or expense resulting from or incidental to the ownership, maintenance, or use of aircraft or motor vehicles normally operated, intended to be operated, or designed primarily for use upon highways, roads, or streets; and provision may be included in such policies for medical, hospital, surgical, and disability benefits to injured persons and funeral and death benefits to dependents, beneficiaries, or personal representatives of persons killed, irrespective of legal liability of the insured, when issued as incidental coverage with or supplemental to such liability insurance. A state mutual insurer may insure snowmobiles whether used on or off premises, but the insurance covering off premises usage shall comply with chapter 32-35 and must be offered at a limit specified in a separately written and approved endorsement or policy.
Source:
SL 1970, ch 272; SL 1991, ch 406.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-33 - Withdrawal from membership--Surrender of policy for cancellation--Payment of obligations.

58-35-33. Withdrawal from membership--Surrender of policy for cancellation--Payment of obligations.
Any member of an insurer may withdraw therefrom by surrendering his policy to the insurer for cancellation and paying all obligations then owing by him to the insurer.
Source:
SL 1966, ch 111, ch 17, §17 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-35 - Maximum amount of insurance on single risk.

58-35-35. Maximum amount of insurance on single risk.
The maximum amount of insurance which an insurer shall retain on a single risk, after deduction of applicable reinsurance, shall not exceed ten percent of the admitted assets of the insurer or ten thousand dollars, whichever is the larger amount.
Source:
SL 1966, ch 111, ch 17, §4 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-36 - "Single risk" defined.

58-35-36. Single risk defined.
For the purposes of §58-35-35, a "single risk" as to insurance against fire and hazards other than windstorm, earthquake, or other catastrophic perils, includes all properties insured by the same insurer which are reasonably susceptible to loss or damage from the same fire or the same occurrence of such other hazard insured against.
Source:
SL 1966, ch 111, ch 17, §4 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-37 - Cash premium or assessment plan for transacting business.

58-35-37. Cash premium or assessment plan for transacting business.
An insurer may transact business on either a cash premium plan or on an assessment plan as provided for in its articles of incorporation or bylaws.
Source:
SL 1966, ch 111, ch 17, §6 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-38 - Cash premium plan--Collection of premiums.

58-35-38. Cash premium plan--Collection of premiums.
If transacting business on the cash premium plan, the insurer shall collect from each member before or at the effective date of the member's insurance the premium in such amount as the insurer deems will be adequate to cover losses and expenses incurred during the term of such insurance, or for a period of one year from the inception date of the policy, if same be written for a longer period than one year.
Source:
SL 1966, ch 111, ch 17, §6 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-39 - Cash premium plan--Special assessment in case of inadequacy.

58-35-39. Cash premium plan--Special assessment in case of inadequacy.
An insurer transacting business on the cash premium plan shall provide in its bylaws and policies for special assessment of its members if the cash premium charged is found to be inadequate to pay losses and expenses currently incurred. The bylaws shall provide that the amount which can be so assessed in any one policy year shall not be less than one nor more than six times the premium charged on each member's policy at the annual rate for a term of one year.
Source:
SL 1966, ch 111, ch 17, §6 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-40 - Assessment plan insurance--Levy of assessments before or after liability incurred--Collection of initial amount before effective date of insurance.

58-35-40. Assessment plan insurance--Levy of assessments before or after liability incurred--Collection of initial amount before effective date of insurance.
If transacting business on the assessment plan, the insurer will depend for the payment of losses and expenses principally upon assessments levied upon members either before or after such losses or expenses have been incurred. This provision shall not be construed to prevent any such insurer from collecting from each member such initial amount as it may deem proper on or before the effective date of the member's insurance; nor to prohibit the accumulation of surplus or unallocated funds.
Source:
SL 1966, ch 111, ch 17, §6 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-41 - Application for insurance to be in writing--Advance cash payments.

58-35-41. Application for insurance to be in writing--Advance cash payments.
An insurer shall require a written application from each person desiring insurance. If the insurer is transacting business on the assessment plan, the applicant shall at the time of application give his obligation to the insurer for the payment of losses and expenses as provided in the insurer's bylaws, and make such advance payment in cash as the insurer may require.
Source:
SL 1966, ch 111, ch 17, §26.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-42 - Application and policy forms filed with director--Disapproval.

58-35-42. Application and policy forms filed with director--Disapproval.
All forms of application for insurance and of policies proposed to be used by an insurer shall be filed with the director at least thirty days in advance of any such use. The director shall disapprove any such form found by him to be unlawful, illegible, or misleading. An insurer shall not use any such form after it has received the director's notice of disapproval setting forth the reasons therefor.
Source:
SL 1966, ch 111, ch 17, §27.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-43 - Rates--Filing with director not required--Discrimination prohibited.

58-35-43. Rates--Filing with director not required--Discrimination prohibited.
A farm mutual insurer is not required to file any of its insurance rates with the director. No such rate shall discriminate between subjects of insurance having substantially the same insuring, exposure, and underwriting characteristics.
Source:
SL 1966, ch 111, ch 17, §28.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-44 - Reinsurance.

58-35-44. Reinsurance.
A farm mutual insurer may cede reinsurance to any other farm mutual insurer authorized to insure the risks ceded and to other authorized property insurers or reinsurers, and may accept reinsurance from other farm mutual insurers. A farm mutual insurer may also reinsure with a reinsurer authorized pursuant to chapter 58-14.
Source:
SL 1966, ch 111, ch 17, §5; SL 1993, ch 371.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-45 - Reinsurance corporation formed by insurers--Procedure.

58-35-45. Reinsurance corporation formed by insurers--Procedure.
Any number, not less than five, of farm mutual insurers organized under this chapter may form a corporation for the purpose of reinsuring the risks of the members, on the mutual plan. The insurers proposing to form such reinsurance company shall file with the director a declaration of their intention to form such a corporation, together with proposed articles of incorporation, substantially in the manner and form provided by §§58-35-7 to 58-35-9, inclusive, which proposed articles of incorporation, and amendments thereof, shall be treated substantially in the manner and form provided by §§58-35-10 to 58-35-14, inclusive. The bylaws of such reinsurance company shall contain provisions for the government of such company and the conduct of its business substantially in the manner and form provided by §§58-35-22 and 58-35-23.
Source:
SL 1966, ch 111, ch 17, §32; SL 1976, ch 318.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-46 - Risk limitation inapplicable to organization of county mutual insurers for reinsurance purposes.

58-35-46. Risk limitation inapplicable to organization of county mutual insurers for reinsurance purposes.
The risk limitations set forth in §§58-35-35 and 58-35-36 shall not apply to reinsurance companies formed under §58-35-45. All reinsurance contracts of such reinsurer shall be submitted to the director for his approval, and he shall disapprove any reinsurance contracts which he finds would be contrary to the interests of the policyholders of the ceding insurers.
Source:
SL 1966, ch 111, ch 17, §32.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-48 - Funds expended for educational purposes--Maximum amount--Statement in annual report.

58-35-48. Funds expended for educational purposes--Maximum amount--Statement in annual report.
An insurer may spend earnings of the preceding year for educational purposes. A complete and itemized report of such expenditures shall be filed by the insurer as part of its annual report required under §58-35-54.
Source:
SL 1966, ch 111, ch 17, §24; SL 1993, ch 373.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-49 - Claim for loss--Notice in writing--Arbitration.

58-35-49. Claim for loss--Notice in writing--Arbitration.
Every member who shall sustain loss or damage for which the company is liable, shall immediately notify in writing the secretary, or in his absence the president, of the company specifying the property destroyed or damaged and the time and cause thereof. The secretary, or in his absence the president, of the company shall forthwith inspect and adjust the loss or cause it to be inspected and adjusted in such manner as may be provided by the bylaws. In case of the inability of the parties to agree upon the amount of such loss or damage, the claimant and the company shall each choose a disinterested party who shall constitute a board of arbitration to settle such loss, and in case the arbitrators cannot agree they shall choose a third person to act with them and such board of arbitration shall have power to administer oaths, examine witnesses, and determine all matters in dispute and the decision of such board shall be final unless an interested party thereto appeals to a court within sixty days thereafter.
Source:
SL 1966, ch 111, ch 17, §30.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-50 - Directors' and officers' liability for failure to pay claims.

58-35-50. Directors' and officers' liability for failure to pay claims.
The directors or officers of an insurer are liable in their individual capacity to the person sustaining an insured loss, if they willfully refuse or neglect to make an assessment and collect the obligations owing to the insurer in accordance with the provisions of this chapter.
Source:
SL 1966, ch 111, ch 17, §31.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-54 - Annual statement of affairs--Contents and filing.

58-35-54. Annual statement of affairs--Contents and filing.
The president and secretary of every insurer, on or before the first day of March of each year, shall prepare, affirm under oath, affix the corporate seal thereto, and file with the director, on forms furnished by the director, an annual statement as of December thirty-first of the preceding calendar year including:
(1)The names of the president and secretary;
(2)The date of the annual meeting;
(3)The amount of insurance in force;
(4)The number of members;
(5)The number of assessments made during the year;
(6)The amount paid in losses during the year;
(7)The amount of the losses claimed and not paid, with the reason for nonpayment;
(8)The number of members cancelled or nonrenewed during the year;
(9)The number of new members admitted during the year;
(10)The expenses during the year;
(11)The amount of money on hand;
(12)The amount and character of the insurer's assets;
(13)The amount of the insurer's liabilities; and
(14)Such other information as the director may require.
Source:
SL 1966, ch 111, ch 17, §21 (1); SL 2004, ch 297, §5.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-55 - Failure to file annual statement--Suspension or revocation of certificate of authority.

58-35-55. Failure to file annual statement--Suspension or revocation of certificate of authority.
The director may suspend or revoke the certificate of authority of any insurer failing to file its annual statement.
Source:
SL 1966, ch 111, ch 17, §21 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-56 - Annual statement--Presentation at meeting of members.

58-35-56. Annual statement--Presentation at meeting of members.
The annual statement of the insurer, as required to be filed with the director under §58-35-54, shall be presented at the next annual meeting.
Source:
SL 1966, ch 111, ch 17, §16.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-57 - Application of other provisions.

58-35-57. Application of other provisions.
The following chapters and sections of this title apply to farm mutual insurers to the extent not inconsistent with the express provisions of this chapter and the reasonable implications of the express provisions:
(1)Chapter 58-1. Definitions and General Provisions;
(2)Chapter 58-2. Division of Insurance;
(3)Chapter 58-3. Examination of Insurers and Insurance Producers;
(4)Chapter 58-4. Enforcement Powers and Proceedings (except §58-4-7);
(5)Chapter 58-4A. Insurance Fraud;
(6)Sections 58-5-134 to 58-5-140, inclusive. Organization and General Powers of Insurers;
(7)Chapter 58-10. Insurable Interest;
(8)Chapter 58-11. Form and Contents of Insurance Policies;
(9)Chapter 58-12. Insurance Claims and Benefits (except §58-12-3);
(10)Chapter 58-17D. Standards for Utilization Review for Property and Casualty Insurers;
(11)Chapter 58-33. Unfair Trade Practices;
(12)Chapter 58-30. Insurance Producers;
(13)Chapter 58-29B. Insurers Supervision, Rehabilitation and Liquidation;
(14)Chapter 58-43. Independent Audit of Insurers (except §58-43-2).
Source:
SL 1966, ch 111, ch 17, §33; SL 1967, ch 129, §5; SL 1977, ch 417; SL 1979, ch 341, §14; SL 1991, ch 407, §1; SL 2001, ch 286, §216; SL 2001, ch 288, §1; SL 2003, ch 255, §1; SL 2008, ch 274, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-58 - Provisions exclusive.

58-35-58. Provisions exclusive.
Nothing in the insurance laws of this state shall be deemed to apply to or govern either directly or indirectly domestic farm mutual insurers except as contained or referred to in this chapter.
Source:
SL 1966, ch 111, ch 17, §1 (3).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 35 - Farm Mutual Insurers › Section 58-35-59 - Financial reporting standards.

58-35-59. Financial reporting standards.
The financial reporting standards, procedures and accounting principles for farm mutuals are those set forth in the following National Association of Insurance Commissioners' manuals as amended as of December 31, 1993: Annual Statement Instructions, Property and Casualty; Examiner's Handbook; and Accounting Practices and Procedures Manual, Fire and Casualty Insurance Companies. The director may waive any standard, procedure, or accounting principle which the director determines is inapplicable to a farm mutual. The director shall establish a date by which the farm mutuals shall comply with financial reporting standards, procedures, and accounting principles or any amendment to them. The director may promulgate rules, pursuant to chapter 1-26, for the enforcement of this section.
Source:
SL 1991, ch 407, §2; SL 1993, ch 357, §6.