South Dakota 05 — Organization And General Powers Of Insurers
- 58-5-1 — Scope of chapter.
- 58-5-2 — "Stock" insurer defined.
- 58-5-3 — "Mutual" insurer defined.
- 58-5-4 — Applicability of corporation laws.
- 58-5-5 — Incorporation of stock and mutual insurers.
- 58-5-6 — Incorporators--Number and qualifications.
- 58-5-6.1 — Domestication of foreign company--Requirements and procedure.
- 58-5-7 — Articles of incorporation--Execution and acknowledgment--Contents.
- 58-5-8 — Articles of incorporation delivered to director with filing fees--Examination andapproval by attorney general, return to director.
- 58-5-9 — Distribution of copies of approved articles.
- 58-5-10 — Disapproval of articles by attorney general--Statement of reasons--Returned toincorporators.
- 58-5-11 — Amendment of articles of incorporation--Submission and filing.
- 58-5-12 — Bond required of mutual insurer before soliciting applications for insurance--Filingby incorporators--Amount, conditions.
- 58-5-13 — Deposit by incorporators of mutual insurer in lieu of bond--Amount.
- 58-5-14 — Duration of bond or deposit by mutual insurer.
- 58-5-15 — Commencement of solicitation by mutual insurer.
- 58-5-16 — Temporary insurance producer's licenses for solicitation of applications for mutualinsurance--Issuance by director.
- 58-5-17 — Applications for mutual insurance--Signature by applicant, coverage.
- 58-5-18 — Applications for mutual insurance--Contents.
- 58-5-19 — Trust deposit of premiums or fees collected by mutual insurer on qualifyingapplications.
- 58-5-20 — Transaction of business without certificate of authority as misdemeanor.
- 58-5-21 — Insurance applications and surplus required for original certificate of authority todomestic mutual insurer.
- 58-5-22 — Expendable surplus funds required of domestic mutual insurer.
- 58-5-23 — Determination by director as to weight to be given to insurance plans.
- 58-5-24 — Cessation of corporate powers upon failure of mutual insurer to secure certificateof authority--Return of trust deposit.
- 58-5-25 — Issuance of certificate of authority to domestic mutual insurer--Funds in trustdeposit become funds of insurer--Delivery of policies--Effective date of policies.
- 58-5-26 — Authorization of domestic mutual insurer to transact additional kinds of insurance.
- 58-5-27 — Membership of policyholders in domestic mutual insurer--Reinsurance contractexcepted.
- 58-5-28 — Eligibility to membership in domestic, foreign, or alien mutual insurer.
- 58-5-29 — Contingent liability of members of mutual insurer--Exception.
- 58-5-30 — Contingent liability of member of mutual insurer not terminated by termination ofpolicy.
- 58-5-31 — Unrealized contingent liability of members of mutual not an asset of insurer.
- 58-5-32 — Levy of assessment by mutual insurer for contingent liability.
- 58-5-33 — Amount of assessment by mutual insurer.
- 58-5-34 — Computation of assessment levied by mutual insurer.
- 58-5-35 — Offsets not allowed against assessment by mutual insurer.
- 58-5-36 — Lien of mutual insurer for levy of assessment for contingent liability.
- 58-5-37 — Extinguishment of contingent liability--Issuance of nonassessable policies--Revocation of authority.
- 58-5-38 — Extinguishment of contingent liability must apply to all members and policies.
- 58-5-39 — Bylaws of domestic mutual insurer--Adoption, modification, and revocation.
- 58-5-40 — Meetings of members of domestic mutual insurer--Time, notice, quorum, andconduct.
- 58-5-41 — Voting rights of members of domestic mutual insurer.
- 58-5-42 — Directors of domestic mutual insurer--Number, qualifications, election, terms ofoffice, and powers.
- 58-5-43 — Officers of domestic mutual insurer--Number, designation, election, and terms ofoffice--Powers and duties.
- 58-5-44 — Funds of domestic mutual insurer--Deposit, custody, disbursement, and accounting.
- 58-5-45 — Management of domestic mutual insurer.
- 58-5-46 — Certified copy of bylaws and amendments of domestic mutual insurer filed withdirector--Disapproval by director, grounds.
- 58-5-47 — Bylaws of domestic stock insurer--Adoption, modification, and revocation.
- 58-5-48 — Bylaws of domestic stock insurer subject to approval of director.
- 58-5-49 — Equity securities of domestic stock insurer--Rules and regulations as to solicitationof proxies, consents, and authorities--Adoption and promulgation.
- 58-5-50 — Annual meetings of stockholders or members--Election of directors--Reports ofofficers of insurer as to affairs--Transaction of other business--Notice of meeting.
- 58-5-51 — Special meetings of stockholders or members--Calling by board of directors--Notice.
- 58-5-52 — Special meetings of stockholders or members called by secretary on request ofdirectors, stockholders, or members--Failure of secretary to issue call.
- 58-5-53 — Stockholder or member compelling board of directors to call annual meeting.
- 58-5-54 — Place for holding meetings of stockholders or members--Waiver.
- 58-5-55 — Meetings of stockholders or members--Organization for transaction of business,quorum required.
- 58-5-56 — Amendment of articles of incorporation at meeting of stockholders or members--Notice of meeting.
- 58-5-57 — Reduction of capital of stock insurer--Disapproval by director, grounds.
- 58-5-58 — Directors of domestic insurer--Number--Management of affairs of insurer.
- 58-5-59 — Election of directors of domestic insurer--Qualifications.
- 58-5-60 — Directors of domestic insurer--Terms of office.
- 58-5-61 — Pecuniary interest of officer, director, committee member, or employee of domesticinsurer in transactions with insurer prohibited--Misdemeanor.
- 58-5-62 — Guarantee by insurer of any financial obligation of its officers, directors,stockholders, or members prohibited.
- 58-5-63 — Policy holding not a prohibited pecuniary interest.
- 58-5-64 — Stock ownership not a prohibited pecuniary interest.
- 58-5-65 — Other permitted pecuniary interest of director, officer, or employee of insurer.
- 58-5-66 — Compensation of officers and employees of domestic insurer.
- 58-5-67 — Pensions to officers and directors of domestic insurers.
- 58-5-68 — "Equity security" defined.
- 58-5-69 — Statement of ownership of insurance company filed with director--Change ofownership, time for statement.
- 58-5-70 — Short sales by insider as misdemeanor--Delivery of securities sold, when required.
- 58-5-71 — Profits from insider security transactions accruing to company.
- 58-5-72 — Suit to recover insider profits accruing to company.
- 58-5-73 — Exemption from insider trading restrictions.
- 58-5-74 — Registered and closely held securities exempt from insider trading restrictions.
- 58-5-75 — Brokers and market specialists exempt from insider trading restrictions.
- 58-5-76 — Arbitrage transactions exempt from insider trading restrictions.
- 58-5-77 — Rules and regulations on insider trading.
- 58-5-78 — Nonliability for insider trading acts in good faith in conformity with rule orregulation.
- 58-5-79 — Management of domestic insurers during national emergency--Continuity, meansfor facilitating.
- 58-5-80 — Bylaws to cover management during national emergency.
- 58-5-81 — Quorum of directors during national emergency--Filling vacancies in board.
- 58-5-82 — Vice-presidents acting as directors during national emergency--Insufficient numberof vice-presidents, appointment of directors by insurance director.
- 58-5-83 — Succession to office during national emergency.
- 58-5-84 — Principal place of business during national emergency.
- 58-5-85 — Domestic insurers--Management and exclusive agency contracts, filing with andapproval by director--Violation as misdemeanor.
- 58-5-86 — Domestic insurer--Management and exclusive agency contracts, disapproval bydirector, grounds.
- 58-5-87 — Domestic insurer--Management and exclusive agency contracts, time fordisapproval by director--Disapproval in writing, statement of grounds.
- 58-5-88 — Vouchers for expenditures by insurers--Description of consideration--Violation asmisdemeanor.
- 58-5-89 — Vouchers for services and reimbursement.
- 58-5-90 — Vouchers for expenditures in connection with pending public matter.
- 58-5-91 — Voucher not obtainable--Affidavit as to character and object of expenditure.
- 58-5-92 — Agreement by insurer not to sell property prohibited.
- 58-5-93 — Location of home office and principal place of business of domestic insurers--Records maintained.
- 58-5-94 — Assets of domestic insurer to be maintained in state--Exceptions.
- 58-5-95 — Director's consent required for removal of records or assets from state--Unauthorized removal or concealment as felony.
- 58-5-96 — Delinquency proceedings by director for removal or attempted removal of recordsor assets of domestic insurer.
- 58-5-97 — Branch offices established by domestic insurer--Transmission of funds outsidestate--Deposits under custodial arrangements.
- 58-5-98 — Prior maintenance by domestic insurer of branch or regional place of business orhome office outside state not invalidated.
- 58-5-99 — "Reciprocating state" defined.
- 58-5-100 — Solicitation by domestic insurer in reciprocating state in which it has no licenseprohibited.
- 58-5-101 — Advertising through publications and broadcasts originating outside reciprocatingstate not prohibited.
- 58-5-102 — Insurance in reciprocating state under contracts issued in state in which licensed notprohibited--Policies issued as an unauthorized insurer permitted under laws ofreciprocating state not prohibited.
- 58-5-103 — Suspension or revocation of certificate of authority for violation by domestic insurer.
- 58-5-104 — Participating policies--Issuance authorized by articles of domestic insurer--Nondiscrimination between policyholders.
- 58-5-105 — Continued issuance of participating policies without authorization in articles.
- 58-5-106 — Dividends on participating policies not contingent on renewal premiums.
- 58-5-107 — Participating policyholder as member.
- 58-5-108 — Borrowed surplus of domestic stock or mutual insurer--Agreement to repay,interest.
- 58-5-109 — Approval of loan and agreement by director--Disapproval of proposed loan oragreement, grounds.
- 58-5-110 — Legal liabilities of insurer on borrowed funds--Disclosure in financial statement.
- 58-5-111 — Repayment of loan by domestic insurer.
- 58-5-112 — Provisions as to borrowed surplus inapplicable to loans in ordinary course ofbusiness or secured by pledge or mortgage.
- 58-5-113 — Illegal dividends--Revocation or suspension of certificate of authority.
- 58-5-114 — Impairment of capital or surplus of domestic stock or mutual insurer--Determinationof amount of deficiency by director--Notice to insurer.
- 58-5-115 — Curing impairment of capital or surplus.
- 58-5-116 — Assessment of stockholders to cure impairment of capital or surplus--Enforcement.
- 58-5-117 — Levy of assessment by mutual insurer to cure deficiency.
- 58-5-118 — Officers and directors permitting new business during impairment of capital orsurplus--Liability for losses.
- 58-5-119 — Failure to cure deficiency, insurer deemed insolvent--Delinquency proceedings.
- 58-5-120 — Bulk reinsurance by domestic stock insurer--Agreement, filing with and approvalby director.
- 58-5-121 — Approval by director of bulk reinsurance agreement--Disapproval.
- 58-5-122 — Compensation for promoting bulk reinsurance prohibited.
- 58-5-123 — Bulk reinsurance by mutual insurer--Agreement, filing with and approval bydirector.
- 58-5-124 — Members of domestic mutual insurer voting on bulk insurance, requirement bydirector--Calling of meeting, notice--Limited rights of members of life insurer tovote.
- 58-5-125 — Bulk reinsurance by domestic mutual insurer in stock insurer--Payments tomembers.
- 58-5-126 — Approval by director of bulk reinsurance by mutual insurer--Disapproval--Notice.
- 58-5-127 — Compensation for promoting bulk reinsurance by mutual insurer.
- 58-5-128 — Merger or consolidation of stock insurers.
- 58-5-129 — Stock acquisition plan deemed merger--Approval required.
- 58-5-130 — Compensation for promoting merger or consolidation of stock insurers.
- 58-5-131 — Filing and hearing on consolidation or merger plan--Grounds for disapproval.
- 58-5-132 — Participation by other states in hearing on merger or consolidation.
- 58-5-133 — Disapproval of merger or consolidation--Notice to insurer.
- 58-5-134 — Merger or consolidation of mutual insurers--Procedure.
- 58-5-135 — Members of mutual insurer voting on merger or consolidation--Procedure--Limitedright of members of life insurer.
- 58-5-136 — Provisions applicable to mutual mergers and consolidations.
- 58-5-137 — Repealed.
- 58-5-138 — Conversion of mutual to stock insurer restricted.
- 58-5-138.1 — Compensation of officer, insurance producer, or employee of converting mutualinsurer prohibited.
- 58-5-139 — Liquidation of domestic mutual insurer--Distribution of remaining assets tomembers.
- 58-5-140 — Distributive share of each member on liquidation of mutual insurer--Classificationof policies.
- 58-5-141 — Repealed.
- 58-5-143 — Disclosure of certain material transactions required--Filing a report.
- 58-5-144 — Confidentiality of disclosure report.
- 58-5-145 — Exception from disclosure requirement--"Material acquisition" defined.
- 58-5-146 — Types of asset acquisitions subject to chapter.
- 58-5-147 — Types of asset dispositions subject to chapter.
- 58-5-148 — Information required in report of material acquisition or disposition of assets.
- 58-5-149 — Determining whether to report acquisitions on a nonconsolidated or consolidatedbasis.
- 58-5-150 — Materiality of nonrenewals, cancellations or revisions.
- 58-5-151 — Reporting material nonrenewal, cancellation or revision.
- 58-5-152 — Required information in reporting material nonrenewal, cancellation, or revision.
- 58-5-153 — Determining whether to report material nonrenewals, cancellations, or revisions ona nonconsolidated or consolidated basis.
- 58-5-154 — "Qualified education loan insurer" defined.
- 58-5-155 — Qualified education loan insurer subject to Title 58--Exceptions.
- 58-5-156 — Investment of funds by qualified education loan insurer--Limitations--Permittedrating categories.
- 58-5-157 — Investment of funds in securities.
- 58-5-158 — Subsidiary investment to be counted as admitted asset.
- 58-5-159 — Applicability of federal Bankruptcy Code.
- 58-5-160 — Additional exemptions or exemption authority.