2020 South Dakota Codified Laws
Title 58 - Insurance
Chapter 34 - Reciprocal Insurers
Section 58-34-46 - Nonassessable policies--Authorization for issuance--Extinguishment of contingent liability.
58-34-46. Nonassessable policies--Authorization for issuance--Extinguishment of contingent liability.
If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock required of a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers' advisory committee, the director shall issue his certificate authorizing the insurer to extinguish the contingent liability of subscribers under its policies then in force in this state, and to omit provisions imposing contingent liability in all policies delivered or issued for delivery in this state for so long as all such surplus remains unimpaired.
Source: SL 1966, ch 111, ch 19, ยง26 (1).
