§ 58-34-1 Reciprocal insurance defined
§ 58-34-2 Reciprocal insurer defined
§ 58-34-3 Attorney defined
§ 58-34-4 Application of chapter to foreign reciprocal insurers
§ 58-34-5 Compliance required of existing insurers
§ 58-34-6 Organization of insurer–Number of persons required
§ 58-34-7 Application for certificate of authority–Execution and filing–Contents
§ 58-34-8 Bond of attorney in fact–Filing with and approval by director
§ 58-34-9 Amount and conditions of bond
§ 58-34-10 Advance notice of cancellation of bond
§ 58-34-11 Deposit in lieu of bond
§ 58-34-12 Action on bond or to recover against deposit
§ 58-34-13 Business name of insurer–Use in suits by and against
§ 58-34-14 Surplus funds of domestic reciprocal insurer–Amounts required
§ 58-34-15 Additional expendable surplus required of new insurer
§ 58-34-16 Additional kinds of insurance transacted–Minimum amount of surplus funds
§ 58-34-17 Surplus funds of existing insurers–Laws governing
§ 58-34-18 Issuance of certificate of authority
§ 58-34-19 Refusal, suspension, or revocation of certificate of authority–Grounds
§ 58-34-20 Rights and powers of attorney provided by subscribers’ agreement
§ 58-34-21 Power of attorney–Form and contents
§ 58-34-22 Power of attorney–Terms–Approval by director
§ 58-34-23 Service of legal process upon domestic insurer
§ 58-34-24 Liability of subscribers for judgment against insurer–Service of legal process
§ 58-34-25 Eligibility to become subscriber
§ 58-34-26 Authority of corporation to exchange insurance contracts
§ 58-34-27 Representatives of subscribers not liable on contract
§ 58-34-28 Advisory committee representing subscribers–Selection
§ 58-34-29 Advisory committee–Qualifications of members
§ 58-34-30 Powers of advisory committee
§ 58-34-31 Modification of subscribers’ agreement or power of attorney
§ 58-34-32 Kinds of business transacted–Life or title insurance excepted
§ 58-34-33 Reinsurance authorized
§ 58-34-34 Advance of funds to insurer
§ 58-34-35 Liability of subscribers several and proportionate
§ 58-34-36 Contingent assessment liability of subscriber
§ 58-34-37 Contingent liability stated in assessable policy
§ 58-34-38 Assessments against subscribers–Authority for levy
§ 58-34-39 Computation of amounts of assessments–Ratio of deficiency to premiums earned
§ 58-34-40 Earned premiums, computation for purpose of assessments
§ 58-34-41 Offset of claim for unearned premium against assessment prohibited
§ 58-34-42 Time limit for levy of assessment
§ 58-34-43 Aggregate liability of subscriber–Maximum in one year
§ 58-34-44 Subscriber not liable until final judgment against insurer
§ 58-34-45 Limited liability of subscriber on judgment
§ 58-34-46 Nonassessable policies–Authorization for issuance–Extinguishment of contingentliability
§ 58-34-47 Extinguishment of contingent liability of all subscribers required for authorizationof nonassessable policies
§ 58-34-48 Impairment of surplus required for nonassessable policies–Revocation ofextinguishment authority
§ 58-34-49 Savings–Distribution to subscribers
§ 58-34-50 Liquidation–Distribution of remaining assets to subscribers
§ 58-34-51 Annual statement of insurer–Filing
§ 58-34-52 Annual statement–Supplemental information required by director
§ 58-34-53 Determination of financial condition–Rules applied by director
§ 58-34-54 Premium deposits as assets
§ 58-34-55 Surplus deposits–Allowance as assets
§ 58-34-56 Uncollected assessments not allowed as assets
§ 58-34-57 Contingent liability of subscribers not allowed as asset
§ 58-34-58 Reserves charged as liabilities
§ 58-34-59 Computation of reserves
§ 58-34-60 Surplus deposits of subscribers not a liability
§ 58-34-61 Merger or conversion prohibited
§ 58-34-62 Impairment of surplus–Deficiency to be made up
§ 58-34-63 Failure to make up deficiency–Insurer deemed insolvent
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Terms Used In South Dakota Codified Laws > Title 58 > Chapter 34 - Reciprocal Insurers

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: as used in this chapter , refers to the attorney in fact of a reciprocal insurer. See South Dakota Codified Laws 58-34-3
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
  • Trustee: A person or institution holding and administering property in trust.