South Dakota Codified Laws 58-34-21. Power of attorney–Form and contents
The power of attorney described in § 58-34-20 must set forth:
(1) The powers of the attorney;
Terms Used In South Dakota Codified Laws 58-34-21
- Attorney: as used in this chapter , refers to the attorney in fact of a reciprocal insurer. See South Dakota Codified Laws 58-34-3
- 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
- Service of process: The service of writs or summonses to the appropriate party.
(2) That the attorney is empowered to accept service of process on behalf of the insurer and to authorize the director to receive service of process in actions against the insurer upon contracts exchanged;
(3) The general services to be performed by the attorney;
(4) The maximum amount to be deducted from advanced premiums or deposits to be paid to the attorney and the general items of expense in addition to losses, to be paid by the insurer; and
(5) Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount which amount shall be not less than one nor more than ten times the premium or premium deposit stated in the policy.
Source: SL 1966, ch 111, ch 19, § 10 (2).