§ 58-29C-44 Short title
§ 58-29C-45 Purpose of chapter–Creation of association
§ 58-29C-46 Persons provided with coverage–Policies and portions of policies not covered
§ 58-29C-47 Construction of chapter
§ 58-29C-48 Definitions
§ 58-29C-49 Continuation of association–Membership–Function and organization–Accounts–Supervision–Meetings
§ 58-29C-50 Board of directors–Appointment and term–Vacancies–Compensation
§ 58-29C-51 Impaired or insolvent member–Actions authorized
§ 58-29C-52 Funding provided by assessment of members–Classification of assessments–Amounts of assessments–Abatements–Refunds
§ 58-29C-53 Plan of operation–Effective date–Requirements–Delegation of powers
§ 58-29C-54 Duties and powers of director
§ 58-29C-55 Detection and prevention of insurer insolvencies or impairments–Reports by board
§ 58-29C-56 Member assessment as offset against premium tax liability
§ 58-29C-57 Liability for unpaid assessment–Records of meetings–Association as creditor of impaired or insolvent insurer–Liquidation, rehabilitation, or conservation proceedings
§ 58-29C-58 Association subject to regulation by director–Financial report
§ 58-29C-59 Association’s tax exemption status
§ 58-29C-60 No liability for performance of powers and duties of association or its members
§ 58-29C-61 Stay of proceedings against insolvent insurer–Default judgment set aside
§ 58-29C-62 Use of existence of association for sales, solicitation, or inducement to purchase insurance prohibited–Summary document of purposes and limitations of chapter–Disclaimer
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Terms Used In South Dakota Codified Laws > Title 58 > Chapter 29C - Life and Health Insurance Guaranty Association

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • authorized: when used in the context of assessments, means a resolution by the board of directors has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount. See South Dakota Codified Laws 58-29C-48
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • called: when used in the context of assessments, means that a notice has been issued by the association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice. See South Dakota Codified Laws 58-29C-48
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Extra-contractual claims: include , for example, claims relating to bad faith in the payment of claims, punitive or exemplary damages, or attorneys' fees and costs. See South Dakota Codified Laws 58-29C-48
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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.
  • Venue: The geographical location in which a case is tried.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2