58-25-22. Title insurance company to maintain reserve--Amount.
A title insurance company shall establish and maintain a statutory premium reserve of not less than an amount computed in accordance with this section. The statutory premium reserve shall consist of the aggregate of the statutory premium reserve on January 1, 2002, and:
(1)A sum equal to twenty-four cents for each one thousand dollars of net retained liability under each title insurance policy written for less than five hundred thousand dollars after January 1, 2002; and
(2)A sum equal to twelve cents for each one thousand dollars of net retained liability under each title insurance policy written for five hundred thousand dollars or greater after January 1, 2002.
Source: SL 2002, ch 239, ยง1.
Structure South Dakota Codified Laws
Chapter 25 - Title Insurance Rates And Policies
Section 58-25-1 - Application of chapter.
Section 58-25-2 - Making of rates--Provisions governing.
Section 58-25-3 - Reasonableness and adequacy of rates.
Section 58-25-4 - Unfair discrimination in rates prohibited.
Section 58-25-5 - Grouping of guarantees by classification for rate-making.
Section 58-25-6 - Matters considered in making rates.
Section 58-25-7 - Schedule of rates or premiums--Filing with director--Contents.
Section 58-25-8 - Contracts, policies, or guarantees required to be filed with director, exceptions.
Section 58-25-10 - Filing of rates and policies--Approval or disapproval by director.
Section 58-25-13 - Deviations, rebates, and discounts prohibited.
Section 58-25-14 - Exchange of information and experience data--Consultation as to rate-making.
Section 58-25-15 - False or misleading information as misdemeanor.
Section 58-25-17 - Violation of chapter--Imposition of penalties by director.
Section 58-25-20 - Conduct of hearings before director.
Section 58-25-22 - Title insurance company to maintain reserve--Amount.
Section 58-25-23 - Reserves restored to net profits over twenty-year period--Amortization rate.
Section 58-25-24 - Calculation of adjusted statutory or unearned premium reserve.
Section 58-25-25 - Adjusted reserves restored to net profits or equity.
Section 58-25-26 - Title insurer to maintain known claim reserve--Amount.
Section 58-25-27 - Supplemental reserve to cover liabilities.