58-25-23. Reserves restored to net profits over twenty-year period--Amortization rate.
The aggregate of the amounts set aside in this reserve in any calendar year pursuant to §58-25-22 shall be released from the reserve and restored to net profits over a period of twenty years at an amortization rate not to exceed the following formula: thirty-five percent of the aggregate sum on July first of the year next succeeding the year of addition; fifteen percent of the aggregate sum on July first of each of the succeeding two years; ten percent of the aggregate sum on July first of the next succeeding year; three percent of the aggregate sum on July first of each of the next three succeeding years; two percent of the aggregate sum on July first of each of the next three succeeding years; and one percent of the aggregate sum on July first of each of the next succeeding ten years.
Source: SL 2002, ch 239, §2.
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.