58-32-3.1. Home state defined.
The term, home state, as used in this chapter, means, with respect to an insured:
(1)The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or
(2)If one hundred percent of the insured risk is located out of the state referred to in subdivision (1) of this section, the state to which the greatest percentage of the insured's taxable premium for the insurance contract is allocated.
If more than one insured from an affiliated group are named insureds on a single nonadmitted insurance contract, the term means the home state as determined under subdivision (1) of this section of the member of the affiliated group that has the largest percentage of premium attributable to it under the contract.
Source: SL 2011, ch 223, ยง6.
Structure South Dakota Codified Laws
Chapter 32 - Surplus Line Insurance
Section 58-32-1 - Purposes of chapter.
Section 58-32-2 - Broker defined.
Section 58-32-3 - Export defined.
Section 58-32-3.1 - Home state defined.
Section 58-32-5 - Exemption of interstate commerce.
Section 58-32-6 - Unauthorized acts constituting misdemeanors--Additional forfeiture.
Section 58-32-7 - Qualifications for surplus line broker's license--Out-of-state sales.
Section 58-32-8 - Application for surplus line license--Fee.
Section 58-32-9 - Licensing provisions applicable.
Section 58-32-10.1 - Bond of resident surplus line broker--Amount--Conditions--Termination.
Section 58-32-11 - Suspension or revocation of license of surplus line broker--Grounds.
Section 58-32-12 - Procedure for suspension or revocation of license.
Section 58-32-13 - Suspension or revocation of surplus line license affects all other licenses.
Section 58-32-15 - Acceptance of business from licensed insurance producer.
Section 58-32-16.1 - Certain unauthorized insurers to submit annual report.
Section 58-32-17 - Conditions for export--Amount not procurable from authorized insurers.
Section 58-32-19 - Procurement of exported insurance through licensed surplus line broker.
Section 58-32-20 - Affidavit of broker as to exported insurance.
Section 58-32-21 - Placement in authorized insurer--Violation as misdemeanor.
Section 58-32-22 - Requirements for placing surplus lines insurance.
Section 58-32-23 - Financial condition of surplus line insurer--Director not required to determine.
Section 58-32-27 - Evidence of insurance--Certificate, execution, content.
Section 58-32-29 - Change in evidence of insurance--Substitute certificate by broker.
Section 58-32-31 - Replacement of broker's certificate when policy issued.
Section 58-32-32 - Endorsement of contract--Violation as misdemeanor.
Section 58-32-33 - Surplus line insurance valid.
Section 58-32-34 - Liability of insurer as to losses and unearned premiums.
Section 58-32-35 - Assumption of surplus line direct risk--Extent of liability.
Section 58-32-36 - Venue of action against unauthorized insurer.
Section 58-32-39 - Record by broker of each surplus line coverage--Violation as misdemeanor.
Section 58-32-40 - Record open to examination by director--Violation as misdemeanor.
Section 58-32-41 - Annual statement of broker--Filing with director--Violation as misdemeanor.
Section 58-32-42 - Annual statement of broker--Form and contents.
Section 58-32-44 - Tax on premiums--Time for remittance--Credit to general fund.
Section 58-32-47 - Report of independently procured coverages--Violation as misdemeanor.
Section 58-32-50 - Tax on independently procured coverages--Payment to director, time.
Section 58-32-51 - Interest on delinquent tax on independently procured coverages.
Section 58-32-52 - Insured's liability for tax on independently procured coverages.
Section 58-32-53 - Deposits of taxes and interest collected on independently procured coverage.
Section 58-32-56 - Rules and regulations--Adoption by director.