58-32-45. Premium tax when only part of risk in state--Multi-state agreement--Apportionment.
For a surplus lines policy issued to an insured whose home state is this state and where only a portion of the risk is located in this state, the entire premium tax shall be paid to the director in accordance with §58-32-44. If the director finds it would increase the efficiency of the surplus lines insurance marketplace as well as the regulation of the surplus lines market, the director may enter into a multi-state surplus lines agreement for the eligibility for placement of surplus lines insurance and the payment, reporting, collection, and apportionment of surplus lines premium taxes. If a surplus line policy covers risks or exposures only partially in this state and the director has entered into agreement with other states for the apportionment of premium taxes for multi-state risks, the tax payable under §58-32-44 shall be computed and paid upon the proportion of the premium which is properly allocable to the risks or exposures located in this state according to the terms of any such agreement. The multi-state agreement may also include the eligibility for placement of surplus lines insurance and the payment, reporting, collection, and apportionment of surplus lines premium taxes for risks that are not multi-state and for independently procured surplus lines pursuant to §§58-32-47 to 58-32-55, inclusive.
Source: SL 1966, ch 111, ch 11, §18 (2); SL 2011, ch 223, §5.
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.