58-34-26. Authority of corporation to exchange insurance contracts.
Any corporation now or hereafter organized under the laws of this state shall, in addition to the rights, powers, and franchises specified in its articles of incorporation have full power and authority to exchange insurance contracts of the kind and character mentioned in §58-34-25. The right to exchange such contracts is declared to be incidental to the purposes for which such corporations are organized and as much granted as the rights and powers expressly conferred.
Source: SL 1966, ch 111, ch 19, §19 (2).
Structure South Dakota Codified Laws
Chapter 34 - Reciprocal Insurers
Section 58-34-1 - Reciprocal insurance defined.
Section 58-34-2 - Reciprocal insurer defined.
Section 58-34-3 - Attorney defined.
Section 58-34-4 - Application of chapter to foreign reciprocal insurers.
Section 58-34-5 - Compliance required of existing insurers.
Section 58-34-6 - Organization of insurer--Number of persons required.
Section 58-34-7 - Application for certificate of authority--Execution and filing--Contents.
Section 58-34-8 - Bond of attorney in fact--Filing with and approval by director.
Section 58-34-9 - Amount and conditions of bond.
Section 58-34-10 - Advance notice of cancellation of bond.
Section 58-34-11 - Deposit in lieu of bond.
Section 58-34-12 - Action on bond or to recover against deposit.
Section 58-34-13 - Business name of insurer--Use in suits by and against.
Section 58-34-14 - Surplus funds of domestic reciprocal insurer--Amounts required.
Section 58-34-15 - Additional expendable surplus required of new insurer.
Section 58-34-16 - Additional kinds of insurance transacted--Minimum amount of surplus funds.
Section 58-34-17 - Surplus funds of existing insurers--Laws governing.
Section 58-34-18 - Issuance of certificate of authority.
Section 58-34-19 - Refusal, suspension, or revocation of certificate of authority--Grounds.
Section 58-34-20 - Rights and powers of attorney provided by subscribers' agreement.
Section 58-34-21 - Power of attorney--Form and contents.
Section 58-34-22 - Power of attorney--Terms--Approval by director.
Section 58-34-23 - Service of legal process upon domestic insurer.
Section 58-34-24 - Liability of subscribers for judgment against insurer--Service of legal process.
Section 58-34-25 - Eligibility to become subscriber.
Section 58-34-26 - Authority of corporation to exchange insurance contracts.
Section 58-34-27 - Representatives of subscribers not liable on contract.
Section 58-34-28 - Advisory committee representing subscribers--Selection.
Section 58-34-29 - Advisory committee--Qualifications of members.
Section 58-34-30 - Powers of advisory committee.
Section 58-34-31 - Modification of subscribers' agreement or power of attorney.
Section 58-34-32 - Kinds of business transacted--Life or title insurance excepted.
Section 58-34-33 - Reinsurance authorized.
Section 58-34-34 - Advance of funds to insurer.
Section 58-34-35 - Liability of subscribers several and proportionate.
Section 58-34-36 - Contingent assessment liability of subscriber.
Section 58-34-37 - Contingent liability stated in assessable policy.
Section 58-34-38 - Assessments against subscribers--Authority for levy.
Section 58-34-39 - Computation of amounts of assessments--Ratio of deficiency to premiums earned.
Section 58-34-40 - Earned premiums, computation for purpose of assessments.
Section 58-34-41 - Offset of claim for unearned premium against assessment prohibited.
Section 58-34-42 - Time limit for levy of assessment.
Section 58-34-43 - Aggregate liability of subscriber--Maximum in one year.
Section 58-34-44 - Subscriber not liable until final judgment against insurer.
Section 58-34-45 - Limited liability of subscriber on judgment.
Section 58-34-49 - Savings--Distribution to subscribers.
Section 58-34-50 - Liquidation--Distribution of remaining assets to subscribers.
Section 58-34-51 - Annual statement of insurer--Filing.
Section 58-34-52 - Annual statement--Supplemental information required by director.
Section 58-34-53 - Determination of financial condition--Rules applied by director.
Section 58-34-54 - Premium deposits as assets.
Section 58-34-55 - Surplus deposits--Allowance as assets.
Section 58-34-56 - Uncollected assessments not allowed as assets.
Section 58-34-57 - Contingent liability of subscribers not allowed as asset.
Section 58-34-58 - Reserves charged as liabilities.
Section 58-34-59 - Computation of reserves.
Section 58-34-60 - Surplus deposits of subscribers not a liability.
Section 58-34-61 - Merger or conversion prohibited.
Section 58-34-62 - Impairment of surplus--Deficiency to be made up.
Section 58-34-63 - Failure to make up deficiency--Insurer deemed insolvent.
Section 58-34-64 - Liquidation of insurer ordered--Levy of assessment against subscribers.