58-44-1. Definition of terms.
Terms used in this chapter mean:
(1)"Accredited state," any state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the National Association of Insurance Commissioners (NAIC);
(2)"Control" or "controlled," as defined in chapter 58-5A;
(3)"Controlled insurer," any licensed insurer which is controlled, directly or indirectly, by a broker;
(4)"Controlling broker," any person who, directly or indirectly, controls an insurer and for any compensation, commission, or other thing of value, acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the controlling broker;
(5)"Licensed insurer" or "insurer," any person duly licensed to transact a property and casualty insurance business in this state. The term does not include any residual market pool or any joint underwriting authority or association.
Source: SL 1992, ch 358, §1; SL 2016, ch 232, §16.
Structure South Dakota Codified Laws
Chapter 44 - Broker Controlled Property And Casualty Insurance
Section 58-44-1 - Definition of terms.
Section 58-44-2 - Application of chapter to licensed insurers--Application of chapter 58-5A.
Section 58-44-4 - Chapter not applicable under certain circumstances.
Section 58-44-5 - Written contract required--Provisions.
Section 58-44-6 - Audit committee of controlled insurer--Annual meeting.
Section 58-44-7 - Annual report of loss ratios and loss reserves.
Section 58-44-8 - Notice from controlling broker to prospective insured--Subbroker.
Section 58-44-9 - Consequences of noncompliance with chapter--Civil action by director.
Section 58-44-11 - Rights of director to impose penalties.
Section 58-44-12 - Rights of third parties.
Section 58-44-13 - Time limit for compliance.
Section 58-44-14 - Disapproval of contract between controlling broker and controlled insurer.