South Dakota Statutes
§ 58-19-45 — Test of reasonableness of benefits to premium charged--Prima facie evidence--Restriction on commissions.
South Dakota·Title 58 INSURANCE·Ch. 58-19 CREDIT LIFE, HEALTH, UNEMPLOYMENT AND GROUP PROPERTY INSURANCE
With regard to credit unemployment insurance, the basic test of the reasonableness of the relation of benefits to the premium charged shall be the development of an anticipated loss ratio of claims incurred to premiums earned of at least fifty percent. If the total current expected expenses, including acquisition expenses, exceed fifty percent of the premium dollar, this shall be considered prima facie evidence that a company intends to write credit business at a loss ratio which is not in compliance with this rule. Commissions, including retrospective premium refunds, bonuses, or acquisition expenses, may not exceed forty percent. If any company is not in compliance with this rule, it shall show just cause why the premium rates as filed should not be disapproved.
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South Dakota § 58-19-45 (Test of reasonableness of benefits to premium charged--Prima facie evidence--Restriction on commissions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1987, ch 380, § 7.
Nearby Sections
15
§ 58-1-1
Citation of title.§ 58-1-11
General saving clause.§ 58-1-13
Severability of provisions.§ 58-1-14
Notice of nonrenewal of policy must be mailed sixty days prior to renewal date--Exceptions.§ 58-1-14.1
Notice of refusal to renew--Thirty§ 58-1-16.1
Applicability of §§ 58-1-18
Repealed by SL 2012, ch 252, § 30.§ 58-1-2
Definition of terms.