South Dakota § 58-30-124 Definition of terms.

South Dakota Statutes

§ 58-30-124 — Definition of terms.

South Dakota § 58-30-124

Title 58INSURANCE

Ch. 58-29FINSURANCE PRODUCERS

This text of South Dakota § 58-30-124 (Definition of terms.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-30-124 (2026).

Text

Terms as used in §§ to 58-30-139 , inclusive, mean:

(1)"Actuary," any person who is a member in good standing of the American Academy of Actuaries;

(2)"Managing general agent," any person:

(a)Who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; and (b) Acts as an agent for the insurer or who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross written premium of five percent or more of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year and either:

(i)Adjusts or pays claims; or (ii) Negotiates reinsurance on behalf of the in

Free access — add to your briefcase to read the full text and ask questions with AI

Terms as used in §§ to 58-30-139 , inclusive, mean: (1) "Actuary," any person who is a member in good standing of the American Academy of Actuaries; (2) "Managing general agent," any person: (a) Who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; and (b) Acts as an agent for the insurer or who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross written premium of five percent or more of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year and either: (i) Adjusts or pays claims; or (ii) Negotiates reinsurance on behalf of the insurer; (3) "Underwrite," the authority to accept or reject risk on behalf of the insurer.