South Dakota § 58-34-7 Application for certificate of authority--Execution and filing--Contents.

South Dakota Statutes

§ 58-34-7 — Application for certificate of authority--Execution and filing--Contents.

South Dakota § 58-34-7

Title 58INSURANCE

Ch. 58-34RECIPROCAL INSURERS

This text of South Dakota § 58-34-7 (Application for certificate of authority--Execution and filing--Contents.) 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 § 58-34-7 (2026).

Text

The proposed attorney shall execute and file with the director an application for a certificate of authority setting forth:

(1)The name of the insurer;

(2)The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this state;

(3)The kinds of insurance business proposed to be transacted;

(4)The names and addresses of the original subscribers;

(5)The designation and appointment of the proposed attorney and a copy of the power of attorney;

(6)The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm;

(7)The powers of the subscribers' advisory committee; and the names and terms of office of the members thereof;

(8)That all moneys paid to t

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The proposed attorney shall execute and file with the director an application for a certificate of authority setting forth: (1) The name of the insurer; (2) The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this state; (3) The kinds of insurance business proposed to be transacted; (4) The names and addresses of the original subscribers; (5) The designation and appointment of the proposed attorney and a copy of the power of attorney; (6) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm; (7) The powers of the subscribers' advisory committee; and the names and terms of office of the members thereof; (8) That all moneys paid to the reciprocal shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers' agreement; (9) A copy of the subscribers' agreement; (10) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than six months at an adequate rate theretofore filed with and approved by the director; (11) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by §§ 58-34-14 to 58-34-16 , inclusive, is on hand; and (12) A copy of each policy, endorsement and application form it then proposes to issue or use. Such declaration shall be acknowledged by the attorney.