South Dakota § 58-5-118 Officers and directors permitting new business during impairment of capital or surplus--Liability for losses.

South Dakota Statutes

§ 58-5-118 — Officers and directors permitting new business during impairment of capital or surplus--Liability for losses.

South Dakota § 58-5-118

Title 58INSURANCE

Ch. 58-4AORGANIZATION AND GENERAL POWERS OF INSURERS

This text of South Dakota § 58-5-118 (Officers and directors permitting new business during impairment of capital or surplus--Liability for losses.) 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 § 58-5-118 (2026).

Text

The officers and each director of an insurer who, after knowing that the insurer's capital is impaired, if a stock insurer, or surplus, if a mutual insurer, as provided in § 58-5-114 , permits or assents in the writing of new business by the insurer in this state after the expiration of the period allowed by the director under § 58-5-114 within which to cure the deficiency, shall, together with their respective estates, be severally and jointly liable for the amount of losses which may be incurred by the insured under any such new insurance.

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

The officers and each director of an insurer who, after knowing that the insurer's capital is impaired, if a stock insurer, or surplus, if a mutual insurer, as provided in § 58-5-114 , permits or assents in the writing of new business by the insurer in this state after the expiration of the period allowed by the director under § 58-5-114 within which to cure the deficiency, shall, together with their respective estates, be severally and jointly liable for the amount of losses which may be incurred by the insured under any such new insurance.