South Dakota § 58-5-21 Insurance applications and surplus required for original certificate of authority to domestic mutual insurer.

South Dakota Statutes

§ 58-5-21 — Insurance applications and surplus required for original certificate of authority to domestic mutual insurer.

South Dakota·Title 58 INSURANCE·Ch. 58-4A ORGANIZATION AND GENERAL POWERS OF INSURERS

Upon application for an original certificate of authority, the insurer must be otherwise qualified therefor under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of the kind of insurance proposed to be transacted, must have collected in cash the full premium therefor at a rate not less than that usually charged by other insurers for comparable coverages, must have surplus funds deposited as of the date such insurance coverages are to become effective, or, in lieu of such applications, premiums and surplus, deposit and thereafter maintain surplus, all in accordance with that part of the following schedule which applies to the kind of insurance the insurer proposes to transact and subject to the provisions of 

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Upon application for an original certificate of authority, the insurer must be otherwise qualified therefor under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of the kind of insurance proposed to be transacted, must have collected in cash the full premium therefor at a rate not less than that usually charged by other insurers for comparable coverages, must have surplus funds deposited as of the date such insurance coverages are to become effective, or, in lieu of such applications, premiums and surplus, deposit and thereafter maintain surplus, all in accordance with that part of the following schedule which applies to the kind of insurance the insurer proposes to transact and subject to the provisions of §§ 58-6-19 to 58-6-22 , inclusive: SCHEDULE (a) (b) (c) (d) (e) (f) (g) (h) Kind of Insurance Minimum No. of applicants accepted Minimum No. of subjects covered Minimum premium collected Minimum amount of insurance each subject Maximum amount of insurance each subject Minimum surplus funds deposited Deposit of surplus in lieu of (b) through (g) Life 500 500 annual $1,000 $ 2,500 $150,000 $200,000 Health 500 500 quarterly 10 25 150,000 200,000 (weekly indem.) (weekly indem.) Life and ‎ Health 750 750 same as individual lines above 300,000 400,000 Property 100 250 annual 1,000 3,000 150,000 200,000 Casualty 250 500 annual 1,000 10,000 150,000 200,000 Casualty with Workmen's Compensation ‎ ‎ 250 ‎ ‎ 1,500 ‎ ‎ quarterly ‎ ‎ 1,000 ‎ ‎ 10,000 ‎ ‎ 200,000 ‎ ‎ 300,000 Marine and Transportation 100 250 annual 1,000 10,000 150,000 200,000 Surety 250 250 annual 1,000 10,000 150,000 200,000 Multiple Lines 250 500 same as individual lines above 300,000 400,000

South Dakota § 58-5-21 (Insurance applications and surplus required for original certificate of authority to domestic mutual insurer.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.