South Dakota § 58-5-32 Levy of assessment by mutual insurer for contingent liability.

South Dakota Statutes

§ 58-5-32 — Levy of assessment by mutual insurer for contingent liability.

South Dakota § 58-5-32

Title 58INSURANCE

Ch. 58-4AORGANIZATION AND GENERAL POWERS OF INSURERS

This text of South Dakota § 58-5-32 (Levy of assessment by mutual insurer for contingent liability.) 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 § 58-5-32 (2026).

Text

If at any time the minimum basic surplus required of a domestic mutual insurer by §§ 58-5-21 and 58-5-22 becomes impaired and the deficiency is not cured from other sources, its directors shall forthwith levy an assessment upon only its members who held policies providing for contingent liability at any time within the twelve months preceding the date that notice of such assessment was mailed to the members' last known post office addresses, and such members shall be liable thereafter to the insurer for the amount so assessed.

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

If at any time the minimum basic surplus required of a domestic mutual insurer by §§ 58-5-21 and 58-5-22 becomes impaired and the deficiency is not cured from other sources, its directors shall forthwith levy an assessment upon only its members who held policies providing for contingent liability at any time within the twelve months preceding the date that notice of such assessment was mailed to the members' last known post office addresses, and such members shall be liable thereafter to the insurer for the amount so assessed.