Definition of terms

Terms used in this chapter mean:

# (1)

"Company," any corporation, association, reciprocal or inter - insurance exchange, and any other organization whatsoever, whether foreign or domestic, transacting business in South Dakota under the insurance laws of this state, as insurer, indemnitor, or surety;

# (2)

"Consideration for annuity contracts," the gross amount of consideration received by a company during the preceding calendar year for annuity contracts on lives of residents in this state less annuity considerations returned, termination allowances on group annuity contracts and so - called dividends on participating annuity contracts;

# (3)

"Domestic company," any company organized under the laws of South Dakota;

# (4)

"Foreign company," any company organized under the laws of a jurisdiction other than South Dakota;

# (5)

"Premiums," as defined under § 58-11-1 , (but not including premiums received for re - insurance and not including any consideration for annuity contracts) upon property or risks, resident or located within this state, less premium refunds, including refunds of deposits to subscribers of reciprocal or inter - insurance exchanges, and so - called dividends on participating policies.

Last amended: Source: SL 1951, ch 456 , § 1; SDC Supp 1960, § 57.35A01; SL 1993, ch 98 , § 2; SL 1995, ch 66 , § 1.

Source: view the official text

In this chapter (12 sections)

Full table of contents →