Section 58-1-2 - Definition of terms.
58-1-2. Definition of terms. Terms used in this title mean:
(1) "Alien insurer," one formed under the laws of any country or jurisdiction other than the United States of America, its states, districts, territories, and commonwealths;
(2) "Authorized insurer," one authorized, by a subsisting certificate of authority issued by the director, to engage in the insurance business in this state;
(3) "Certificate of authority," permission granted to an insurer to issue policies or make contracts of insurance in this state;
(4) "Director," the director of the Division of Insurance;
(5) "Division," the Division of Insurance of the Department of Revenue and Regulation;
(6) "Domestic insurer," one formed under the laws of this state;
(7) "Foreign insurer," one formed under the laws of any jurisdiction other than this state; except where distinguished by context, foreign insurer includes an alien insurer;
(8) "Insurance," a contract whereby one undertakes to indemnify another or to pay or provide a specified or determinable amount or benefit upon determinable contingencies;
(9) "Insurance business," includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder;
(10) "Insurer," every person engaged as indemnitor, surety, or contractor in the business of entering into contracts of insurance;
(11) "License," permission granted to an agent or broker to engage in those activities permitted by such persons under this title;
(12) Repealed by SL 2001, ch 263, § 1.
(13) "Mechanical breakdown insurance," any contract or agreement, issued by an authorized insurer, to perform or indemnify for a specific duration the repair, replacement, or maintenance of property for operational or structural failure due to a defect in materials, workmanship, or normal wear and tear;
(14) "Person," an individual, insurer, company, association, organization, Lloyds, society, reciprocal or inter-insurance exchange, partnership, syndicate, business trust, corporation, and any other legal entity;
(15) "Principal office" or "principal place of business," the office or regional home office from which the business affairs of the insurer are directed and managed;
(16) "Producer," any person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. The terms also means an insurance agent;
(17) "State," when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada; and
(18) "Unauthorized insurer," one which does not hold a subsisting certificate of authority issued by the director to engage in the insurance business in this state.
Source: SL 1966, ch 111, ch 1, § 2; SL 1982, ch 350; SL 1988, ch 387, § 1; SL 2000, ch 233, § 2; SL 2001, ch 263, §§ 1, 2, ch 286, § 56; SL 2003, ch 272, § 27; SL 2004, ch 295, § 1.