58-25-1      Application of chapter.
58-25-2      Making of rates--Provisions governing.
58-25-3      Reasonableness and adequacy of rates.
58-25-4      Unfair discrimination in rates prohibited.
58-25-5      Grouping of guarantees by classification for rate-making.
58-25-6      Matters considered in making rates.
58-25-7      Schedule of rates or premiums--Filing with director--Contents.
58-25-8      Contracts, policies, or guarantees required to be filed with director, exceptions.
58-25-9      Change in rates or premiums or in contract forms--Filing with and approval by director required.
58-25-10      Filing of rates and policies--Approval or disapproval by director.
58-25-11      Finding of director that prior approved filing does not comply with law--Hearing on request--Affirmance or modification of prior action.
58-25-12      Issuance of contract, policy, or guarantee of insurance contrary to filings prohibited--Special risks excepted--Misdemeanor.
58-25-13      Deviations, rebates, and discounts prohibited.
58-25-14      Exchange of information and experience data--Consultation as to rate-making.
58-25-15      False or misleading information as misdemeanor.
58-25-16      Countersignature by agent or abstracter of county required--Violation as misdemeanor.
58-25-17      Violation of chapter--Imposition of penalties by director.
58-25-18      Suspension of license of insurer--Failure to comply with order of director--Time of taking effect--Duration.
58-25-19      Written order of director for imposition of penalty and suspension of license--Hearing, notice, findings.
58-25-20      Conduct of hearings before director.
58-25-21      Repealed.
58-25-22      Title insurance company to maintain reserve--Amount.
58-25-23      Reserves restored to net profits over twenty-year period--Amortization rate.
58-25-24      Calculation of adjusted statutory or unearned premium reserve.
58-25-25      Adjusted reserves restored to net profits or equity.
58-25-26      Title insurer to maintain known claim reserve--Amount.
58-25-27      Supplemental reserve to cover liabilities.

58-25-1. Application of chapter.

This chapter applies to all kinds and classes of insurance which insure or guarantee titles to real or leasehold property or any estate therein, or against loss by reason of defects, encumbrances, liens, or charges on real or leasehold property or any estate therein; or which insure or guarantee the validity, priority and status of real and leasehold property liens and estates; or which insure or guarantee the correctness and sufficiency of searches for instruments, liens, charges or other matters affecting the title to real or leasehold property or any estate therein. Any person making such guarantees or issuing such insurance shall be deemed to be engaged in the business of title insurance and is hereinafter referred to as "insurer."

Source: SL 1966, ch 111, ch 14, § 1.

58-25-2. Making of rates--Provisions governing.

All rates shall be made in accordance with the provisions of §§ 58-25-3 to 58-25-6, inclusive.

Source: SL 1966, ch 111, ch 14, § 2.

58-25-3. Reasonableness and adequacy of rates.

Rates shall be reasonable and adequate for the class of risks to which they apply.

Source: SL 1966, ch 111, ch 14, § 2 (1).

58-25-4. Unfair discrimination in rates prohibited.

Rates shall not discriminate unfairly between risks involving essentially the same hazards and expense elements.

Source: SL 1966, ch 111, ch 14, § 2 (2).

58-25-5. Grouping of guarantees by classification for rate-making.

Guarantees may be grouped by classification for the establishment of rates and minimum premiums. A special or unusual guarantee, more hazardous to the insurer than ordinary title guarantees because of an alleged irregularity or a difference in interpretation or application of law which might affect marketability of title, may be classified individually and separately according to the circumstances peculiar to each case.

Source: SL 1966, ch 111, ch 14, § 2 (4).

58-25-6. Matters considered in making rates.

Due consideration will be given to past and prospective loss experiences within and outside the state, reasonable margin for profit and contingencies, cost of participating insurance, percentage to be allocated to reserve, operating expenses and all other relevant factors fairly attributable to the business of title insurance.

Source: SL 1966, ch 111, ch 14, § 2 (3).

58-25-7. Schedule of rates or premiums--Filing with director--Contents.

Every insurer must file with the director, any manual or schedule of rates or premiums which it proposes to use, together with any rules or regulations governing the setting or making of such rates or premiums, and indicate the character or extent of coverage contemplated under such rates and premiums, except that insurers need not include rates or premiums for a special or unusual guarantee as defined in § 58-25-5, and such rates or premiums may be classified individually and separately according to the circumstances peculiar to each case.

Source: SL 1966, ch 111, ch 14, § 3 (1).

58-25-8. Contracts, policies, or guarantees required to be filed with director, exceptions.

Every insurer must file with the director, all forms of contracts, policies, or guarantees of insurance with any and all types of modifications thereof, except as to special or unusual risks, which it proposes to use.

Source: SL 1966, ch 111, ch 14, § 3 (2).

58-25-9. Change in rates or premiums or in contract forms--Filing with and approval by director required.

No change in rates or premiums or in the forms of contracts, policies, or guarantees of insurance shall be permitted to any insurer, unless and until a report indicating such change is filed and approved by the director.

Source: SL 1966, ch 111, ch 14, § 3 (3).

58-25-10. Filing of rates and policies--Approval or disapproval by director.

Any filing made pursuant to §§ 58-25-7 to 58-25-9, inclusive, shall be approved by the director, unless he finds that such filing does not meet the requirements of this chapter or shall otherwise be contrary to law. As soon as reasonably possible after the filing has been made, the director shall, in writing, approve or disapprove the same; provided, however, that, if such filing has not been disapproved by the director within fifteen days from the date of filing, or within thirty days if such period be extended in writing by the director during the first fifteen days, it shall be deemed approved, and the rates, contracts, or other subject matter of such filing may be put into effect by the insurer at the expiration of such waiting period. In the event the director disapproves any filing, he shall specify in what respect he finds that such filing does not meet the requirements of this chapter or is otherwise contrary to law.

Source: SL 1966, ch 111, ch 14, § 3 (4).

58-25-11. Finding of director that prior approved filing does not comply with law--Hearing on request--Affirmance or modification of prior action.

If at any time after the approval of a filing, the director should find that the filing does not meet the requirements of §§ 58-25-7 to 58-25-10, inclusive, or is otherwise contrary to law, or if any party having an interest in such filing should make complaint in writing, setting forth specific and reasonable causes for complaint to the director, or if any insurer, upon notice of disapproval by the director of a filing pursuant to this section, should so request, the director shall hold a hearing within thirty days and shall give notice of the hearing in writing to all parties in interest. The director may confirm, modify, change or rescind any previous action, if warranted by the facts shown at the hearing.

Source: SL 1966, ch 111, ch 14, § 3 (5).

58-25-12. Issuance of contract, policy, or guarantee of insurance contrary to filings prohibited--Special risks excepted--Misdemeanor.

No insurer shall make or issue any contract, policy, or guarantee of insurance except in accordance with filings approved as provided in § 58-25-10, except as to special or unusual risks for which no filing has been provided in §§ 58-25-7 and 58-25-8. Violation of this section is a Class 2 misdemeanor.

Source: SL 1966, ch 111, ch 14, § 3 (6); SL 1978, ch 359, § 2.

58-25-13. Deviations, rebates, and discounts prohibited.

Every insurer shall hold to the rates or premiums as approved by the director and may not deviate therefrom nor allow to or for the account of any insured a rebate or discount on the rates or premiums payable. As compensation for procuring business, an insurer may pay or allow a commission to any licensed insurance producer of the insurer.

Source: SL 1966, ch 111, ch 14, § 3 (7); SL 2001, ch 286, § 133.

58-25-14. Exchange of information and experience data--Consultation as to rate-making.

In order to further more equitable establishment and adjustment of rates and premiums and forms of contracts, policies, or guarantees of insurance, the director and every insurer may exchange information and experience data with each other, and with the insurance supervisory officials and insurers in other states and with national organizations and associations and may consult and cooperate with them in respect to rate- and premium-making and forms of contracts, policies, and guarantees of insurance.

Source: SL 1966, ch 111, ch 14, § 3 (8).

58-25-15. False or misleading information as misdemeanor.

No person or organization shall knowingly give false or misleading information to the director, to any insurer or to any other person which will in any manner affect the proper determination of rates or premiums, or the proper issuance of a contract, policy, or guarantee of insurance. Violation of this section is a Class 2 misdemeanor.

Source: SL 1966, ch 111, ch 14, § 5; SL 1978, ch 359, § 2.

58-25-16. Countersignature by agent or abstracter of county required--Violation as misdemeanor.

No insurance company shall issue any policy of title insurance or certificate of title or other guarantee of title, covering any property located within the State of South Dakota, unless the same is countersigned by a person, partnership, or corporation, who has met the requirements of §§ 36-13-8 and 36-13-10 in the county in which the real property is located, or maintains an abstract plant in the county where the real property is located and meets the requirements of chapter 36-13. A violation of this section is a Class 2 misdemeanor.

Source: SL 1966, ch 111, ch 14, § 4; SL 1978, ch 359, § 2; SL 1979, ch 345.

58-25-17. Violation of chapter--Imposition of penalties by director.

The director may, if he finds that any person or organization has violated any provision of this chapter, impose a penalty of not more than two hundred fifty dollars for each such violation, but, if he finds such violation to be willful he may impose a penalty of not more than one thousand dollars for each such violation. Such penalties may be in addition to any other penalty provided by law.

Source: SL 1966, ch 111, ch 14, § 6 (1).

58-25-18. Suspension of license of insurer--Failure to comply with order of director--Time of taking effect--Duration.

The director may suspend the license of any insurer who fails to comply with any lawful order of the director within the time limited by such order, or any extension thereof which the director may grant. The director shall not suspend the license of any insurer for failure to comply with an order until the time prescribed for an appeal therefrom has expired or, if any appeal has been taken, until such order has been affirmed. The director may determine when a suspension of license shall become effective, and it shall remain in effect for a period fixed by him, unless he modifies or rescinds such suspension, or until the order upon which such suspension is based is modified, rescinded, or reversed.

Source: SL 1966, ch 111, ch 14, § 6 (2).

58-25-19. Written order of director for imposition of penalty and suspension of license--Hearing, notice, findings.

No penalty shall be imposed and no license shall be suspended except upon written order of the director, stating his findings, made after a hearing held upon not less than ten days' written notice to such person or insurer and specifying the alleged violation.

Source: SL 1966, ch 111, ch 14, § 6 (3).

58-25-20. Conduct of hearings before director.

Hearings before the director as to matters under this chapter shall be conducted in accordance with chapter 1-26.

Source: SL 1966, ch 111, ch 14, § 7 (1); SL 1978, ch 359, § 16.