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 Labor 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

ied 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permission granted to an agent or broker to engage in those activities permitted by such persons under this title;(12)Repealed by SL 2001, ch 263, §1.(13)'Mechanical breakdown insurance,' any contract or agreement, issued by an authorized insurer, to perform or indemnify for a specific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

r 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.(19)'Vehicle theft protection product,' a device or system installed on or applied to a motor vehicle that is designed to prevent loss or damage to a motor vehicle from theft. 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 (Ex. Ord.

or damage to a motor vehicle from theft. 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 (Ex. Ord. 03-1), §27; SL 2004, ch 295, §1; SL 2011, ch 1 (Ex. Ord. 11-1), §162, eff. Apr. 12, 2011; SL 2022, ch 180, §1.