58-29A-54. Scope of application of chapter.
208 words·~1 min read·
/sd/title-58/chapter-58-29/58-29a-54·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
This chapter applies to any kind of direct insurance, but does not apply to:
(1)Life, annuity, health, or disability insurance;
(2)Mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks;
(3)Fidelity or surety bonds, or any other bonding obligations;
(4)Credit insurance, vendors' single - interest insurance, or collateral protection insurance, or any similar insurance protecting the interests of a creditor arising out of a creditor - debtor transaction;
(5)Insurance of warranties or service contracts including insurance that provides for the repair, replacement, or service of goods or property or indemnification for repair, replacement, or service for the operational or structural failure of the goods or property due to a defect in materials or workmanship or to normal wear and tear, or provides reimbursement for the liability incurred by the issuer of agreements or service contracts that provide such benefits;
(6)Title insurance;
(7)Ocean marine insurance;
(8)Any transaction or combination of transactions between a person, including affiliates of the person, and an insurer, including affiliates of the insurer, that involves the transfer of investment or credit risk unaccompanied by a transfer of insurance risk; or
(9)Any insurance provided by or guaranteed or reinsured by any governmental body.