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Code · South Dakota · Title 58 · Chapter 58-34

58-34-48. Impairment of surplus required for nonassessable policies--Revocation of extinguishment authority.

75 words·~1 min read·/sd/title-58/chapter-58-34/58-34-48·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Upon impairment of the surplus required by § 58-34-46 , the director shall forthwith revoke the certificate of authority to extinguish the contingent liability of subscribers. Such revocation shall not render subject to contingent liability any policy then in force and for the remainder of the period for which the premium has theretofore been paid; but after such revocation no policy shall be issued or renewed without providing for contingent assessment liability of the subscriber.
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