58-46-3. Requirements for doing business.
219 words·~1 min read·
/sd/title-58/chapter-58-46/58-46-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No captive insurance company may do any insurance business in this state unless:
(1)It first obtains from the director a certificate of authority authorizing it to do insurance business in this state;
(2)Its governing board holds at least one meeting each year in this state in which a quorum is physically present;
(3)It maintains its principal place of business in this state and keeps at this place complete records of its assets, transactions, and affairs, in accordance with the methods and systems which are customary or suitable as to the kinds of insurance transacted. In lieu thereof or if required by the director, in the director's discretion, the captive insurance company shall appoint a captive manager approved by the director. The captive manager shall maintain the complete records required in this section. The captive manager shall make available all information to the director upon request; and
(4)It, and if applicable its captive manager, appoints a resident agent to accept service of process and to otherwise act on its behalf in this state. If the registered agent cannot, with reasonable diligence, be found at the registered office of the captive insurance company or captive manager, the director shall be an agent of the captive insurance company upon whom any process, notice, or demand may be served.