South Dakota § 58-46-3 - Requirements for doing business.
Full text of South Dakota South Dakota Codified Laws § 58-46-3 — Requirements for doing business., with citation guidance and answers to common questions.
§ 58-46-3. Requirements for doing business.
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.
Source: SL 1996, ch 287, § 3; SL 2009, ch 272, § 3; SL 2013, ch 257, § 2.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-46-3
What does South Dakota Codified Laws § 58-46-3 cover?
Section 58-46-3 ("Requirements for doing business.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-46-3?
A common citation format is "South Dakota Codified Laws § 58-46-3" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-46-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.