South Dakota § 58-5-12 - Bond required of mutual insurer before soliciting applications for insurance--Filing by incorporators--Amount, conditions.
Full text of South Dakota South Dakota Codified Laws § 58-5-12 — Bond required of mutual insurer before soliciting applications for insurance--Filing by incorporators--Amount, conditions., with citation guidance and answers to common questions.
§ 58-5-12. Bond required of mutual insurer before soliciting applications for insurance--Filing by incorporators--Amount, conditions.
Before soliciting any applications for insurance as permitted under § 58-5-21, the incorporators of the proposed insurer shall file with the director a continuing corporate surety bond in the penal sum of twenty-five thousand dollars, to be approved by the director, in favor of the state. The bond shall be conditioned as follows:
(1) For payment of costs incurred by the state in event of any legal proceedings for liquidation or dissolution of the corporation in the event the corporation fails to complete its organization and secure a certificate of authority within one year from the date of its certificate of incorporation; and
(2) For the prompt return to applicant members of all premiums collected in advance.
Source: SL 1966, ch 111, ch 16, § 10 (1).
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-5-12
What does South Dakota Codified Laws § 58-5-12 cover?
Section 58-5-12 ("Bond required of mutual insurer before soliciting applications for insurance--Filing by incorporators--Amount, conditions.") 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 § 58-5-12?
A common citation format is "South Dakota Codified Laws § 58-5-12" (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 § 58-5-12 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.