Section 58-1-2 - Definition of termsTerms used in this title mean:
(1) "Alien insurer," one formed under the laws of any country or jurisdiction other than the United States of America, its states, districts, territories, and commonwealths;(2) "Authorized insurer," one authorized, by a subsisting certificate of authority issued by the director, to engage in the insurance business in this state;(3) "Certificate of authority," permission granted to an insurer to issue policies or make contracts of insurance in this state;(4) "Director," the director of the Division of Insurance;(5) "Division," the Division of Insurance of the Department of Labor and Regulation;(6) "Domestic insurer," one formed under the laws of this state;(7) "Foreign insurer," one formed under the laws of any jurisdiction other than this state; except where distinguished by context, foreign insurer includes an alien insurer;(8) "Insurance," a contract whereby one undertakes to indemnify another or to pay or provide a specified or determinable amount or benefit upon determinable contingencies;(9) "Insurance business," includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder;(10) "Insurer," every person engaged as indemnitor, surety, or contractor in the business of entering into contracts of insurance;(11) "License," permission granted to an agent or broker to engage in those activities permitted by such persons under this title;(12) Repealed by SL 2001, ch 263, §1.(13) "Mechanical breakdown insurance," any contract or agreement, issued by an authorized insurer, to perform or indemnify for a specific duration the repair, replacement, or maintenance of property for operational or structural failure due to a defect in materials, workmanship, or normal wear and tear;(14) "Person," an individual, insurer, company, association, organization, Lloyds, society, reciprocal or inter-insurance exchange, partnership, syndicate, business trust, corporation, and any other legal entity;(15) "Principal office" or "principal place of business," the office or regional home office from which the business affairs of the insurer are directed and managed;(16) "Producer," any person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. The terms also means an insurance agent;(17) "State," when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada; and(18) "Unauthorized insurer," one which does not hold a subsisting certificate of authority issued by the director to engage in the insurance business in this state.(19) "Vehicle theft protection product," a device or system installed on or applied to a motor vehicle that is designed to prevent loss or damage to a motor vehicle from theft.SL 1966, ch 111, ch 1, § 2; SL 1982, ch 350; SL 1988, ch 387, § 1; SL 2000, ch 233, §2; SL 2001, ch 263, §§1, 2, ch 286, § 56; SL 2003, ch 272(Ex. Ord. 03-1), § 27; SL 2004, ch 295, §1; SL 2011, ch 1(Ex. Ord. 11-1), § 162, eff. Apr. 12, 2011; SL 2022, ch 180, §1.Amended by S.L. 2022, ch. 180,s. 1, eff. 7/1/2022.