(very two years thereafter, shall be appointed by the Governor, by and with the advice and consent of the Senate; he shall be an elector of the State, shall reside at the State Capital, and shall devote his whole time. to the duties of his office. The Governor shall have the power to remove such Commissioner, upon reasonable cause shown, and in case of removal the Governor shall file his reasons therefor with the Secretary of State, and report such removal to the Legislature at the first succeeding session. Such Commissioner shall receive a salary of three thousand, six hundred dollars per annum, and his actual and necessary traveling and other expenses incurred in the discharge of his official duties. Section 2. That Section 9115 of the Revised Code of 1919, as amended by Chapter 234 of the Session Laws of 1919, be and it is hereby amended to read as follows: Section 9115. Employees, Salaries, Duties, Advice.] The Commissioner of Insurance shall bave an office at the State Capitol, furnished and equipped by the State, and shall appoint, with the approval of the Governor, a Deputy Insurance Commissioner and an Insurance Examiner and employ such other clerks and assistants as may be necessary for the transaction of all business of his department. Such deputy shall have authority to sign the name of the Commissioner of Insurance to any and all instruments, and in the absence of the Commissioner of Insurance shall be authorized in all matters to act as and for the Commissioner of Insurance. Such deputy and the Insurance Examiner shall rereceive their traveling and other necessary expenses incident to the duties of their offices, and each shall receive a salary of not to exceed two thousand, five hundred and twenty dollars per year. Such Examiner shall, under the direction of the Commissioner of Insurance, investigate reported violations of the insurance laws and make official examinations of any insurance companies doing business in the State, and for that purpose he shall have authority to examine at all times all books, papers and records of all such companies and, wher deemed necessary, may examine under oath any officer, employee, agent or other person who is connected in any way with the business of any such company. Commissioner of Insurance may, when deemed necessary, call upon the Attorney General for legal counsel in relation to the affairs of the Insurance Department and for such assistance as may be required for a full enforcement of that law. The Section 3. That Section 9121 of the Revised Code of 1919, as amended by Chapter 243 of the Session Laws of 1919 be and the same is hereby amended to read as follows: Sction 9121. Commissioner Ex-Officio State Fire Marshal - Deputies.] The Commissioner of Insurance shall be ex-officio State Fire Marshal and with the approval of the Governor shall have authority to employ one fire marshal clerk and fix his compensation and to employ such number of deputy fire marshals as he shall deem expedient, who shall receive a salary of two thousand, four hundred dollars per year, together with their necessary expenses when actually in discharge of their official duties. The salaries and expenses provided for in this section shall be paid from the revenues paid into the State Treasury by the insurance companies in the manner provided in this Article. Section 4. Whereas, this Act is necessary for the immediate support of the State Government and its existing public institutions, an emergency is hereby declared to exist and this Act shall be in force and effect from and after its passage and approval. Approved June 30, 1920. CHAPTER 63. RELATING TO DEPOSIT OF SECURITIES BY SURETY COMPANIES. AN ACT Entitled, "An Act to Amend Section 9387 of the Revised Code of 1919, Relating to Deposit of Securities by Surety and Casualty Companies, and Declaring an Emergency." Be It Enacted by the Legislature of the State of South Dakota: Section 1. Section 9387 of the Revised Code of 1919, is hereby amended to read as follows: Section 9387. No such corporation shall transact any business in this State until it shall have a paid up capital of at least one hundred thousand dollars, and shall have deposited with the Commissioner of Insurance a guaranty fund consisting of such securities as are specified in Section 9395, in the aggregate, exclusive of interest, amounting to at least fifty thousand dollars, such securities to be approved by the Commissioner of Insurance and held in trust by him for the faithful performance and payment of the obligations of such corporation. Provided, that when the laws of any State require a greater deposit than fifty thousand dollars as a condition precedent to the admission of any company organized under the laws of this State to do business in such state, the amount deposited under this Section may be increased to meet such requirements. In lieu of such deposit, any foreign corporation may produce, and the Commissioner of Insurance may accept properly certified evidence that it has on deposit with the proper officials of some state in the United States acceptable securities to the amount of one hundred thousand dollars, and that such securities are held for the benefit of all of the policy holders of such corporation. Any deposit made in accordance with this Section shall be returned to the company depositing the same upon presentation of satisfactory evidence that it has reinsured all its outstanding bonds and policies in this State in some company authorized to do business in this State, and has made sufficient provision for all outstanding claims, or that it has made such other provision for the protection of its policyholders as may be satisfactory to the Commissioner of Insurance. Section 2. Whereas, this Act is necessary for the immediate support of the State Government and its existing institutions, an emergency is hereby declared to exist, and this Act shall be in full force from and after its passage and approval. Approved July 3, 1920. CHAPTER 64. RELATING TO STATE HAIL INSURANCE. AN ACT Entitled, An Act to Amend Sections 1, 18, 23, and 34, of Chapter 244 of the Session Laws of 1919 of the State of South Dakota, Relating to the Hail Insurance Department of the State of South Dakota, and Declaring an Emergency. Be It Enacted by the Legislature of the State of South Dakota: Section 1. That Section 1 of Chapter 244 of the Session Laws of 1919 be amended so as to read as follows: Section 1. The Hail Insurance Department of the State of South Dakota is hereby established. The Commissioner of Insurance and the management of the said Hail Insurance Department shall be under his supervision. He shall have authority to appoint one Deputy Commissioner of Hail Insurance who shall give his whole time to said Department and who shall, in the absence of the Commissioner of Hail Insurance, be empowered in all matters to act as and for the Commissioner of Hail Insurance and shall receive a salary not to exceed three thousand dollars per annum, and such additional assistants and clerks as he may deem necessary to conduct the business of the Department at such salaries as shall be approved by the Governor. The appointment and employment of Deputy Hail Commissioner and such additional assistants and clerks shall, before same becomes effictive, have the written approval of the Governor. The salaries of such aditional assistants and clerks shall not exceed one hundred twenty-five dollars per month for each person. The Commissioner of Hail Insurance shall prepare and provide the necessary blanks, stationery and postage and shall deliver same to the proper officers and persons. The Hail Insurance Department shall insure all growing crops in all counties in the State against loss by hail upon the terms and in the manner herein set forth. All expenses and salaries shall be audited in the same manner and by the same officers as is now by law provided for the auditing of accounts of public officers and employees. Section 2. That Section 18 of Chapter 244 of the Session Laws of 1919, be amended so as to read as follows: Section 18. The Commissioner of Hail Insurance shall appoint one or more competent persons whose appointment, before same becomes effective, shall have the written approval of the Governor, to act as official adjuster or adjusters of losses or damages caused by hail to any crop that has been insured under the provisions of this Act. Every official adjuster shall receive as compensation the sum of ten dollars per diem and his actual expenses while engaged in the necessary performance of his duty. He shall adjust all losses and damages caused by hail to any crop insured under the provisions of this Act, and it is hereby made his duty to adjust such losses and damages aforesaid when so directed by the Commissioner of Hail Insurance. When any crop has sustained damage by hail, the owner thereof or any person interested therein shall promptly notify the Commissioner of Hail Insurance of such loss by telegram or registered letter adressed to the Commissioner of Hail Insurance, Pierre, South Dakota, and in no event shall such telegram be filed or letter mailed later than four days after the said damage has been sustained, otherwise the damage so sustained shall be deemed to be and shall be waived, provided, however that in case the owner or person interested, through no fault of his own, has been unable to notify the Commissioner of Hail Insurance of the loss sustained within four days, discretionary power is hereby vested in such Commissioner of Hail Insurance to extend the time for a period of not more than ten days upon proper showing. The Commissioner of Hail Insurance shall, as soon as possible after receiving notice of loss, direct an official adjuster to visit the place of loss and proceed to estimate and adjust such loss. In estimating the losses, the official adjuster shall allow as damages the percentage of difference between the value of the crop before it was damaged and the value of the crop after it was damaged, computed on the basis of the amount insured per acre so that if the crop has been damaged 50 per cent, the loss shall be considered as 50 per cent of the amount insured, and so in like manner in other cases of loss. In case of total loss from hail the insured shall receive the full amount insured per acre for each acre of crop so destroyed, but in no event shall more than ten dollars per acre be allowed as the maximum of the crop insured. There shall be no claim for any loss or damage by hail to the crops described in this Act, except for such portion as is traceable directly to hail. Section 3. That Section 23 of Chapter 244 of the Session Laws of 1919, be amended so as to read as follows: Section 23. Payment of all losses will become due January 1, 1920, and thereafter on or before thirty days after the date of final adjustment. Uppon the final adjustment of any loss the Commissioner of Hail Insurance shall issue a voucher approved by the Commissioner of Hail Insurance to the State Auditor in an equal amount to the loss as adjusted, payable as above provided to the insured or his assigns. If, however, the premium for such insurance is still unpaid, the amount thereof shall be deducted from the amount of the adjudicated loss in a manner designated by the Commissioner of Hail Insurance. The State Auditor shall, upon presentation, issue his warrant for such vouchers and the State Treasurer shall, upon presentation, pay said warrants out of the Hail Insurance Fund. Section 4. That Section 34 of Chapter 244 of the Session Laws of 1919, be amended so as to read as follows: Section 34. If in any case there shall be an erroneous extension of the hail insurance premium tax assessment, either as against the wrong tract, piece or parcel of land or as against the wrong person, the assessment shall not for that reason be invalidated, but the Hail Insurance Commissioner upon the discovery of such error shall have, and is hereby given and granted full power and authority to release, abate, refund or otherwise correct such assessment by directing the County Auditor to spread the assessment against the proper person or the correct tract, piece or parcel of land, or refund the hail tax erroneously collected, as the case may require. Section 5. Whereas, this Act is necessary for the support of the State Government and its existing institutions, an emergency is hereby declared to exist and this Act shall be in full force and effect from and after its passage and approval. Approved July 3, 1920. CHAPTER 65. (H. B. 11.) RELATING TO TAXATION OF LIFE, HEALTH AND ACCIDENT INSURANCE COMPANIES. AN ACT Entitled, An Act to Amend Section 9315 of the South Dakota Revised Code of 1919, Relating to Annual Taxes Payable by Life, Health and Accident Insurance Companies, and Declaring an Emergency. Be It Enacted by the Legislature of the State of South Dakota: Section 1. Section 9315 of the South Dakota Revised Code of 1919 is hereby amended to read as follows: Section 9315. Every Life, Health or Accident Insurance Company doing business in this State, except Stock and Mutual companies organ ized under the laws of this State shall, unless otherwise specially provided by law, at the time of making the annual statements required by law, pay into the State Treasury as taxes, two and one-half per cent of the gross amount of direct and reinsurance premiums received in this State during the preceding year, less premium refunds or so called dividends on participating policies, and reinsurance premiums paid to companies authorized to do business in this State, taking duplicate receipts therefor, one of which shall be filed with the Commissioner of Insurance; and upon the filing of such receipts, and not till then, the Commissioner of Insurance shall issue the annual certificate of authority as provided by law, and the said sum of two and one-half per cent shall be in full of all taxes, State and local, and no domestic, life, health or accident insurance company shall be required to pay any premium tax under this Section for prior or future year or years, except as otherwise specially provided by law. Section 2. Whereas, this Act relates to taxation and is necessary for the support of the State Government and its existing institutions, an emergency is hereby declared to exist and this Act shall be in force from and after its passage and approval. Approved June 26, 1920. CHAPTER 66. (H. B. 48.) RELATING TO WORKMEN'S COMPENSATION INSURANCE. AN ACT Entitled, An Act Relating to Workmen's Compensation Insurance and Giving the Commissioner of Insurance Authority to Regulate the Premium Rates for Such Insurance. Be It Enacted by the Legislature of the State of South Dakota: Section 1. It shall be the duty of each insurer of any obligation under the South Dakota Workmen's Compensation Law to file with the Commissioner of Insurance whenever required by him a schedule of the premiums charged employers by such insurer for insuring such obligations and also to furnish him whenever required verified statements of the total amount of premiums charged and compensation, medical and other expenses paid by such insurer in complying with the provisions of the South Dakota Workmen's Compensation Law. It shall be the duty of such Commissioner to make a careful investigation whenever and as often as he may deem necessary and give employers and insurers ample opportunity to be heard. If after such investigation he shall be of the opinion that such premiums are excessive, he shall make an order to that effect therein stating what changes should be made in such premiums and when such changes shall take effect and serve the same upon such insurers by forwarding copies of such order by registered mail to the home office of such insurers, and thereafter it shall be unlawful for such insurers to charge greater premiums than so specified by such Commissioner. Such order may at any time be modified or revoked by such Commissioner for due cause after giving employers and insurers an opportunity to be heard. Such order may be reviewed by the Circuit Court in Hughes County upon the petition of any insurer, employer or other person interested. Approved June 30, 1920. Laws-5. |