Changes to Existing Law

26.413.9 26.413.10 101st Legislative Session 1119 2026 South Dakota Legislature House Bill 1119 Introduced by: Representative Walburg Underscores indicate new language. Overstrikes indicate deleted language. ENROLLED AN ACT ENTITLED An Act to modify provisions regarding directors serving on a farm mutual insurer’s 1 board. 2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3 Section 1. That § 58-35-8 be AMENDED: 4 58-35-8. The articles of incorporation required by § 58-35-7 shall must state: 5 (1) The name of the corporation, which shall must include the words "farm mutual" 6 and, if a county mutual insurer, the name of the county of its principal place of 7 business; 8 (2) If a county mutual insurer, the name of the counties in which the corporation 9 intends to do business and the address of its principal business office; 10 (3) If a state mutual insurer, the location of its principal business office, which must 11 be located in this state; 12 (4) The purposes for which the corporation is formed; 13 (5) If Whetherit Whether the corporation will transact business on a cash premium plan or an 14 assessment plan; 15 (6) The duration of its the corporation's existence, which may be perpetual; 16 (7) The number of its the corporation's directors, which shall be not may not be less 17 than five nor more than eleven; fifteen, and the names and addresses of the 18 persons constituting the initial board of directors who shall serve until the first 19 annual meeting of the members, and until their successors are elected and 20 qualified; and 21 (8) The names, residences, and addresses of the incorporators and the value of their 22 property desired to be insured. 23 Section 2. That § 58-35-26 be AMENDED: 24 26.413.9 2 1119 Underscores indicate new language. Overstrikes indicate deleted language. 58-35-26. No individual shall may serve as a director of a farm mutual insurer 1 unless the individual is a member of the insurer or a member of one or more of the 2 insurer’s affiliates. 3 26.413.10 2 1119 HB1119 ENROLLED For the purposes of this section, “affiliate” means any entity that directly, or 4 indirectly through one or more intermediaries, controls, is controlled by, or is under 5 common control with, the insurer at issue. 6 26.413.10 3 1119 HB1119 ENROLLED An Act to modify provisions regarding directors serving on a farm mutual insurer’s board. I certify that the attached Act originated in the: House as Bill No. 1119 Chief Clerk of the House Speaker of the House Attest: Chief Clerk of the House President of the Senate Attest: Secretary of the Senate House Bill No. 1119 File No. ____ Chapter No. ______ Received at this Executive Office this _____ day of _____________, 2026 at ____________M. By for the Governor The attached Act is hereby approved this ________ day of ______________, A.D., 2026 Governor STATE OF SOUTH DAKOTA, ss. Office of the Secretary of State Filed ____________, 2026 at _________ o'clock __M. Secretary of State By Asst. Secretary of State