58-40-15. Foreign corporation--Transaction of business in state. A nonprofit hospital service plan corporation organized under the laws of another state or any territory may with the approval of the director and under the rules as may be promulgated, consistent with the provisions of this chapter, transact and carry on its business in this state; provided it shall first file with the director:

(1) A duly certified copy of its charter or articles of incorporation;

(2) A verified statement of the condition of its affairs for the next preceding calendar year;

(3) A duly certified and authenticated appointment in writing of the director as its true and lawful agent in and for this state, upon whom all lawful process in any action or proceeding against the insurer may be served with the same effect as if a domestic insurer served in this state, such appointment to stipulate that any lawful process against such insurer served on such agent shall be of the same legal force and validity as if served on the insurer, and that the authority shall continue in force as long as any liability remains outstanding against such insurer in this state. Such service may be made on the director in the manner provided by statute for service of process, or may be made by filing a copy of such process in the office of the director. Whenever any such process is served upon the director, he shall forthwith forward a copy thereof by mail, postpaid, directed to the secretary of the insurer; or in case of insurers in foreign countries to the resident manager thereof, in this country, and to its general agent in this state; and

(4) Evidence satisfactory to the director that such corporation has existing contracts for the rendering of hospital service to the subscribers with at least twenty hospitals located within the State of South Dakota, approved for participation by the director.

Any such foreign corporation shall be subject to the laws of this state pertaining to reciprocal relations imposed on foreign insurers transacting or doing business in this state.

Source: SL 1966, ch 111, ch 21, § 23; SL 1986, ch 22, § 42.