58-11-1 Premium defined.
Premium is the consideration for insurance by whatever name
called. Any assessment, or any membership, policy, survey, inspection, service, or similar fee or
other charge in consideration for an insurance contract is deemed part of the premium. For a private
placement policy, with the consent of the insurer, premium may be in the form of assets to be held
by the insurer in a separate account, as long as the fair value of the assets are independently verified
at the time of receipt by the insurer. However, the premium for title insurance shall be the rates filed
and approved in § 58-25-7.
Source: SL 1966, ch 111, ch 22, § 3; SL 1995, ch 66, § 2; SL 2009, ch 259, § 1.