SDCL § 58-5-18: Applications for mutual insurance--Contents.

All such applications shall provide that:

(1) Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority;

(2) No insurance is in effect until the certificate of authority has been issued; and

(3) The prepaid premium and any deposit, membership or policy fee shall be refunded in full to the applicant if the certificate of authority is not issued within one year from the date of the certificate of incorporation.