SDCL § 58-5B-4: Number of insurance applications required before certificate issued to mutual insurer.

No original certificate of authority shall be issued by the director of insurance until two hundred fifty applications have been received from health care providers other than hospitals, or in the case of hospitals, applications from hospitals representing fifty percent of the beds in the state or states to be affected, and until the director of insurance has satisfied himself that such mutual insurer has bona fide applications representing the number of applicants required.