There is a newer version of the South Dakota Codified Laws
2011 South Dakota Code
Title 51A BANKS AND BANKING
Chapter 02. Division Of Banking
§51A-2-40 Insurance business restricted.
SD Codified L § 51A-2-40 (through 2011) What's This?
51A-2-40. Insurance business restricted. If a bank acquired pursuant to § 51A-2-38 engages in the insurance business it shall conduct its insurance business in this state in a manner likely to not attract business from the general public to the substantial detriment of insurance companies, insurance brokers or insurance agents to the extent of their business in the state. No bank, as a prerequisite of making a loan, shall require the borrower to purchase insurance from the bank. Further, such insurance business shall be subject to the same laws and regulations of this state, and the application thereof by the division of insurance, as are applicable to the operations of insurance companies which are unaffiliated with banks.
Source: SL 1980, ch 331, § 1; SL 1983, ch 356, § 3; SL 1988, ch 378, § 4; SDCL, § 51-16-41.
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