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2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 05 - Organization And General Powers Of Insurers
§ 58-5-110 Legal liabilities of insurer on borrowed funds--Disclosure in financial statement.
Universal Citation: SD Codified L § 58-5-110 (2019)
58-5-110. Legal liabilities of insurer on borrowed funds--Disclosure in financial statement. Money borrowed pursuant to § 58-5-108, together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement, or be the basis of any setoff; but until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount thereof then unpaid together with any interest thereon accrued but unpaid.
Source: SL 1966, ch 111, ch 16, § 34 (2).
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