There is a newer version
of
this Section
2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 05 - Organization And General Powers Of Insurers
§ 58-5-125 Bulk reinsurance by domestic mutual insurer in stock insurer--Payments to members.
Universal Citation: SD Codified L § 58-5-125 (2019)
58-5-125. Bulk reinsurance by domestic mutual insurer in stock insurer--Payments to members. If for reinsurance in a stock insurer of all or substantially all of the insurance in force of a mutual insurer, the agreement must provide for payment in cash to each member of the insurer entitled thereto of his equity, if any, in the business reinsured as determined under a fair formula approved by the director, as based upon the reserves, assets (whether or not "admitted" assets) and surplus, if any, of the mutual insurer to be taken over by the stock insurer.
Source: SL 1966, ch 111, ch 16, ยง 41 (4).
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
