South Dakota Statutes
§ 58-14-42 — Qualified United States financial institution.
For the purposes of §§ 58-14-24 to , inclusive, a qualified United States financial institution is an institution that:
(1)Is organized or licensed under the laws of the United States or any state;
(2)Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and (3) Has been determined by either the director or the securities valuation office of the National Association of Insurance Commissioners to meet the standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit may be acceptable to the director.
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South Dakota § 58-14-42 (Qualified United States financial institution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1992, ch 345, § 19.
Nearby Sections
15
§ 58-1-1
Citation of title.§ 58-1-11
General saving clause.§ 58-1-13
Severability of provisions.§ 58-1-14
Notice of nonrenewal of policy must be mailed sixty days prior to renewal date--Exceptions.§ 58-1-14.1
Notice of refusal to renew--Thirty§ 58-1-16.1
Applicability of §§ 58-1-18
Repealed by SL 2012, ch 252, § 30.§ 58-1-2
Definition of terms.