South Dakota Statutes
§ 58-27-53 — Maximum amount of investments or loans with one person, institution, corporation, or municipal corporation--Exceptions.
An insurer may not, except with the consent of the director, have any combination of investments in or loans upon the security of the obligations, property, or securities of any one person, institution, corporation, or municipal corporation aggregating an amount exceeding five percent of the insurer's assets. This restriction does not apply to the following:
(1)Bonds, notes, debentures, certificates, participations, or interest or other obligations issued by, or the payment of which is guaranteed or insured by, the United States Government or any agency or instrumentality or subdivision thereof;
(2)Obligations of the Student Loan Marketing Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation;
(3)Bonds, notes, debentures, or other
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South Dakota § 58-27-53 (Maximum amount of investments or loans with one person, institution, corporation, or municipal corporation--Exceptions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1966, ch 111, ch 6, § 5 (1); SL 1983, ch 376, § 6; SL 1993, ch 364, § 1; SL 1997, ch 294, § 15; SL 2000, ch 245, § 1; SL 2017, ch 214, § 1.
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Repealed by SL 2012, ch 252, § 30.§ 58-1-2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.