South Dakota § 58-29D-16 Provisions in written agreement as to withdrawals from fiduciary account.

South Dakota Statutes

§ 58-29D-16 — Provisions in written agreement as to withdrawals from fiduciary account.

South Dakota § 58-29D-16

Title 58INSURANCE

Ch. 58-29AREGULATION OF LIFE AND HEALTH ADMINISTRATORS

This text of South Dakota § 58-29D-16 (Provisions in written agreement as to withdrawals from fiduciary account.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-29D-16 (2026).

Text

The administrator may not pay any claim by withdrawals from a fiduciary account in which premiums or charges are deposited. Withdrawals from such account shall be made as provided in the written agreement between the administrator and the insurer. The written agreement shall address the following:

(1)Remittance to an insurer entitled to remittance;

(2)Deposit in an account maintained in the name of the insurer;

(3)Transfer to and deposit in a claims - paying account;

(4)Payment to a group policyholder for remittance to the insurer entitled to such remittance;

(5)Payment to the administrator of its commissions, fees or charges; or (6) Remittance of return premium to the person or persons entitled to such return premium.

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The administrator may not pay any claim by withdrawals from a fiduciary account in which premiums or charges are deposited. Withdrawals from such account shall be made as provided in the written agreement between the administrator and the insurer. The written agreement shall address the following: (1) Remittance to an insurer entitled to remittance; (2) Deposit in an account maintained in the name of the insurer; (3) Transfer to and deposit in a claims - paying account; (4) Payment to a group policyholder for remittance to the insurer entitled to such remittance; (5) Payment to the administrator of its commissions, fees or charges; or (6) Remittance of return premium to the person or persons entitled to such return premium.