South Dakota § 58-30-139 Qualified United States financial institution defined.

South Dakota Statutes

§ 58-30-139 — Qualified United States financial institution defined.

South Dakota § 58-30-139

Title 58INSURANCE

Ch. 58-29FINSURANCE PRODUCERS

This text of South Dakota § 58-30-139 (Qualified United States financial institution defined.) 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 § 58-30-139 (2026).

Text

The term, a qualified United States financial institution, means an institution that:

(1)Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof;

(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 such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the director.

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The term, a qualified United States financial institution, means an institution that: (1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof; (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 such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the director.