South Dakota § 58-35-64 Filing plan of merger and articles of merger--Approval by director--Reasons for denying hearing.

South Dakota Statutes

§ 58-35-64 — Filing plan of merger and articles of merger--Approval by director--Reasons for denying hearing.

South Dakota § 58-35-64

Title 58INSURANCE

Ch. 58-34FARM MUTUAL INSURERS

This text of South Dakota § 58-35-64 (Filing plan of merger and articles of merger--Approval by director--Reasons for denying hearing.) 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 § 58-35-64 (2026).

Text

If two or more companies propose to merge under the provisions of § 58-35-63 and their membership has approved the plan of merger, the plan of merger shall be filed with the director of the Division of Insurance, accompanied by the articles of merger, and a request for the approval of the plan of merger. The plan shall be approved by the director after a hearing on the plan within a reasonable time unless the director finds that the plan:

(1)Is contrary to law;

(2)Is inequitable to the policyholders of any domestic insurer involved; or (3) Would substantially reduce the security of and service to be rendered to the policyholders of the domestic insurer. The director shall review the plan of merger and may waive any hearing if the director finds the proposed merger does not preju

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If two or more companies propose to merge under the provisions of § 58-35-63 and their membership has approved the plan of merger, the plan of merger shall be filed with the director of the Division of Insurance, accompanied by the articles of merger, and a request for the approval of the plan of merger. The plan shall be approved by the director after a hearing on the plan within a reasonable time unless the director finds that the plan: (1) Is contrary to law; (2) Is inequitable to the policyholders of any domestic insurer involved; or (3) Would substantially reduce the security of and service to be rendered to the policyholders of the domestic insurer. The director shall review the plan of merger and may waive any hearing if the director finds the proposed merger does not prejudice the interests of the policyholders of the companies.