South Dakota Statutes
§ 58-5-108 — Borrowed surplus of domestic stock or mutual insurer--Agreement to repay, interest.
A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, provide it with surplus funds, or for any purpose of its business, upon a written agreement that such money shall be repaid only out of the insurer's surplus in excess of that stipulated in such agreement. The agreement may provide for the interest rate to be negotiated between the borrower and the lender, which interest shall or shall not constitute a liability of the insurer as to its funds other than such excess of surplus, as stipulated in the agreement. No commission or promotion expense shall be paid in connection with any such loan.
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South Dakota § 58-5-108 (Borrowed surplus of domestic stock or mutual insurer--Agreement to repay, interest.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1966, ch 111, ch 16, § 34 (1); SL 1980, ch 351.
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Repealed by SL 2012, ch 252, § 30.§ 58-1-2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.