South Dakota § 58-5-61 Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor.

South Dakota Statutes

§ 58-5-61 — Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor.

South Dakota § 58-5-61

Title 58INSURANCE

Ch. 58-4AORGANIZATION AND GENERAL POWERS OF INSURERS

This text of South Dakota § 58-5-61 (Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor.) 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 § 58-5-61 (2026).

Text

Any officer or director, or any member of any committee or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer's funds:

(1)Shall not deposit or invest such funds except in the insurer's corporate name;

(2)Shall not borrow the funds of such insurer;

(3)Shall not be pecuniarily interested in any loan, pledge of deposit, security, investments, sale, purchase, exchange, reinsurance, or other similar transaction or property of such insurer except as a stockholder or member;

(4)Shall not take or receive to his own use any fee, brokerage, commission, gift, or other consideration for or on account of any such transaction made by or on behalf of such insurer. Violation of this section is a Class 2 misdemeanor.

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Any officer or director, or any member of any committee or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer's funds: (1) Shall not deposit or invest such funds except in the insurer's corporate name; (2) Shall not borrow the funds of such insurer; (3) Shall not be pecuniarily interested in any loan, pledge of deposit, security, investments, sale, purchase, exchange, reinsurance, or other similar transaction or property of such insurer except as a stockholder or member; (4) Shall not take or receive to his own use any fee, brokerage, commission, gift, or other consideration for or on account of any such transaction made by or on behalf of such insurer. Violation of this section is a Class 2 misdemeanor.