§ 58-5-95 — Director's consent required for removal of records or assets from state--Unauthorized removal or concealment as felony.

South Dakota § 58-5-95

• Jurisdiction: South Dakota
• Title 58: INSURANCE
• Ch. 58-4A: ORGANIZATION AND GENERAL POWERS OF INSURERS

Text

Removal of all or a material part of the records or assets of a domestic insurer from this state except pursuant to a plan of merger or consolidation approved by the director under this title, or for such reasonable purposes and periods of time as may be approved by the director in writing in advance of such removal, or concealment of such records or assets or material part thereof from the director, is prohibited. Any person who removes or attempts to remove such records or assets or such material part thereof from the home office or other place of business or of safekeeping of the insurer in this state with the intent to remove the same from this state, or who conceals or attempts to conceal the same from the director, in violation of this section, is guilty of a Class 5 felony.

Legislative History

SL 1966, ch 111, ch 16, § 24 (3); SL 1978, ch 359, § 4.