South Dakota § 58-7-1 Amounts required to be deposited by domestic insurers--Financial institutions to report to director.

South Dakota Statutes

§ 58-7-1 — Amounts required to be deposited by domestic insurers--Financial institutions to report to director.

South Dakota § 58-7-1

Title 58INSURANCE

Ch. 58-5CINSURERS' DEPOSITS WITH STATE

This text of South Dakota § 58-7-1 (Amounts required to be deposited by domestic insurers--Financial institutions to report to director.) 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 § 58-7-1 (2026).

Text

All deposits required by this title shall be kept in a financial institution approved by the director. A domestic property and casualty or health insurer shall deposit an amount not less than fifty percent of the required unearned premium reserves on their outstanding policies. Domestic life insurers shall deposit an amount not less than the required reserves on their outstanding policies, including annuity and supplementary contracts, but excluding premium notes, policy loans, and other policy liens referred to in subdivision 58-26-1(3) and the net amount of uncollected and deferred premiums and annuity considerations referred to in subdivision 58-26-1(4). The financial institution shall report quarterly to the director the insurers that have deposits with it and the amounts and kinds of 

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All deposits required by this title shall be kept in a financial institution approved by the director. A domestic property and casualty or health insurer shall deposit an amount not less than fifty percent of the required unearned premium reserves on their outstanding policies. Domestic life insurers shall deposit an amount not less than the required reserves on their outstanding policies, including annuity and supplementary contracts, but excluding premium notes, policy loans, and other policy liens referred to in subdivision 58-26-1(3) and the net amount of uncollected and deferred premiums and annuity considerations referred to in subdivision 58-26-1(4). The financial institution shall report quarterly to the director the insurers that have deposits with it and the amounts and kinds of assets and securities. Withdrawal of securities and assets on deposit shall be pursuant to the custodial agreement.