South Dakota Codified Laws 58-27-53. Maximum amount of investments or loans with one person, institution,corporation, or municipal corporation–Exceptions
An insurer may not, except with the consent of the director, have any combination of investments in or loans upon the security of the obligations, property, or securities of any one person, institution, corporation, or municipal corporation aggregating an amount exceeding five percent of the insurer’s assets. This restriction does not apply to the following:
(1) Bonds, notes, debentures, certificates, participations, or interest or other obligations issued by, or the payment of which is guaranteed or insured by, the United States Government or any agency or instrumentality or subdivision thereof;
Terms Used In South Dakota Codified Laws 58-27-53
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
(2) Obligations of the Student Loan Marketing Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation;
(3) Bonds, notes, debentures, or other obligations issued by, or the payment of which is guaranteed by, the State of South Dakota or any state as defined in subdivision 58-1-2(17); or
(4) Policy loans made under § 58-27-31 or investments made pursuant to either § 58-27-25 or 58-27-26, or both.
Source: SL 1966, ch 111, ch 6, § 5 (1); SL 1983, ch 376, § 6; SL 1993, ch 364, § 1; SL 1997, ch 294, § 15; SL 2000, ch 245, § 1; SL 2017, ch 214, § 1.