South Dakota Codified Laws 58-27-91. Obligations contracted prior to July 1, 1992
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A domestic insurer is not prohibited from acquiring an obligation if, before July 1, 1992, it was contractually committed to acquire and it would have been permitted to acquire but it shall notify the director of the acquisition and submit a copy of the contract.
Terms Used In South Dakota Codified Laws 58-27-91
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Source: SL 1992, ch 350, § 3.