South Dakota Codified Laws 58-28-18. Separate account not chargeable with liabilities from other business
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If and to the extent so provided under the applicable contracts, that portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account shall not be chargeable with liabilities arising out of any other business the insurer may conduct.
Terms Used In South Dakota Codified Laws 58-28-18
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 1966, ch 111, ch 6, § 36 as added by SL 1969, ch 131; SDCL Supp, § 58-28-6.1; SL 1971, ch 266, § 1 (5).