South Dakota Codified Laws 58-29D-16. Provisions in written agreement as to withdrawals from fiduciary account
The administrator may not pay any claim by withdrawals from a fiduciary account in which premiums or charges are deposited. Withdrawals from such account shall be made as provided in the written agreement between the administrator and the insurer. The written agreement shall address the following:
(1) Remittance to an insurer entitled to remittance;
Terms Used In South Dakota Codified Laws 58-29D-16
- Fiduciary: A trustee, executor, or administrator.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) Deposit in an account maintained in the name of the insurer;
(3) Transfer to and deposit in a claims–paying account;
(4) Payment to a group policyholder for remittance to the insurer entitled to such remittance;
(5) Payment to the administrator of its commissions, fees or charges; or
(6) Remittance of return premium to the person or persons entitled to such return premium.
Source: SL 1992, ch 352, § 16; SL 2021, ch 210, § 19.