South Dakota Codified Laws 58-34-48. Impairment of surplus required for nonassessable policies–Revocation ofextinguishment authority
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Upon impairment of the surplus required by § 58-34-46, the director shall forthwith revoke the certificate of authority to extinguish the contingent liability of subscribers. Such revocation shall not render subject to contingent liability any policy then in force and for the remainder of the period for which the premium has theretofore been paid; but after such revocation no policy shall be issued or renewed without providing for contingent assessment liability of the subscriber.
Terms Used In South Dakota Codified Laws 58-34-48
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Source: SL 1966, ch 111, ch 19, § 26 (2).