The members of any one church or of any one religious denomination may maintain for the exclusive benefit of their members, an association for the mutual insurance of the property of its members against loss or damage by fire, lightning, storm, or hail, or all of them. Any such company, whether heretofore or hereafter organized, may also if specified in its articles of incorporation and bylaws, insure, in connection with fire and lightning policies, against loss or damage caused by smoke, explosion, riot, riot attending a strike, aircraft and vehicles, vandalism, theft, or other risk or risks. Such an association shall furnish no insurance except on property of an actual member of such church or denomination. It may conduct business upon the plan and method adopted by it, satisfactory to the director, and shall not be required to be licensed by or report to the director of insurance.

Source: SDC 1939, § 31.2919; SL 1951, ch 170, § 11; SL 1955, ch 119; repealed SL 1966, ch 111, § 5; re–enacted SL 1978, ch 366, § 1.