South Dakota Codified Laws 58-5-110. Legal liabilities of insurer on borrowed funds–Disclosure in financial statement
Current as of: 2023 | Check for updates
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Money borrowed pursuant to § 58-5-108, together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer’s legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement, or be the basis of any setoff; but until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount thereof then unpaid together with any interest thereon accrued but unpaid.
Terms Used In South Dakota Codified Laws 58-5-110
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 1966, ch 111, ch 16, § 34 (2).