South Dakota Codified Laws 58-5-126. Approval by director of bulk reinsurance by mutual insurer–Disapproval–Notice
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The director of the Division of Insurance shall approve any agreement pursuant to § 58-5-123 within a reasonable time after filing if he finds it to be fair and equitable to each domestic insurer involved, and that such reinsurance would not substantially reduce the protection or service to its policyholders. If the director does not approve, he shall notify each insurer involved in writing specifying his reasons therefor.
Terms Used In South Dakota Codified Laws 58-5-126
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Source: SL 1966, ch 111, ch 16, § 41 (2).