Every domestic insurer shall have and maintain its principal place of business and home office in this state and shall keep therein complete records of its assets, transactions, and affairs in accordance with such methods and systems as are customary or suitable as to the kinds of insurance transacted. The provisions of this section requiring that a domestic insurer maintain its principal place of business and home office in this state do not apply to the sale of a wholly owned subsidiary of a domestic insurer whose net worth does not represent more than seven percent of its parent company’s assets.

Terms Used In South Dakota Codified Laws 58-5-93

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2

Source: SL 1966, ch 111, ch 16, § 24 (1); SL 1985, ch 387.

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