South Dakota Codified Laws 58-5-94. Assets of domestic insurer to be maintained in state–Exceptions
Current as of: 2023 | Check for updates
|
Other versions
Every domestic insurer shall have and maintain its assets in this state, except as to:
(1) Real property and personal property appurtenant thereto lawfully owned by the insurer and located outside this state; and
Terms Used In South Dakota Codified Laws 58-5-94
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
(2) Such property of the insurer as may be customary, necessary, and convenient to enable and facilitate the operation of its branch offices and “regional home offices” located outside this state as referred to in § 58-5-97.
Source: SL 1966, ch 111, ch 16, § 24 (2).