South Dakota Codified Laws 58-7-10. Deposits of reserves of domestic life insurer–Assets comprising–Holding for common benefit of policyholders and annuity contracts
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Deposits of the reserves of a domestic life insurer shall consist of securities and assets permitted for investment by chapter 58-27. Deposits of reserves made by domestic life insurers shall be held for the common benefit of all the holders of its life insurance policies and annuity contracts.
Terms Used In South Dakota Codified Laws 58-7-10
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Source: SL 1966, ch 111, ch 7, §§ 3 (3), 4 (3).