South Dakota Codified Laws 58-7-36. Return of deposit upon merger or consolidation of insurer
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Upon the merger or consolidation of an insurer that has made a deposit in this state, the director may, after preserving the interests of South Dakota policyholders, direct the depository or custodian to return the deposit to the resulting or surviving corporation, or to any person it may designate for that purpose, if the resulting or surviving corporation is or becomes authorized to transact an insurance business in this state.
Terms Used In South Dakota Codified Laws 58-7-36
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- 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 7, § 14(3); SL 1988, ch 393; SL 1991, ch 398, § 18.