reglab/housing_qa huggingface dataset:
SD Codified L § 58-27-43 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-43 - Deduction from loan of amount guaranteed by administrator of veterans' affairs.

58-27-43. Deduction from loan of amount guaranteed by administrator of veterans' affairs.The extent to which a mortgage loan made under §58-27-36 or 58-27-37 is guaranteed by the administrator of veterans' affairs may be deducted before application of the limitations contained in §58-27-42. The provisions of §58-27-42 shall not apply to the bonds or notes described in §58-27-36. Source: SL 1966, ch 111, ch 6, §25 (2).
SD Codified L § 58-27-44 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-44 - Appraisal to determine market value of property.

58-27-44. Appraisal to determine market value of property.The fair value of property shall be determined by appraisal by a competent appraiser at the time of the making or acquisition of a mortgage loan or investing in a contract for the deed thereon; except, that as to bonds or notes secured by mortgage or trust deed guaranteed or insured by the federal housing administration, or guaranteed or insured as to principal in full or in part by the administrator of veterans' affairs, or guaranteed or insured by the farmers home administration, the valuation made by such administration or administrator shall be deemed to have been made by a competent appraiser for the purposes of this section. Source: SL 1966, ch 111, ch 6, §26 (1).
SD Codified L § 58-27-45 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-45 - Loan on or investment in real estate mortgage on security of chattel mortgage--Limited amount.

58-27-45. Loan on or investment in real estate mortgage on security of chattel mortgage--Limited amount.In connection with a mortgage loan on the security of real estate designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to §§58-27-32 to 58-27-40, inclusive, an insurer may lend or invest an amount not exceeding twenty percent of the amount loaned on or invested in such real estate mortgage on the security of a chattel mortgage to be amortized by regular periodic payments within a term of not more than five years, and representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises. Source: SL 1966, ch 111, ch 6, §29 (1).
SD Codified L § 58-27-46 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-46 - "Durable equipment" defined.

58-27-46."Durable equipment" defined.For the purposes of §58-27-45, the term "durable equipment" shall include only mechanical refrigerators, air conditioning equipment, mechanical laundering machines, heating and cooking stoves and ranges, and, in addition, in the case of apartment houses, motels and hotels, room furniture and furnishings. Source: SL 1966, ch 111, ch 6, §29 (2).
SD Codified L § 58-27-47 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-47 - Acquisition of chattel mortgage--Separate appraisal of included items to determine fair market value--Maximum amount of loan.

58-27-47. Acquisition of chattel mortgage--Separate appraisal of included items to determine fair market value--Maximum amount of loan.Prior to the acquisition of a chattel mortgage under §58-27-45, items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value thereof determined. No such chattel mortgage loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property. Source: SL 1966, ch 111, ch 6, §29 (3).
SD Codified L § 58-27-48 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-48 - Liens on personal property as additional security permitted.

58-27-48. Liens on personal property as additional security permitted.Sections 58-27-45 to 58-27-47, inclusive, shall not prohibit an insurer from taking liens on personal property as additional security for any investment otherwise eligible under this chapter. Source: SL 1966, ch 111, ch 6, §29 (4).
SD Codified L § 58-27-49 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-49 - Sale of mortgage loans to federal national mortgage association.

58-27-49. Sale of mortgage loans to federal national mortgage association.Notwithstanding any other provision of law, any institution, including an insurance company or other insuring organization, organized under the laws of this state, which has as one of its principal purposes the making or purchasing of loans secured by real estate mortgages, is authorized to sell such mortgage loans to the federal National Mortgage Association, a corporation chartered by an act of Congress, or any successor thereof, and in connection therewith to make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of the federal National Mortgage Association or any successor thereof, to receive stock evidencing such capital contributions, and to hold or dispose of such stock. Source: SL 1955, ch 231; SDC Supp 1960, §39.0309.
SD Codified L § 58-27-50 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-50 - Restrictions on purposes and amount of real estate investments.

58-27-50. Restrictions on purposes and amount of real estate investments.An insurer may invest in real estate only if used for the purposes or acquired in the manners and within the limits as follows:(1)The land and the building thereon in which it has its principal office and such other real estate including regional home offices as shall be requisite for its convenient accommodation in the transaction of its business. Except with the consent of the director of the Division of Insurance, all such investments may not aggregate more than fifteen percent of the insurer's admitted assets;(2)Real estate acquired in satisfaction of loans, mortgages, liens, judgments, decrees, or debts previously owing to the insurer in the course of its business;(3)Real estate acquired in part payment of the consideration on the sale of other real estate owned by it, if such transaction does not increase the insurer's investment in real estate;(4)Real estate acquired by gift or devise, or through merger, consolidation, or bulk reinsurance of another insurer under this title;(5)The seller's interest in real property subject to an agreement of purchase or sale, but the sum invested in any such parcel of real estate may not exceed three-fourths of the market value of such parcel;(6)Real estate, or any interest therein acquired or held by purchase, lease, or otherwise, other than real estate to be used primarily for agricultural, ranch, mining, development of oil or mineral resources, recreational, amusement, or club purposes, acquired as an investment for the production of income, or acquired to be improved or developed for investment purposes pursuant to an existing program therefor. The insurer may hold, improve, develop, maintain, manage, lease, sell, and convey real estate acquired by it under this section. No insurer may have at any one time invested in real estate under this subdivision an amount exceeding fifteen percent of its admitted assets, nor in any single parcel of real estate under this subdivision, an amount in excess of five percent of its admitted assets; or(7)Additional real estate and equipment incident to real estate, if necessary or convenient for the purpose of enhancing the sale or other value of real estate previously acquired or held by the insurer under subdivision (2), (3), (4), or (6). Such real estate and equipment shall be included, together with the real estate for the enhancement of which it was acquired, for the purpose of applicable investment limits, and shall be subject to disposal at the same time and under the same conditions as applying to such enhanced real estate under §§58-27-70 to 58-27-72, inclusive.Except with the director's consent, all real estate owned by the insurer under this section, except a seller's interest specified in subdivision (5) may not at any one time exceed twenty percent of the insurer's admitted assets. Source: SL 1966, ch 111, ch 6, §30; SL 1983, ch 376, §4; SL 1997, ch 294, §9.
SD Codified L § 58-27-51 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-51 - Maximum investments in other assets--Exceptions.

58-27-51. Maximum investments in other assets--Exceptions.Notwithstanding the aggregate limitations set forth in chapter 58-27, an insurer may exceed such limitations if it does not invest, in the aggregate, an amount in excess of fifty percent of its capital and surplus in excess of four hundred thousand dollars, if such investment otherwise complies with chapter 58-27. The provisions of this section do not apply to the exceptions set forth in §58-27-53 or 58-27-57. Source: SL 1966, ch 111, ch 6, §23; SL 1974, ch 317; SL 1983, ch 376, §5; SL 1985, ch 390; SL 1997, ch 294, §10; SL 2000, ch 245, §2; SL 2001, ch 284, §2.
SD Codified L § 58-27-51.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-51.1 - Additional investment authority--Life and health insurers.

58-27-51.1. Additional investment authority--Life and health insurers.In addition to the authority provided under §58-27-51, an insurer authorized to write life or health insurance, or both, may invest a percentage of the amount by which the insurer's total adjusted capital equals or exceeds two hundred percent of its company action level risk-based capital in investments of any kind, in the discretion of the insurer, without regard to any condition of, restriction in, or exclusion prescribed in chapter 58-27, and regardless of whether the same or a similar type of investment has been included in, or omitted from, any such section, subject to an aggregate limitation equal to the greatest of:(1)Fifty percent of the excess of total adjusted capital over the risk-based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred percent of its company action level risk-based capital;(2)Seventy-five percent of the excess of total adjusted capital over the risk-based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred twenty-five percent of its company action level risk-based capital; or(3)One hundred percent of the excess of total adjusted capital over the risk-based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred fifty percent of its company action level risk-based capital.For the purpose of this section, risk-based capital threshold means two hundred percent of an insurer's company action level risk-based capital. The director shall promulgate rules pursuant to chapter 1-26 to define company action level risk-based capital and total adjusted capital. Source: SL 1997, ch 294, §11.
SD Codified L § 58-27-51.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-51.2 - Additional investment authority--Property and casualty insurers.

58-27-51.2. Additional investment authority--Property and casualty insurers.In addition to the authority provided under §58-27-51, an insurer authorized to write property and casualty insurance may invest a percentage of the amount by which the insurer's total adjusted capital equals or exceeds two hundred percent of its company action level risk-based capital in investments of any kind, in the discretion of the insurer, without regard to any condition of, restriction in, or exclusion prescribed in chapter 58-27, and regardless of whether the same or a similar type of investment has been included in, or omitted from, any such section, subject to an aggregate limitation equal to the greatest of:(1)Fifty percent of the excess of total adjusted capital over the risk-based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred twenty five percent of its company action level risk-based capital;(2)Seventy-five percent of the excess of total adjusted capital over the risk-based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred fifty percent of its company action level risk-based capital; or(3)One hundred percent of the excess of total adjusted capital over the risk-based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred seventy-five percent of its company action level risk-based capital.For the purpose of this section, risk-based capital threshold means two hundred percent of an insurer's company action level risk-based capital. The director shall promulgate rules pursuant to chapter 1-26 to define company action level risk-based capital and total adjusted capital. Source: SL 1997, ch 294, §12.
SD Codified L § 58-27-51.3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-51.3 - Additional investment authority--Valuation of investments.

58-27-51.3. Additional investment authority--Valuation of investments.Any investment purchased and held pursuant to §58-27-51.1 or 58-27-51.2 shall be valued in accordance with chapters 58-26 and 58-27 or in accordance with the methods established by the National Association of Insurance Commissioners. If valuation methods are not prescribed by chapter 58-26 or 58-27, or the National Association of Insurance Commissioners has not established a valuation method for any investment, the investment must be valued at the lower of cost or market. Source: SL 1997, ch 294, §13.
SD Codified L § 58-27-52 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-52 - Limits on categories of investments.

58-27-52. Limits on categories of investments.Except as otherwise provided in this chapter, an insurer shall invest in or hold as admitted assets categories of investments only within applicable limits as prescribed by §§58-27-53 to 58-27-60, inclusive. Source: SL 1966, ch 111, ch 6, §5; SL 1997, ch 294, §14.
SD Codified L § 58-27-53 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-53 - Maximum amount of investments or loans with one person, institution, corporation, or municipal corporation--Exceptions.

58-27-53. Maximum amount of investments or loans with one person, institution, corporation, or municipal corporation--Exceptions.An insurer may not, except with the consent of the director, have any combination of investments in or loans upon the security of the obligations, property, or securities of any one person, institution, corporation, or municipal corporation aggregating an amount exceeding five percent of the insurer's assets. This restriction does not apply to the following:(1)Bonds, notes, debentures, certificates, participations, or interest or other obligations issued by, or the payment of which is guaranteed or insured by, the United States Government or any agency or instrumentality or subdivision thereof;(2)Obligations of the Student Loan Marketing Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation;(3)Bonds, notes, debentures, or other obligations issued by, or the payment of which is guaranteed by, the State of South Dakota or any state as defined in subdivision 58-1-2(17); or(4)Policy loans made under §58-27-31 or investments made pursuant to either §58-27-25 or 58-27-26, or both. Source: SL 1966, ch 111, ch 6, §5 (1); SL 1983, ch 376, §6; SL 1993, ch 364, §1; SL 1997, ch 294, §15; SL 2000, ch 245, §1; SL 2017, ch 214, §1.
SD Codified L § 58-27-54 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-54 - Maximum amount of investment in voting stock of corporation--Exceptions.

58-27-54. Maximum amount of investment in voting stock of corporation--Exceptions.An insurer may not invest in or hold at any one time more than ten percent of the outstanding voting stock of any corporation, except with respect to voting rights of preference stock during default and of dividends; this section does not apply to stock of a majority owned subsidiary of the insurer or to controlling stock of an insurer acquired under §§58-27-24 to 58-27-26, inclusive. Source: SL 1966, ch 111, ch 6, §5 (2); SL 1983, ch 376, §7.
SD Codified L § 58-27-55 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-55 - Maintenance of invested funds--Minimum amount--Guaranteed securities--Real property.

58-27-55. Maintenance of invested funds--Minimum amount--Guaranteed securities--Real property.An insurer, other than title insurer, shall invest and maintain invested funds not less in amount than the minimum paid-in capital stock required under this title of a domestic stock insurer transacting like kinds of insurance, only in cash and the securities provided for under §§58-27-9 to 58-27-15, inclusive, and under §§58-27-32 to 58-27-40, inclusive. Source: SL 1966, ch 111, ch 6, §5 (3).
SD Codified L § 58-27-56 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-56 - Minimum investments by life insurer.

58-27-56. Minimum investments by life insurer.A life insurer shall also invest and keep invested its funds in amount not less than the reserves under its life insurance policies and annuity contracts in force, in cash or investments provided for under this chapter. Source: SL 1966, ch 111, ch 6, §5 (4).
SD Codified L § 58-27-57 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-57 - Maximum amount of investment in certain classes of securities.

58-27-57. Maximum amount of investment in certain classes of securities.Except with the director's consent, no insurer may have invested at any one time more than forty percent of its assets in the class of securities described in subdivisions 58-27-17(1), (2), (3), and (4) and in §58-27-28, exclusive of obligations of the Student Loan Marketing Association, public utilities and securities described in §§58-27-103 and 58-27-104, and obligations guaranteed or insured by the United States government or any instrumentality or subdivision thereof or any state as defined in subdivision 58-1-2(17). For purposes of determining compliance with this section, the investments under subdivision 58-27-17(4) are limited to those mutual funds that are investing at least ninety percent in bonds defined in subdivisions 58-27-17(1), (2), and (3) and §§58-27-9 to 58-27-13, inclusive. Source: SL 1966, ch 111, ch 6, §5 (5); SL 1992, ch 350, §21; SL 1993, ch 364, §5; SL 1997, ch 294, §16; SL 2001, ch 284, §1; SL 2017, ch 214, §2.
SD Codified L § 58-27-58 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-58 - Limitations on investments in corporate stock--Exceptions.

58-27-58. Limitations on investments in corporate stock--Exceptions.An insurer may invest and have invested at any one time in aggregate amount not more than twenty percent of its assets in all investments under §§58-27-23 and 58-27-24 and not more than twenty-five percent of its assets in all investments under subdivisions 58-27-17(4) and (5) and §§58-27-23 and 58-27-24. Determination of the amount which an insurer has invested for the purposes of this section shall be based on the cost of such investments to the insurer. This section does not apply to stock of a controlled or subsidiary insurance corporation or other corporation under §§58-27-25 and 58-27-26. This section does not apply to §58-27-101. For purposes of determining compliance with this section, the investments under subdivision 58-27-17(4) are limited to those mutual funds investing less than ninety percent in bonds defined in subdivisions 58-27-17(1), (2), and (3) and §§58-27-9 to 58-27-13, inclusive. Source: SL 1966, ch 111, ch 6, §5 (6); SL 1983, ch 376, §8; SL 1992, ch 350, §22; SL 1997, ch 294, §17.
SD Codified L § 58-27-60 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-60 - Limits of investments in real estate--Law governing.

58-27-60. Limits of investments in real estate--Law governing.Limits as to investments in the category of real estate shall be as provided in §58-27-50. Source: SL 1966, ch 111, ch 6, §5 (8).
SD Codified L § 58-27-61 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-61 - Investment or loans on own capital stock.

58-27-61. Investment or loans on own capital stock.In addition to investments excluded pursuant to other provisions of this title, no insurer may invest in or lend its funds upon the security of issued shares of its own capital stock except out of unborrowed surplus, or except in connection with a pension plan approved by the director for the benefit of the insurer's officers, employees, representatives, or insurance producers. No such stock may, however, constitute an asset of the insurer in any determination of its financial condition. Source: SL 1966, ch 111, ch 6, §34 (1) (a); SL 2001, ch 286, §135.
SD Codified L § 58-27-62 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-62 - Loan secured by own stock as collateral.

58-27-62. Loan secured by own stock as collateral.In addition to investments excluded pursuant to other provisions of this title, an insurer shall not invest in or lend its funds upon the security of any note or other evidence of indebtedness secured by its own stock as collateral or other than as authorized by §§58-27-31, 58-27-36, and 58-27-37, either directly or indirectly, to any of its officers, directors, or affiliates, except that it may make loans of the type described in §§58-27-32 to 58-27-40, inclusive, to corporate affiliates, provided that no such loan or loans to an affiliate or affiliates, so made or acquired, shall in the aggregate exceed forty percent of the surplus of the insurer, and no single loan shall exceed twenty percent of such surplus. The real estate involved in any such loan to an affiliate shall be worth at least double the amount loaned thereon, as justified by the appraisal report of an independent, competent, and recognized appraiser or appraisers. The investments authorized by this section may be made notwithstanding the provisions of §§47-1A-830 to 47-1A-833.1, inclusive, to the contrary and without liability on the part of the officers and directors specified therein. Source: SL 1966, ch 111, ch 6, §34 (1) (c); SL 2005, ch 202, §25.
SD Codified L § 58-27-64 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-64 - Affiliate defined.

58-27-64. Affiliate defined.The term "affiliate" when used in §§58-27-62 to 58-27-66, inclusive, shall mean any person, firm, trust, corporation, or other business entity, which by stock ownership or by any contractual arrangement whatsoever, has the power, either directly or indirectly, to control twenty-five percent or more of the voting shares or voting rights of such insurer or any such organization which is similarly controlled by any such insurer to such extent and all other affiliates of any such affiliate. Source: SL 1966, ch 111, ch 6, §34 (1) (e).