reglab/housing_qa huggingface dataset:
SD Codified L § 58-27-90 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-90 - Limitations on acquiring medium or lower grade obligations.

58-27-90. Limitations on acquiring medium or lower grade obligations.No domestic insurer may acquire, directly or indirectly, any medium or lower grade obligation of any institution if, after acquisition, the aggregate amount of all medium and lower grade obligations then held by the domestic insurer would exceed twenty percent of its admitted assets. Of that twenty percent, no more than ten percent may consist of obligations rated four, five, or six. Of the ten percent, not more than three percent may be a combination of obligations rated five and six. Obligations rated six may not exceed one percent. Attaining or exceeding the limit of any one category does not preclude an insurer from acquiring obligations in other categories subject to the specific and multi-category limits. An insurer may exceed the limit of any one category if the rating of an obligation changes after the purchase, but at no time may the insurer exceed the twenty percent limitation. Source: SL 1992, ch 350, §2.
SD Codified L § 58-27-91 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-91 - Obligations contracted prior to July 1, 1992.

58-27-91. Obligations contracted prior to July 1, 1992.A domestic insurer is not prohibited from acquiring an obligation if, before July 1, 1992, it was contractually committed to acquire and it would have been permitted to acquire but it shall notify the director of the acquisition and submit a copy of the contract. Source: SL 1992, ch 350, §3.
SD Codified L § 58-27-92 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-92 - Multiple obligations in same institution.

58-27-92. Multiple obligations in same institution.Notwithstanding the requirements of §§58-27-89 and 58-27-90, a domestic insurer may acquire an obligation of an institution in which the insurer already has one or more obligations, if the obligation is acquired in order to protect an investment previously made in the obligations of the institution, provided that all acquired obligations may not exceed one-half of one percent of the insurer's admitted assets. Source: SL 1992, ch 350, §4.
SD Codified L § 58-27-93 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-93 - Written plans for making medium or lower grade obligations--Contents of plan--Deadline.

58-27-93. Written plans for making medium or lower grade obligations--Contents of plan--Deadline.The board of directors of any domestic insurance company which acquires or invests in, directly or indirectly, medium or lower grade obligations of any institution, shall adopt a written plan for the making of those investments. The plan, in addition to guidelines with respect to the quality of the issues invested in, shall contain diversification standards including standards for issuer, industry, duration, liquidity, and geographic location. Within one year from July 1, 1992, the board shall have adopted a plan. Source: SL 1992, ch 350, §5.
SD Codified L § 58-27-94 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-94 - Limit on amount invested in medium or lower grade obligations.

58-27-94. Limit on amount invested in medium or lower grade obligations.No domestic insurer may invest more than an aggregate of one percent of its admitted assets in medium grade obligations issued, guaranteed, or insured by any one institution nor may it invest more than one-half of one percent of its admitted assets in lower grade obligations issued, guaranteed, or insured by any one institution. In no event, however, may a domestic insurer invest more than one percent of its admitted assets in any medium or lower grade obligations issued, guaranteed, or insured by any one institution. Source: SL 1992, ch 350, §6.
SD Codified L § 58-27-95 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-95 - Restructuring of medium or lower grade obligation already held.

58-27-95. Restructuring of medium or lower grade obligation already held.A domestic insurer is not prohibited from acquiring an obligation as a result of a restructuring of a medium or lower grade obligation already held. Source: SL 1992, ch 350, §7.
SD Codified L § 58-27-96 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-96 - Conflicting provisions.

58-27-96. Conflicting provisions.If any provision of this Title conflicts with the provisions of §§58-27-89 to 58-27-102, inclusive, and has a lesser standard of investment, the provisions of §§58-27-89 to 58-27-102, inclusive, shall prevail. Source: SL 1992, ch 350, §8.
SD Codified L § 58-27-97 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-97 - Excess transactions.

58-27-97. Excess transactions.If an insurer exceeds any one category, the excess is nonadmitted and the director may require the company to increase capital and surplus to protect policyholders. The insurer's excess transaction is also subject to §58-27-74. Source: SL 1992, ch 350, §9.
SD Codified L § 58-27-98 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-98 - Promulgation of rules.

58-27-98. Promulgation of rules.The director may promulgate rules, pursuant to chapter 1-26, for determining the quality and quantity of investments and assets. Source: SL 1992, ch 350, §10.
SD Codified L § 58-27-99 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-99 - Application of §§ 58-27-89 to 58-27-102.

58-27-99. Application of §§58-27-89 to 58-27-102.Sections 58-27-89 to 58-27-102, inclusive, applies to all persons doing insurance business notwithstanding any provision exempting them from other insurance laws except insurers licensed pursuant to chapter 58-35. Source: SL 1992, ch 350, §11.
SD Codified L § 58-27-100 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-100 - Time limit for compliance with §§ 58-27-89 to 58-27-102.

58-27-100. Time limit for compliance with §§58-27-89 to 58-27-102.All persons subject to §§58-27-89 to 58-27-102, inclusive, shall be in compliance with §§58-27-89 to 58-27-102, inclusive, by July 1, 1993. The director may establish limitations on the obligations or time frames for those persons to reduce obligations in violation of §§58-27-89 to 58-27-102, inclusive. Source: SL 1992, ch 350, §12.
SD Codified L § 58-27-101 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-101 - Investment in money market funds.

58-27-101.Investment in money market funds.The term, money market fund, means any open end, diversified management type of mutual fund registered under the Investment Company Act of 1940, 15 U.S. C. 80a-1 et seq., as adopted by the director pursuant to rules promulgated pursuant to chapter 1-26, the moneys of which are invested only in the following kinds of investments, none of which shall mature more than three hundred ninety-seven days from the date of acquisition by the mutual fund:(1)Securities issued or guaranteed as to principal and interest by the government of the United States or by agencies, government sponsored enterprises, or instrumentalities thereof;(2)Certificates of deposit and bankers' acceptances of banks chartered by the United States or any state thereof or foreign branches of such banks;(3)Commercial paper and other obligation of corporations chartered by or under the laws of the United States or any state thereof;(4)Repurchase agreements with respect to those investments; and(5)Dollar-denominated unsecured promissory obligations of foreign corporations which have an investment grade rating from at least one rating agency recognized by the Securities Valuation Office of the National Association of Insurance Commissioners.Insurance companies may invest in the shares of any one or more money market funds the objectives of which include the maintenance of a stable net asset value of a specified dollar amount per share and the shareholders of which may withdraw the value of their shares by check, telephone, or mail.In addition to the forty percent investment limitation available for money-market fund investments pursuant to §58-27-57, an insurer may acquire additional money market funds pursuant to this section not to exceed ten percent of its admitted assets. The aggregate value of all money market shares which may be acquired under this section and §58-27-57 may not exceed fifty percent of the insurance company's total admitted assets. At the time of the investment, no insurance company's investment may exceed five percent of the outstanding shares of any one money market fund. No investment may exceed the lesser of the amount in this section or the amount in §58-27-53.The limitations set forth in this section do not apply to investments in money market funds in which portfolio assets are invested entirely in the type of securities permitted pursuant to §§58-27-9 to 58-27-13, inclusive. Source: SL 1992, ch 350, §24; SL 1994, ch 384, §5; SL 1997, ch 294, §24.
SD Codified L § 58-27-102 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-102 - Investment in company owned life insurance contracts.

58-27-102. Investment in company owned life insurance contracts.An insurer may invest in company owned life insurance contracts if:(1)The life insurance is whole life;(2)The life insurance contract does not vest in any employee of the insurer; and(3)The company is the beneficiary and has an insurable interest.All cash values of life insurance contracts owned by the insurers under this section may not at any one time exceed five percent of the insurers' admitted assets. Source: SL 1992, ch 350, §25.
SD Codified L § 58-27-103 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-103 - Investment in a collateralized pool of mortgages--Requirements--Restrictions.

58-27-103. Investment in a collateralized pool of mortgages--Requirements--Restrictions.In addition to investment in mortgages in §§58-27-32 to 58-27-48, inclusive, an insurer may invest in obligations or certificates entitled to receive both principal and interest, or both principal and implied interest, from a pool collateralized by one or more commercial and residential mortgages. The collateral for the investments shall have been sold to and be currently owned by either a trust or institution established solely for the purpose of holding the mortgages or certificates for the benefit of the obligee. Any investment authorized under this section shall have a minimum quality rating of two by the Securities Valuation Office of the National Association of Insurance Commissioners and shall meet volatility standards. If at any time thereafter the quality rating drops below a rating of two the insurer is subject to §58-27-90. The director shall promulgate rules pursuant to chapter 1-26 to set volatility standards and reporting requirements for investments under this section.An insurer's investments authorized under this section may not exceed forty percent of its admitted assets. This restriction does not apply to obligations of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and those issued, assumed, guaranteed, or insured by the United States or a government sponsored enterprise of the United States, if the instruments of the government sponsored enterprise are assumed, guaranteed, or insured by the United States or are otherwise backed or supported by the full faith and credit of the United States.Any particular investment held by an insurer on February 7, 1995, under this section, which was a legal investment at the time it was made, and which is the type of investment the insurer was legally entitled to possess under this section immediately prior to February 7, 1995, is considered an eligible investment under this section. Any additional investment pursuant to this section may not be made if the total amount invested would at any time exceed forty percent of admitted assets. Source: SL 1993, ch 364, §2; SL 1994, ch 384, §6; SL 1995, ch 285, §2; SL 1995, ch 286; SL 1996, ch 299; SL 1997, ch 294, §25.
SD Codified L § 58-27-104 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-104 - Investment in a collateralized pool of assets other than mortgages--Requirements.

58-27-104. Investment in a collateralized pool of assets other than mortgages--Requirements.An insurer may invest in an interest in a collateralized pool whose underlying assets are not addressed or may be prohibited by chapter 58-26 or 58-27. An insurer may invest in interest-bearing obligations entitled to receive both principal and interest, or both principal and implied interest, from a pool collateralized by one or more assets other than those authorized in §58-27-103. The collateral for the investments shall have been sold to and be currently owned by a trust or corporation established solely for the purpose of holding the assets for the benefit of the obligee. Any investment authorized under this section shall have a minimum quality rating of two by the Securities Valuation Office of the National Association of Insurance Commissioners. If at any time thereafter the quality rating drops below a rating of two the insurer is subject to §58-27-90.An insurer's investments authorized under this section may not exceed forty percent of its admitted assets.If the underlying investment of the pool is an investment set forth in chapters 58-26 and 58-27, any requirement or limitation for that investment shall apply. This section is subject to the five percent limitation of §58-27-53. Source: SL 1993, ch 364, §3; SL 1994, ch 384, §7; SL 1997, ch 294, §26.
SD Codified L § 58-27-105 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-105 - Foreign investments.

58-27-105. Foreign investments.An insurer may invest in securities or other investments which are issued or denominated in the currency of countries other than the United States or whose obligor is domiciled in another country. The securities and investments shall meet the limitation, quality, and quantity requirements of chapters 58-26 and 58-27.The investments in other countries may not exceed in the aggregate twenty percent of the insurer's admitted assets or one hundred percent of capital and surplus, whichever is less. Source: SL 1993, ch 364, §4; SL 1997, ch 294, §27.
SD Codified L § 58-27-107 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-107 - Ratification of investment.

58-27-107. Ratification of investment.Any investment satisfying the provisions of §58-27-53, 58-27-57, 58-27-103, 58-27-104, or 58-27-105 entered into before January 1, 1993, is hereby ratified. Source: SL 1993, ch 364, §7; SL 1997, ch 294, §29.
SD Codified L § 58-27-108 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-108 - Rating and valuation of investments--Requirements--Divestment.

58-27-108. Rating and valuation of investments--Requirements--Divestment.Any investment shall be rated and valued in accordance with standards promulgated by the Securities Valuation Office of the National Association of Insurance Commissioners as adopted by the director pursuant to rules promulgated pursuant to chapter 1-26. The rating of the investment must comply with the statutory requirement for the investment.Any insurer may purchase any investment not rated by the Securities Valuation Office of the National Association of Insurance Commissioners if the investment has received an equivalent rating by an independent rating agency which is recognized by the Securities Valuation Office. If the insurer purchases an investment not previously rated and valued by the Securities Valuation Office, application for a rating and valuation shall be filed in accordance with the standards promulgated by the Securities Valuation Office. If the investment, when rated by the Securities Valuation Office, does not comply with the statutory requirement, the insurer must divest of the investment pursuant to §58-27-97.Nothing in this section is applicable to the assets in any separate accounts maintained by the insurer. Source: SL 1994, ch 384, §1; SL 1997, ch 294, §30.
SD Codified L § 58-27-109 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-109 - Institution defined.

58-27-109. Institution defined.For purposes of this chapter, an institution is a corporation, a joint stock company, an association, a trust, a business partnership, a business joint venture, or a similar entity. Source: SL 1994, ch 384, §4.
SD Codified L § 58-27-110 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-110 - Title plans investments.

58-27-110. Title plans investments.A domestic title insurer may make investments in title plants in an aggregate amount not exceeding twenty-five percent of the insurer's assets. Source: SL 1997, ch 294, §32.
SD Codified L § 58-27-111 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-111 - Joint venture and limited partnership investments.

58-27-111. Joint venture and limited partnership investments.Notwithstanding direct investment limitations applicable to real estate, securities, and other assets as provided in this chapter, an insurer may become a limited partner in a limited partnership or invest in a joint venture with equity interests in real estate, securities, or other assets. Investments made under this section are treated as a permitted investment under §§58-27-51, 58-27-51.1, and 58-27-51.2, and within the limitations imposed by those sections. An insurer may not invest more than five percent of its admitted assets in any one limited partnership or joint venture. Determination of the amount an insurer has invested in limited partnerships or joint ventures for the purposes of this section shall be based on the cost of such investments to the insurer. Any investment satisfying the provisions of this section and entered into before July 1, 1997, is hereby ratified. Source: SL 1997, ch 294, §33.
SD Codified L § 58-28-13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 28 - Separate Life Insurance And Annuity Accounts|Section 58-28-13 - Life insurers authorized to establish separate accounts--Allocations to provide insurance or annuities.

58-28-13. Life insurers authorized to establish separate accounts--Allocations to provide insurance or annuities.A domestic life insurer, including for the purposes of this chapter all domestic fraternal beneficiary associations, societies or companies which operate on a legal reserve basis may establish one or more separate accounts, and may allocate thereto amounts, including without limitation proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts or both, subject to §§58-28-14 to 58-28-22, inclusive. Source: SL 1966, ch 111, ch 6, §36 (2); §36 (1) as amended by SL 1967, ch 131; SDCL, §58-28-1; SL 1971, ch 266, §1.
SD Codified L § 58-28-14 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 28 - Separate Life Insurance And Annuity Accounts|Section 58-28-14 - Approval required to maintain guaranteed benefits and funds in separate account.

58-28-14. Approval required to maintain guaranteed benefits and funds in separate account.Except with the approval of the director and under such conditions as to investments and other matters as he may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for:(1)Benefits guaranteed as to dollar amount and duration and(2)Funds guaranteed as to principal amount or stated rate of interest shall not be maintained in a separate account. Source: SL 1966, ch 111, ch 6, §36 (4); §36 (2) as amended by SL 1967, ch 131; SDCL, §58-28-2; SL 1969, ch 132; SL 1971, ch 266, §1 (3).
SD Codified L § 58-28-15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 28 - Separate Life Insurance And Annuity Accounts|Section 58-28-15 - Securities in which investment authorized--Not considered in applying company's investment limitations.

58-28-15. Securities in which investment authorized--Not considered in applying company's investment limitations.Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in §58-28-14, amounts allocated to any separate account and accumulations thereon may be invested and reinvested:(1)In any class of investments which are authorized by chapter 58-27, except as provided in §58-27-51 or 58-27-51.1, and except that limitations on the amount of assets which may be invested in the various classes of investments imposed in chapter 58-27 does not apply;(2)In shares registered on a national securities exchange, although the same do not meet the dividend paying requirements of §58-27-23;(3)In the securities of an open-end investment company or companies registered under the Investment Company Act of 1940.The investments in such separate account or accounts may not be taken into account in applying the investment limitations otherwise applicable to the investments of the insurer. Source: SL 1966, ch 111, ch 6, §36 (4); §36 (2) as amended by SL 1967, ch 131; SDCL, §58-28-2; SL 1969, ch 132; SL 1971, ch 266, §1 (2); SL 1997, ch 294, §34.
SD Codified L § 58-28-16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 28 - Separate Life Insurance And Annuity Accounts|Section 58-28-16 - Gains and losses from allocated assets credited or charged to separate account.

58-28-16. Gains and losses from allocated assets credited or charged to separate account.The income, gains, and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account, without regard to other income, gains, or losses of the insurer. Source: SL 1966, ch 111, ch 6, §36 (3); SL 1967, ch 131; SDCL, §58-28-3; SL 1971, ch 266, §1 (1).
SD Codified L § 58-28-17 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 28 - Separate Life Insurance And Annuity Accounts|Section 58-28-17 - Ownership by insurer--Not a trustee.

58-28-17. Ownership by insurer--Not a trustee.Amounts allocated to a separate account in the exercise of the power granted by this chapter shall be owned by the insurer, and the insurer shall not be, nor hold itself out to be, a trustee with respect to such amounts. Source: SL 1966, ch 111, ch 6, §36 (6); §36 (5) as amended by SL 1967, ch 131; SDCL, §58-28-5; SL 1971, ch 266, §1 (5).