reglab/housing_qa huggingface dataset:
SD Codified L § 58-27-65 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-65 - Finding of director that security designed to evade chapter--Investment or loan prohibited.

58-27-65. Finding of director that security designed to evade chapter--Investment or loan prohibited.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 investment or security which is found by the director to be designed to evade any prohibition of this chapter. Source: SL 1966, ch 111, ch 6, §34 (1) (b).
SD Codified L § 58-27-66 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-66 - Pension or profit-sharing trust agreement not prohibited.

58-27-66. Pension or profit-sharing trust agreement not prohibited.The provisions of §§58-27-62 and 58-27-65 shall not be construed to prohibit the making of pension or profit-sharing trust agreements involving the employees of affiliates or consolidations, mergers, or other transactions otherwise authorized by this title. Source: SL 1966, ch 111, ch 6, §34 (1) (f).
SD Codified L § 58-27-67 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-67 - Underwriting of securities or property prohibited.

58-27-67. Underwriting of securities or property prohibited.No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person. Source: SL 1966, ch 111, ch 6, §34 (2).
SD Codified L § 58-27-68 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-68 - Foreign insurer--Permitted investment portfolio--Domicile of alien insurer.

58-27-68. Foreign insurer--Permitted investment portfolio--Domicile of alien insurer.The investment portfolio of a foreign insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially as high as that required under this chapter for similar funds of like domestic insurers. For the purposes of this provision, the domicile of an alien insurer, other than a life insurer formed under the laws of Canada, shall be deemed to be that state in which it maintains its principal deposit. Source: SL 1966, ch 111, ch 6, §35.
SD Codified L § 58-27-69 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-69 - Authorization of investment or loan by board or committee of insurer.

58-27-69. Authorization of investment or loan by board or committee of insurer.An insurer may not make any investment or loan, other than policy loans or annuity contract loans of a life insurer, unless the same is authorized, approved, or ratified by the insurer's board of directors or by a committee authorized by such board and charged with the supervision or making of such investment or loan. The minutes of any such committee shall be recorded and regular reports of such committee shall be submitted to the board of directors. Source: SL 1966, ch 111, ch 6, §4; SL 1997, ch 294, §19.
SD Codified L § 58-27-70 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-70 - Disposal of real estate unnecessary for transaction of insurance business--Time limit.

58-27-70. Disposal of real estate unnecessary for transaction of insurance business--Time limit.Except as stated in §58-27-72, the insurer shall dispose of real estate acquired under subdivision 58-27-50(1) within five years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business. Source: SL 1966, ch 111, ch 6, §31 (1).
SD Codified L § 58-27-71 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-71 - Disposal of real estate acquired in satisfaction of debt, as part payment of consideration on sale of real estate, as gift or devise, or through merger, consolidation, or bulk reinsurance--Time limit.

58-27-71. Disposal of real estate acquired in satisfaction of debt, as part payment of consideration on sale of real estate, as gift or devise, or through merger, consolidation, or bulk reinsurance--Time limit.Except as stated in §58-27-72, the insurer shall dispose of real estate acquired under subdivisions 58-27-50(2), (3), and (4) within five years after the date of acquisition. The insurer may agree to sell such real estate by contract for deed upon the best terms obtainable. Source: SL 1966, ch 111, ch 6, §31 (2).
SD Codified L § 58-27-72 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-72 - Extension of time for disposal of real estate--Election to hold as investment for income purposes, acquisition cost.

58-27-72. Extension of time for disposal of real estate--Election to hold as investment for income purposes, acquisition cost.Upon proof satisfactory to him that the interests of the insurer will suffer materially by the forced sale thereof, the director may by order grant a reasonable extension of the period, as specified in such order, within which the insurer shall dispose of any particular parcel of such real estate; unless the insurer elects to hold such real estate as an investment for income purposes under subdivision 58-27-50(6), in which event thereafter such real estate shall be deemed to have been acquired at a cost equal to its book value at the time of such election and to be held under, and subject to, the provisions of subdivision 58-27-50(6). Source: SL 1966, ch 111, ch 6, §31 (3).
SD Codified L § 58-27-73 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-73 - Immediate disposal of ineligible property or security unlawfully acquired.

58-27-73. Immediate disposal of ineligible property or security unlawfully acquired.Any ineligible property or security unlawfully acquired by an insurer shall be disposed of forthwith, and for failure so to do within thirty days after order of the director requiring such disposal, the director may suspend or revoke the insurer's certificate of authority. Source: SL 1966, ch 111, ch 6, §32 (3).
SD Codified L § 58-27-74 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-74 - Disposal of lawfully acquired ineligible property--Extension of time.

58-27-74. Disposal of lawfully acquired ineligible property--Extension of time.Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of by the insurer within one year from date of acquisition, unless within such period the security has attained the standard for eligibility. The director, upon application and proof that forced sale of any such property or security would be against the best interests of the insurer, may extend the disposal period for an additional reasonable time. Source: SL 1966, ch 111, ch 6, §32 (1).
SD Codified L § 58-27-75 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-75 - Ineligible personal property or securities not allowable as assets of insurer.

58-27-75. Ineligible personal property or securities not allowable as assets of insurer.While any property or security described in §58-27-74 remains so ineligible it shall not be allowed as an asset of the insurer. Source: SL 1966, ch 111, ch 6, §32 (2).
SD Codified L § 58-27-76 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-76 - Expiration of period for disposal of ineligible property or securities--Disallowance as admitted asset.

58-27-76. Expiration of period for disposal of ineligible property or securities--Disallowance as admitted asset.Any real estate, personal property, or securities acquired and held by an insurer after expiration of the period for disposal thereof or any extension of such period granted by the director, as provided in §§58-27-50 and 58-27-70 to 58-27-75, inclusive, shall not be allowed as an admitted asset of the insurer. Source: SL 1966, ch 111, ch 6, §33 (1).
SD Codified L § 58-27-77 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-77 - Immediate disposal of ineligible investment unlawfully acquired.

58-27-77. Immediate disposal of ineligible investment unlawfully acquired.The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the director may suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the director may, by his order, specify. Source: SL 1966, ch 111, ch 6, §33 (2).
SD Codified L § 58-27-78 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-78 - Nominee holding investments--Definitions.

58-27-78. Nominee holding investments--Definitions.Terms used in §§58-27-78 to 58-27-84, inclusive, mean:(1)"Clearing corporation," a corporation as defined in subdivision 57A-8-102(5);(2)"Custodian bank," any bank or trust company which is supervised or examined by a state or federal authority having supervision over banks and which may act as custodian for an insurer;(3)"Member bank," a national bank, state bank, or trust company which is a member of the United States Federal Reserve System;(4)"Securities lending transaction," a transaction in which securities are loaned by an insurer to an institution that is obligated to return equivalent or substantially similar securities to the insurer, either within a specified period of time or upon demand;(5)"Reverse repurchase transaction," a transaction in which an insurer sells securities to an institution and is obligated to repurchase equivalent or substantially similar securities from the institution at a specified price, either within a specified period of time or upon demand;(6)"Repurchase transaction," a transaction in which an insurer purchases securities from an institution that is obligated to repurchase equivalent or substantially similar securities from the insurer at a specified price, either within a specified period of time or upon demand;(7)"Dollar roll transaction," two simultaneous transactions with different settlement dates no more than ninety-six days apart, so that in the transaction with the earlier settlement date, an insurer sells to an institution, and in the other transaction, the insurer is obligated to purchase from the same institution, substantially similar securities of the following type:(a)Securities issued, assumed, or guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or their respective successors;(b)Securities referred to in Section 106 of Title I of the Secondary Mortgage Market Enhancement Act of 1984 (15 U.S.C. §77r-1), as adopted by the director pursuant to rules promulgated pursuant to chapter 1-26;(c)Any other securities approved by the director;(8)"Substantially similar securities," securities of the same issuer having similar features that meet all criteria for substantially similar or equivalent securities specified in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, as adopted by the director pursuant to rules promulgated pursuant to chapter 1-26; and(9)"Securities," any investment of the type authorized or permitted under chapter 58-27. Source: SL 1983, ch 377, §1; SL 1997, ch 294, §20; SL 2017, ch 214, §3.
SD Codified L § 58-27-79 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-79 - Name in which investments held.

58-27-79. Name in which investments held.A company's investments shall be held in its own name or the name of its nominee. However, this provision does not apply under the circumstances outlined in §§58-27-80 to 58-27-83, inclusive. Source: SL 1983, ch 377, §2.
SD Codified L § 58-27-80 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-80 - Holding in name of clearing corporation, custodian bank or nominee--Conditions.

58-27-80. Holding in name of clearing corporation, custodian bank or nominee--Conditions.Investments may be held in the name of a clearing corporation or of a custodian bank or in the name of the nominee of either under the following conditions:(1)The clearing corporation, custodian bank, or nominee is legally authorized to hold the particular investment for the account of others;(2)If the investment is evidenced by a certificate and held in the name of a custodian bank or the nominee of a custodian bank, a written agreement shall provide that certificates so deposited shall at all times be kept separate and apart from other deposits with the depository so that at all times they may be identified as belonging solely to the company making the deposit; and(3)If a clearing corporation is to act as depository, the investment may be merged or held in bulk in the clearing corporation's or its nominee's name with other investments deposited with the clearing corporation by any other person if a written agreement provides that adequate evidence of the deposit is to be obtained and retained by the company or a custodian bank. Source: SL 1983, ch 377, §3.
SD Codified L § 58-27-81 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-81 - Securities lending, repurchase, reverse repurchase and dollar roll transactions--Agreement required.

58-27-81. Securities lending, repurchase, reverse repurchase and dollar roll transactions--Agreement required.An insurer may enter into securities lending, repurchase, reverse repurchase, and dollar roll transactions subject to the following requirements:(1)A written plan or investment policy that specifies guidelines and objectives relating to such transactions shall be adopted by the insurer's board of directors or a committee authorized and charged by such board with the supervision or making of investments or loans;(2)All transactions entered into pursuant to this section, other than dollar roll transactions, shall be subject to a written agreement, including a master agreement for a series of transactions or an agreement with an agent acting on behalf of the insurer, which provides that:(a)Transactions authorized in this section shall be fully collateralized by cash or eligible securities as permitted or authorized under chapter 58-27 excluding any investments acquired under §58-27-51.1 or 58-27-51.2;(b)The collateral shall be marked to market each business day and adjusted as needed to comply with subsection (a) of this subdivision;(c)For purposes of this agreement, market value shall include accrued interest; and(d)The insurer may retain the collateral or use the collateral to purchase investments equivalent to the loaned securities if the borrower defaults under the terms of the agreement and the borrower remains liable for any losses and expenses incurred by the insurer due to default that are not covered by the collateral;(3)Any transaction entered into pursuant to this section may be terminated at a specified time or upon the earlier demand of the insurer;(4)Any cash received by an insurer in a transaction under this section shall be invested in accordance with chapter 58-27 and in a manner that recognizes the liquidity needs of the transaction or used by the insurer for its general corporate purposes;(5)An insurer is limited to no more than five percent of its admitted assets being subject to securities lending, repurchase, or reverse repurchase transactions outstanding with any one institution under this section;(6)No more than forty percent of an insurer's admitted assets in the aggregate may be subject to securities lending, repurchase, and reverse repurchase transactions.The director of the Division of Insurance may promulgate rules pursuant to chapter 1-26 to establish financial solvency standards, valuation standards, and reporting requirements for investments and transactions under this section. Source: SL 1983, ch 377, §4; SL 1997, ch 294, §21.
SD Codified L § 58-27-82 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-82 - Participation in federal reserve book-entry system.

58-27-82. Participation in federal reserve book-entry system.A company may participate through a member bank in the federal reserve book-entry system and the records of the member bank shall at all times show that the investments are held for the company or for specific accounts of the company. Source: SL 1983, ch 377, §5.
SD Codified L § 58-27-83 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-83 - Interest in pool of obligations--Fractional interest in an obligation--Requirements.

58-27-83. Interest in pool of obligations--Fractional interest in an obligation--Requirements.An investment may consist of an individual interest in a pool of obligations or a fractional interest in a single obligation if the certificate of participation or interest or the confirmation of participation or interest in the investment is issued in the name of the company or the name of the custodian bank or the nominee of either and if the certificate or confirmation must, if held by a custodian bank, be kept separate and apart from the investments of others so that at all times the participation may be identified as belonging solely to the company making the investment. Source: SL 1983, ch 377, §6.
SD Codified L § 58-27-84 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-84 - Evidence of investment required in absence of certificate.

58-27-84. Evidence of investment required in absence of certificate.If an investment is not evidenced by a certificate, except as provided in §58-27-82, adequate evidence of the insurer's investment shall be obtained and retained by the insurer, a custodian bank, or clearing corporation. Adequate evidence, for purposes of this section, means a written receipt or other verification issued by the depository or issuer or a custodian bank which shows that the investment is held for the insurer, or if applicable under §58-27-111, limited partnership or joint venture documentation. Transfers of ownership of investments held as described in subdivision 58-27-80(3), §§58-27-82 and 58-27-83 may be evidenced by bookkeeping entry on the books of the issuer of the investment or its transfer or recording agent or the clearing corporation without physical delivery of certificates, if any, evidencing the insurer's investment. Source: SL 1983, ch 377, §7; SL 1997, ch 294, §22.
SD Codified L § 58-27-85 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-85 - Banking business authorized--Acquisition of banks--Regulation of such banking business.

58-27-85. Banking business authorized--Acquisition of banks--Regulation of such banking business.Any insurance company, directly or through subsidiaries, may engage in all facets of the banking business. Any such insurance company may acquire all or substantially all of the shares of an existing bank which is established under the laws of this state or any other state. Any such banking business is subject to the same laws and regulations and the application thereof by the Division of Banking as are applicable to the operation of banks which are unaffiliated with insurance companies. Source: SL 1983, ch 376, §10.
SD Codified L § 58-27-86 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-86 - Approval of banking acquisition required--Considerations in determining--Conditions.

58-27-86. Approval of banking acquisition required--Considerations in determining--Conditions.Any acquisition under §58-27-85 is subject to approval by the Division of Insurance. In considering an application for approval, the division may consider whether, in the case of an insurance company, the economic advantages to the state in terms of employment and capital investment are adequate to permit approval of the application. Any approval granted to an insurance company or an insurance holding company by the division is subject to such conditions as the division deems necessary and to the division's continuing authority to ascertain the insurance company's compliance with the provisions of this section and the conditions of approval. Source: SL 1983, ch 376, §11.
SD Codified L § 58-27-87 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-87 - Banking patronage as prerequisite to issuance of insurance policy prohibited.

58-27-87. Banking patronage as prerequisite to issuance of insurance policy prohibited.No insurance company as a prerequisite to the sale of an insurance policy may require the insured or those purchasing insurance on his behalf to do banking business with any insurance company or a subsidiary bank. Source: SL 1983, ch 376, §12.
SD Codified L § 58-27-88 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-88 - Limitation on application of Secondary Mortgage Market Enhancement Act to certain investments.

58-27-88. Limitation on application of Secondary Mortgage Market Enhancement Act to certain investments.Any investments set forth in section 106 of the Secondary Mortgage Market Enhancement Act of 1984 (PL 98-440) shall be approved by the director. The director may limit the amount in each investment or disapprove the investment. Source: SL 1991, ch 403.
SD Codified L § 58-27-89 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 27 - Loans And Investments Of Insurers|Section 58-27-89 - Definition of terms.

58-27-89. Definition of terms.Terms used in §§58-27-89 to 58-27-102, inclusive, mean:(1)"Admitted assets," assets as shown by the insurer's annual statement as of the December thirty-first next preceding date of acquisition of the investment by the insurer, or as shown by a current financial statement filed with the director, computed in the same manner as admitted assets in chapter 58-26, and for purposes of computing any limitation based upon admitted assets, the insurer shall deduct from the amount of its admitted assets the amounts specified in subdivisions (1) to (3) of §58-27-6;(2)"Aggregate amount of medium to lower quality obligations," the aggregate statutory statement value thereof;(3)"Lower grade obligations," obligations and preferred shares which are rated four, five, or six by the Securities Valuation Office of the National Associations of Insurance Commissioners;(4)"Medium grade obligations," obligations and preferred shares which are rated three by the Securities Valuation Office of the National Association of Insurance Commissioners. Source: SL 1992, ch 350, §1; SL 1994, ch 384, §3; SL 1997, ch 294, §23.