South Dakota Codified Laws 58-14-32. Approval and filing of contract
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The written contract with the agent, pursuant to § 58-14-29, specifying the responsibilities of each party, shall be approved by the reinsurer’s board of directors. At least thirty days before the insurer or reinsurer assumes or cedes business through the agent or broker, the contract in § 58-14-29 shall be filed with the director for approval pursuant to §§ 58-5-85 to 58-5-87, inclusive.
Terms Used In South Dakota Codified Laws 58-14-32
- Contract: A legal written agreement that becomes binding when signed.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
Source: SL 1992, ch 345, § 9.