South Dakota Codified Laws 58-27-5. Acquisition of ineligible securities or property–Disposition
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No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired which is not otherwise eligible under this chapter shall be disposed of pursuant to §§ 58-27-73 and 58-27-74 if personal property or securities, or pursuant to §§ 58-27-70 to 58-27-72, inclusive, if real property.
Terms Used In South Dakota Codified Laws 58-27-5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SL 1966, ch 111, ch 6, § 3 (3).